{"id":6701,"date":"2023-03-19T12:02:37","date_gmt":"2023-03-19T12:02:37","guid":{"rendered":"https:\/\/truefilingindia.com\/?post_type=service&#038;p=6701"},"modified":"2023-04-02T13:48:48","modified_gmt":"2023-04-02T13:48:48","slug":"itr-1-return-filing","status":"publish","type":"service","link":"https:\/\/truefilingindia.com\/?service=itr-1-return-filing","title":{"rendered":"ITR-1 Return Filing"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"6701\" class=\"elementor elementor-6701\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9feb006 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9feb006\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cd9fd8f\" data-id=\"cd9fd8f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f476dab elementor-widget elementor-widget-creote-title-v1\" data-id=\"f476dab\" data-element_type=\"widget\" data-widget_type=\"creote-title-v1.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"title_all_box style_one  dark_color\">\r\n         <div class=\"title_sections left\">\r\n            <div class=\"before_title\">\r\n         ITR-1 Return Filing      <\/div>\r\n                        <p>  Income tax return filing for an individual with salary income of less than Rs.5 lakhs.<\/p>\r\n         <\/div>\r\n               \r\n<\/div>\r\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-671081e elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"671081e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-ed7738f\" data-id=\"ed7738f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-78c8a3e elementor-widget elementor-widget-creote-simple-image-box-v1\" data-id=\"78c8a3e\" data-element_type=\"widget\" data-widget_type=\"creote-simple-image-box-v1.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"simple_image_boxes  parallax_cover\"   data-aos=\"fade-up\" data-aos-delay=\"0\"  data-aos-offset=\"0\" >\r\n   <img decoding=\"async\" src=\"http:\/\/truefilingindia.com\/wp-content\/uploads\/2023\/03\/Register-Your-Business-In-Less-Then-15-Days-1-1.png\" class=\"simp_img cover-parallax\" alt=\"image\" \/>\r\n<\/div>\r\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-820f832 elementor-widget elementor-widget-creote-iconbox-v1\" data-id=\"820f832\" data-element_type=\"widget\" data-widget_type=\"creote-iconbox-v1.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"icon_box_all  style_one\"   data-aos=\"fade-up\" data-aos-delay=\"0\"  data-aos-offset=\"0\" >\r\n      <div class=\"icon_content \">\r\n            <div class=\"icon\">\r\n         <img decoding=\"async\" src=\"https:\/\/themepanthers.com\/wp\/creote\/v-new\/wp-content\/uploads\/2021\/10\/icon-image-nike.png\" class=\"img-fluid svg_image\" alt=\"icon png\" \/>\r\n      <\/div>\r\n            <div class=\"txt_content\">\r\n                  <h3>\r\n            <a href=\"#\"  target=&quot;_blank&quot;  rel=&quot;nofollow&quot;>\r\n            Documents Required            <\/a>\r\n         <\/h3>\r\n                        <\/div>\r\n   <\/div>\r\n   \r\n<\/div>\r\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7358a65 elementor-widget elementor-widget-text-editor\" data-id=\"7358a65\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.11.5 - 14-03-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<ul><li>Form 16<\/li><li class=\"m-b-5 \">Bank Statement<\/li><li class=\"m-b-5 \">Details of Other Income<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-df1cfaa\" data-id=\"df1cfaa\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-16bfaba elementor-widget elementor-widget-creote-iconbox-v1\" data-id=\"16bfaba\" data-element_type=\"widget\" data-widget_type=\"creote-iconbox-v1.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<div class=\"icon_box_all  style_one\"   data-aos=\"fade-up\" data-aos-delay=\"0\"  data-aos-offset=\"0\" >\r\n      <div class=\"icon_content \">\r\n            <div class=\"icon\">\r\n         <img decoding=\"async\" src=\"https:\/\/themepanthers.com\/wp\/creote\/v-new\/wp-content\/uploads\/2021\/10\/icon-image-nike.png\" class=\"img-fluid svg_image\" alt=\"icon png\" \/>\r\n      <\/div>\r\n            <div class=\"txt_content\">\r\n                  <h3>\r\n            <a href=\"#\"  target=&quot;_blank&quot;  rel=&quot;nofollow&quot;>\r\n            Offers and Discounts            <\/a>\r\n         <\/h3>\r\n                        <\/div>\r\n   <\/div>\r\n   \r\n<\/div>\r\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-01fcff1 elementor-widget elementor-widget-text-editor\" data-id=\"01fcff1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<table class=\"table table-bordered save_ex_tbl o_a_d_table\"><tbody><tr><td><div class=\"icon-box effect medium clean\"><div class=\"icon m-b-0\"><img decoding=\"async\" class=\"img-fluid\" src=\"https:\/\/img.indiafilings.com\/catalog\/ledgers_icon.png\" alt=\"Logo\" width=\"40px\" height=\"40px\" \/><\/div><div><p><a href=\"https:\/\/ledgers.cloud\/\">LEDGERS Invoicing Platform<\/a><\/p><p>Invoicing, GST Filing, Banking and Payroll<\/p><\/div><\/div><\/td><\/tr><tr><td><div class=\"icon-box effect medium clean\"><div class=\"icon m-b-0\"><img decoding=\"async\" class=\"img-fluid\" src=\"https:\/\/img.indiafilings.com\/catalog\/gstn-icon.png\" alt=\"Logo\" width=\"40px\" height=\"40px\" \/><\/div><div><p>GST Invoice<\/p><p>Get GST eInvoice with Input Tax Credit<\/p><\/div><\/div><\/td><\/tr><\/tbody><\/table><p>\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7a49782 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7a49782\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-00db4d2\" data-id=\"00db4d2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-519ea6a elementor-widget elementor-widget-text-editor\" data-id=\"519ea6a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"color: #000000;\">TAB-1PERSONAL TAX FILING<\/span><\/p><p><span style=\"color: #000000;\"><strong>\u00a0<\/strong><\/span><\/p><p><span style=\"color: #000000;\"><strong>What is Income tax\u00a0:<\/strong><\/span><\/p><p><span style=\"color: #000000;\">Income tax is a direct tax that a government levies on the income of its citizens. The Income Tax Act, 1961, mandates that the central government collect this tax. The government can change the income slabs and tax rates every year in its Union Budget.\u00a0<\/span><\/p><p>\u00a0<\/p><p><span style=\"color: #000000;\">Income does not only mean money earned in the form of salary. It also includes income from house property, profits from business, gains from profession (such as bonus), capital gains income, and &#8216;income from other sources&#8217;. The government also often provides certain leeway such that various deductions are made from an individual&#8217;s income before the tax to be levied is calculated.\u00a0<\/span><\/p><p>\u00a0<\/p><p>\u00a0<\/p><p>\u00a0<\/p><table width=\"650\"><thead><tr><td><p><span style=\"color: #000000;\">Return\u00a0Type<\/span><\/p><\/td><td><p><span style=\"color: #000000;\">Applicability<\/span><\/p><\/td><\/tr><\/thead><tbody><tr><td><p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.indiafilings.com\/itr-1-sahaj-form\">ITR-1<\/a><\/span><\/p><\/td><td><p><span style=\"color: #000000;\">ITR-1 form can be used by Individuals who have less than Rs.50 Lakhs of annual income earned by way of salary or pension and have one house property only.<\/span><\/p><\/td><\/tr><tr><td><p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.indiafilings.com\/itr-2-form\">ITR-2<\/a><\/span><\/p><\/td><td><p><span style=\"color: #000000;\">ITR-2 form must be filed by individuals who are NRIs, Directors of Companies, shareholders of private companies or having capital gains income, income from foreign sources, two or more house property, income of more than Rs.50 lakhs.<\/span><\/p><\/td><\/tr><tr><td><p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.indiafilings.com\/itr-3-form\">ITR-3<\/a><\/span><\/p><\/td><td><p><span style=\"color: #000000;\">ITR-3 form must be filed by individuals who are professionals or persons who are operating a proprietorship business in India.<\/span><\/p><\/td><\/tr><tr><td><p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.indiafilings.com\/itr-4-sugam-form\">ITR-4<\/a><\/span><\/p><\/td><td><p><span style=\"color: #000000;\">ITR-4 form can be filed by taxpayers enrolled under the presumptive taxation scheme. To be enrolled for the scheme, the taxpayer must have less than Rs.2 crores of business income or less than Rs.50 lakhs of professional income.<\/span><\/p><\/td><\/tr><tr><td><p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.indiafilings.com\/itr-5-form\">ITR-5<\/a><\/span><\/p><\/td><td><p><span style=\"color: #000000;\">ITR-5 form must be filed by partnership firms, LLPs, associations and body of individuals to report their income and computation of tax.<\/span><\/p><\/td><\/tr><tr><td><p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.indiafilings.com\/itr-6-form\">ITR-6<\/a><\/span><\/p><\/td><td><p><span style=\"color: #000000;\">ITR-6 form must be filed by companies registered in India.<\/span><\/p><\/td><\/tr><tr><td><p><span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/www.indiafilings.com\/itr-7-form\">ITR-7<\/a><\/span><\/p><\/td><td><p><span style=\"color: #000000;\">ITR-7 form must be filed by entities claiming exemption as charitable\/religions trust, political parties, scientific research insitutions and colleges or universities<\/span><\/p><\/td><\/tr><\/tbody><\/table><h2><span style=\"color: #000000;\">Income Tax Basic Deductions<\/span><\/h2><h3><span style=\"color: #000000;\">Section 80C Deduction<\/span><\/h3><p><span style=\"color: #000000;\">Income tax deduction of upto Rs.1.5 lakhs can be claimed on amount paid or deposited in PF, PPF, LIC premium paid, National Savings Certificate, ULIP, principal part of repayment of housing loan, tuition fees paid for children, term deposit in bank, deposit in Senior Citizen savings scheme and more.<\/span><\/p><h3><span style=\"color: #000000;\">Section 80D Deduction<\/span><\/h3><p><span style=\"color: #000000;\">Section 80D deduction can be claimed by individuals and HUF for payments to medical insurance paid by cheque under GI scheme. Also fees of upto Rs.5000 paid for preventive health checkup can be claimed as income tax deduction under Section 80D.<\/span><\/p><h3><span style=\"color: #000000;\">Section 80EE Deduction<\/span><\/h3><p><span style=\"color: #000000;\">Additional deduction under Section 80EE can be claimed on interest on housing loan paid through EMI by the assessee. The maximum deduction allowed under Section 80EE is Rs.1 lakh. The deduction can be availed on the first home loan, the amount of loan does not exceed Rs.35 lakhs and the property value does not exceed Rs.50 lakhs.<\/span><\/p><h3><span style=\"color: #000000;\">Section 80E Deduction<\/span><\/h3><p><span style=\"color: #000000;\">Section 80E deduction can be claimed by individuals for repayment of interest on loan taken in respect of higher deduction. The amount of interest paid can be claimed as a deduction under Section 80E. The maximum period for which this deduction can be availed is 8 years starting from repayment of loan or till the entire loan is repaid, whichever is earlier.<\/span><\/p><h3><span style=\"color: #000000;\">Section 80G Deduction<\/span><\/h3><p><span style=\"color: #000000;\">Section 80G deduction can be claimed on donations to certain funds, charitable institutes within the ceiling amount of 10% of the Gross Taxable Income. The amount of deduction available would depend on the exemption enjoyed by the fund. Section 80G deduction cannot be claimed for cash deductions of more than Rs.2000.<\/span><\/p><h3><span style=\"color: #000000;\">Income Tax Deductions<\/span><\/h3><p><span style=\"color: #000000;\">Various income tax deductions are available for taxpayers to save on taxes payable. You can use the income tax calculator or read the article below to know more about income tax deductions<\/span><\/p><p><span style=\"color: #000000;\"><strong><u>CALL A FREE CA CS AND CORPORATE LAWYER 24*7<\/u><\/strong><\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-30418ee elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"30418ee\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4499f98\" data-id=\"4499f98\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fb9ffc3 elementor-widget elementor-widget-creote-contact-form-v1\" data-id=\"fb9ffc3\" data-element_type=\"widget\" data-widget_type=\"creote-contact-form-v1.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<section class=\"contact_form_box_all type_one\"\r\n   data-aos=\"fade-up\"  data-aos-offset=\"0\"\r\n  data-aos-delay=\"0\" >\r\n    <div class=\"contact_form_box_inner\">\r\n    <div class=\"contact_form_shortcode\">\r\n            \n<div class=\"wpcf7 no-js\" id=\"wpcf7-f7-o1\" lang=\"en-US\" dir=\"ltr\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" aria-atomic=\"true\"><\/p> <ul><\/ul><\/div>\n<form action=\"\/index.php?rest_route=%2Fwp%2Fv2%2Fservice%2F6701#wpcf7-f7-o1\" method=\"post\" class=\"wpcf7-form init\" aria-label=\"Contact form\" novalidate=\"novalidate\" data-status=\"init\">\n<div style=\"display: none;\">\n<input type=\"hidden\" name=\"_wpcf7\" value=\"7\" \/>\n<input type=\"hidden\" name=\"_wpcf7_version\" value=\"5.7.4\" \/>\n<input type=\"hidden\" name=\"_wpcf7_locale\" value=\"en_US\" \/>\n<input type=\"hidden\" name=\"_wpcf7_unit_tag\" value=\"wpcf7-f7-o1\" \/>\n<input type=\"hidden\" name=\"_wpcf7_container_post\" value=\"0\" \/>\n<input type=\"hidden\" name=\"_wpcf7_posted_data_hash\" value=\"\" \/>\n<\/div>\n<p><label> Your name<br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"your-name\"><input size=\"40\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" autocomplete=\"name\" aria-required=\"true\" aria-invalid=\"false\" value=\"\" type=\"text\" name=\"your-name\" \/><\/span> <\/label>\n<\/p>\n<p><label> Your email<br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"your-email\"><input size=\"40\" class=\"wpcf7-form-control wpcf7-text wpcf7-email wpcf7-validates-as-required wpcf7-validates-as-email\" autocomplete=\"email\" aria-required=\"true\" aria-invalid=\"false\" value=\"\" type=\"email\" name=\"your-email\" \/><\/span> <\/label>\n<\/p>\n<p><label> Subject<br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"your-subject\"><input size=\"40\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required\" aria-required=\"true\" aria-invalid=\"false\" value=\"\" type=\"text\" name=\"your-subject\" \/><\/span> <\/label>\n<\/p>\n<p><label> Your message (optional)<br \/>\n<span class=\"wpcf7-form-control-wrap\" data-name=\"your-message\"><textarea cols=\"40\" rows=\"10\" class=\"wpcf7-form-control wpcf7-textarea\" aria-invalid=\"false\" name=\"your-message\"><\/textarea><\/span> <\/label>\n<\/p>\n<p><input class=\"wpcf7-form-control has-spinner wpcf7-submit\" type=\"submit\" value=\"Submit\" \/>\n<\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n          <\/div>\r\n  <\/div>\r\n  <\/section>\r\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Once your company has hired the best employees, the next step.<\/p>\n","protected":false},"featured_media":2181,"comment_status":"open","ping_status":"closed","template":"","service_category":[],"class_list":["post-6701","service","type-service","status-publish","has-post-thumbnail","hentry"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/truefilingindia.com\/index.php?rest_route=\/wp\/v2\/service\/6701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/truefilingindia.com\/index.php?rest_route=\/wp\/v2\/service"}],"about":[{"href":"https:\/\/truefilingindia.com\/index.php?rest_route=\/wp\/v2\/types\/service"}],"replies":[{"embeddable":true,"href":"https:\/\/truefilingindia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6701"}],"version-history":[{"count":7,"href":"https:\/\/truefilingindia.com\/index.php?rest_route=\/wp\/v2\/service\/6701\/revisions"}],"predecessor-version":[{"id":7121,"href":"https:\/\/truefilingindia.com\/index.php?rest_route=\/wp\/v2\/service\/6701\/revisions\/7121"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/truefilingindia.com\/index.php?rest_route=\/wp\/v2\/media\/2181"}],"wp:attachment":[{"href":"https:\/\/truefilingindia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6701"}],"wp:term":[{"taxonomy":"service_category","embeddable":true,"href":"https:\/\/truefilingindia.com\/index.php?rest_route=%2Fwp%2Fv2%2Fservice_category&post=6701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}