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Team Studycafe | Jun 17, 2022 | Views 2

What precautions should be taken while filing ITR-1?

What precautions should be taken while filing ITR-1?

Income Tax Return Filing Due date is approaching for the F.Y 2021-22. The last date to file the ITR for the F.Y 2021-22 (A.Y 2022-23) is 31st July 2022.

Depending on the nature of one’s earnings, one must select the most appropriate ITR form among such forms made available by the income tax department.

ITR-1 (SAHAJ) Form is for individuals who is a Resident (other than Not Ordinarily Resident) and having Total Income from any of the following sources up to ₹ 50 lakh.

  • Salary / Pension
  • One House Property
  • Other sources (Interest, Family Pension, Dividend etc.)
  • Agricultural Income up to ₹ 5,000

Some important steps/points/precautions that need to be kept in mind while filing ITR-1:

  • Check the real TDS/TCS/tax paid by downloading Form 26AS (Annual Information Statement). If you see a disparity, contact your employer, tax deductor, or bank to resolve the issue.
  • Gather and review the documents you’ll need to file your ITR, such as your bank statement/passbook, interest certificates, receipts for exemptions or deductions, Form 16, Form 26AS (Annual Information Statement), investment evidence, and so on.
  • Check that the pre-filled data has accurate information such as your PAN, permanent residence, contact information, and bank account information.
  • Determine which return is appropriate for you (from ITR-1 to ITR-7). In the return, include all relevant information, such as total income, deductions (if any), interest (if any), taxes paid/collected (if any), and so on. There are no papers to be added to the ITR-1.
  • Returns of income must be e-filed on or before the due date. Late filing fees, losses not being carried forward, and deductions and exemptions not being accessible are all repercussions of late filing.
  • E-Verify your return after you’ve filed it electronically. If you want to manually verify your return, send the signed physical copy of ITR-V Acknowledgement to Centralized Processing Center, Income Tax Department, Bengaluru 560500 within 120 days of filing the return (Karnataka).

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