Filling ITR 1: Tips for Filling Salary Details in ITR1

It's every citizen's duty to file an income tax return, and it is equally important to know the right procedure. When it comes to ITR-1, you need to be aware of many factors such as the eligibility, the process, the documents required and also the right way of ITR 1 filing .Ensure you have filled in all the details correctly, or else your return stands a chance of rejection.  Hence, you should know everything about ITR-1 if you are a salaried person.

If your main source of income is a monthly salary, you should fill in ITR-1. It is also known as Sahaj Form and is for those with an annual income of Rs. 50 lakhs or less.

Fill ITR-1 if you are:

• A permanent resident of India
• Income from salary or pension
• Income from one house property
• Get tax exemption up to Rs.5,000
• Income from any other source except gambling, lotteries, racehorses, etc.,

There are two ways of filling the income tax return forms:

1. Online: It is now mandatory to file income tax returns online.
2. Offline: Only senior citizens above the age of 80 can file income tax returns offline, through a physical paper form.

• Provident Fund
• Insurance Payment
• Home Loan Payment
• Charges Incurred via Registration and Stamp Duty
• Children’s Tuition Fee, etc.,

• PAN Card
• Form 16
• Bank Statement
• TDS Certificates from Your Bank
• Statement Showing Fixed Deposit Interest
• Documents Related to Tax Exemption Under Section 80

• Keep Your Documents Ready: Having the documents ready makes the process easier and hassle-free. Here are the documents to be submitted for ITR-1.
• Get Form 26 AS: It is an essential form while filing your tax returns as Form 26 AS contains every little detail about the various taxes deducted from your income. You can download the form from the Income Tax official website. Going through the form and understanding what documents and details to be given makes the tax return filing easier and faster.
• Know The Details of Bank Accounts and Banks’ IFSC Codes: Your account number and the IFSC code of your bank or banks (find them in your cheque leaf) has to be given, so note these down, or just keep your cheque book with you while filling the ITR-I form.
• Note Down your Aadhar Card Number: Now it is mandatory to mention Aadhar Card number while filing income tax returns online.
• Some information is pre-filled: Now, you will find that many details are pre-filled in the form, so the process is easier. Don't be startled to find details on the form.
• Know what the HRA Point is: An essential point to note is that salaried taxpayers have to mention income from salary as well as gross salary. Allowances such as HRA or House Rent Allowance, which are exempted from tax, have to be mentioned in Point 6 in Form 16.

The taxpaying process is easier and faster now, but only if you are prepared. Keep details ready, so you don't find yourself blank when filling ITR forms . You can always seek professional help to fill in the forms if you face any difficulty.Ready to make the most of your money? Start your tax planning journey now!

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.