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FORM INDIAN INCOME TAX RETURN ITR-1 For Individuals having Income from Salary/ Pension/ family pension) & Interest (Please see Rule 12 of the Income-tax Rules,1962) (Also see attached instructions)

How to fill out itr1 form

Point by point, here is how to fill out ITR 1 form:

1. Gather all the necessary documents and information, such as PAN card, Aadhaar card, bank statements, Form 16, and details of income and deductions.
2. Start by filling out your personal details, including your name, address, contact information, PAN card number, Aadhaar card number, and the assessment year for which you are filing the return.
3. Provide details of your income, which may include salary, income from other sources, and any exemptions or deductions that you are eligible for. Fill in the required fields accurately and ensure that you have supporting documents for the income and deductions claimed.
4. Report any tax deducted at source (TDS) information, such as TDS from salary, TDS on fixed deposits, etc. Enter the TAN of the deductor and the details of the income on which TDS was deducted.
5. Fill out information related to your bank accounts, including the name of the bank, the account number, and the type of account (savings or current).
6. Provide details of any investments or expenses eligible for deductions, such as life insurance premiums, health insurance premiums, investments in tax-saving instruments, and donations made to eligible charitable organizations.
7. Compute your total income, deductions, and taxable income. Calculate the tax liability based on the income tax slab rates applicable for the assessment year.
8. If you have already paid taxes through advance tax or self-assessment tax, enter the details of the tax payments made.
9. After completing all the necessary sections, review the form to ensure accuracy and completeness. Double-check all the information provided and make corrections if necessary.
10. Sign and date the form, and attach any supporting documents as required.

Now, turning to who needs ITR 1 form no:

1. Individuals who have earned income through salary/pension, one house property, and income from other sources can use the ITR 1 form to file their income tax return.
2. This form is applicable to individuals who have a total income of up to Rs. 50 lakhs.
3. Individuals who are not eligible for ITR 1 are those who have income from more than one house property, income from capital gains, or income from business or profession.

In summary, individuals with specific types and amounts of income can use ITR 1 form to file their income tax return, while others who have different sources of income may need to use different forms.

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What is itr 1 form no?

The ITR 1 form, also known as Sahaj form, is the Income Tax Return form used by individual taxpayers to file their income tax returns in India.

Who is required to file itr 1 form no?

Individual taxpayers who earn income from salary, pension, or from a single property and have total income of up to Rs. 50 lakh are required to file ITR 1 form.

How to fill out itr 1 form no?

To fill out the ITR 1 form, you need to provide your personal details, income details, deductions, tax payable, and other relevant details. It is advisable to seek assistance from a tax professional or refer to the official guidelines provided by the Income Tax Department of India.

What is the purpose of itr 1 form no?

The purpose of the ITR 1 form is to report the income earned by individuals and compute the tax liability or refund due to them. It allows the Income Tax Department to assess and verify the taxpayer's income and tax payment details.

What information must be reported on itr 1 form no?

The ITR 1 form requires taxpayers to report their personal details, income details from salary or pension, income from one house property, details of deductions claimed, and tax payment details. It is important to accurately report all the required information.