ITR Filing FY 2022-23: ITR-1 ‘Sahaj’ Form, Know the Complete Process How to File Income Tax Return

Income Tax Department has released the form for filing Income Tax Return online for FY 2022-23 and Assessment Year 2023-24. The last date for filing Income Tax Return is July 31, 2023, unless the date is further extended by the government. is not extended. Income Tax Department has released ITR-1 and ITR-4 forms for online e-filing. The benefit of this will be given to those taxpayers who pay taxes online. Such taxpayers who have to file income tax return online through ITR-1 and ITR-4 can file their income tax return through online form. Filing income tax return is a bit complicated. One mistake can make the job more difficult. today we Learn how you can file your income tax return through the entire process.

ITR-1 Sahaj Form

Form ITR-1 or “SAHAJ” is the most commonly used form for filing income tax return. ITR-1 form is for resident individuals whose total income during the entire financial year does not exceed ₹ 50 lakh. It is mainly used by salaried individuals. However, there are certain categories of salaried individuals who are required to submit their returns through ITR or other forms like ITR-2A.

Form ITR-1 for filing ITR who can use Is

ITR-1 is a simplified one-page form for individuals having income up to Rs 50 lakh from the following sources:

income from salary/pension

Income from a house property (except in cases where loss is brought forward from previous years)

Income from other sources (excluding winnings from lotteries and income from horse races)

In case of clubbed income tax return, where spouse or minor is included, this can be done only if their income is limited to the above specifications.

Aadhaar Card Mandatory for Filing Income Tax Returns: The Income Tax Department has made it mandatory for all taxpayers to link their Aadhaar card with their PAN on the Income Tax Department website.

ITR-1 file for the year 2022-23 who can’t Is

ITR-1 cannot be filed by any person who:

• Resident but not Ordinarily Resident (RNOR), and Non-Resident Indian (NRI)

• Total income exceeds ₹ 50 lakh

• Whose agricultural income is more than ₹ 5000/-

• Income from lotteries, race horses, legal gambling etc.

• Has taxable capital gains (short term and long term)

• Has invested in unlisted equity shares

• have income from business or profession

• is a director in a company

• There is tax deduction under section 194N of the Income Tax Act

• Being a qualified start-up, income tax is deferred on ESOPs received from the employer

• owns more than one house property and has an income

• Does not fall under the eligibility conditions for ITR-1

How to Access and Submit ITR – 1

You can file and submit your ITR in the following ways:

Online Mode – Through e-filing portal

Offline Mode – Through offline utility

You can refer to the user manual of Offline Utility (for ITR) to know more.

Follow the steps given below to file and submit ITR through online mode:

Step 1: Login to the e-filing portal using your User ID and Password.

step2: On your dashboard, click on e-File > Income Tax Return > File Income Tax Return.

Step3: Select assessment year as 2022-23 and mode of filling online, then click on continue

Step 4: If you have already filed Income Tax Return and it is pending for submission, click on Resume Filing. Click on Start New Filing if you want to discard the saved return and start preparing the return afresh.

Step5: Select the status applicable to you and click on continue to proceed further.

Step 6: You have two options to select the type of Income Tax Return:

• If you know which ITR to file, select the ITR form; Other

• If you are not sure which ITR to file, you can help me decide which ITR form to file and click on Proceed. Here the system helps you to determine the correct ITR, then you can proceed to file your ITR.

step 7: Once you have selected the ITR applicable to you, note down the list of documents required and click on Let’s Get Started.

step 8: Select the checkbox as applicable to you with respect to the reason for filing and click on continue.

step 9: If you want to opt for the new tax regime, select Yes in the Personal Information section. Review your pre-filled data and edit it if necessary. Enter the remaining / additional data (if required). Click Confirm at the end of each section.

step 10: Enter your income and deduction details in the various sections. Once you have completed and verified all sections of the form, click Proceed.

step 10a: in case of tax liability

After clicking on Total Tax Liability, you will be shown a summary of your tax calculation based on the details provided by you. If there is tax liability payable on computed basis, you get Pay Now and Pay Later options at the bottom of the page.

step 10B: If there is no tax liability (no demand / no refund) or if you are eligible for refund

Click on Preview Return. If there is no tax liability due, or if there is a refund based on tax computation, you will be taken to the Preview and Submit your return page.

step 11: If you click on “Pay Now” you can select your preferred bank to remit the tax. Click Continue.

step 12: A success message is displayed after successful payment through the e-filing portal. Click on Return to Filing to complete the filing of ITR.

step 13: Click on Preview Return.

step 14: On the Preview and Submit Your Return page, select the Declaration checkbox and click on Proceed to Preview.

step 15: Preview your return and click on Proceed for Verification.

step 16: Once validated, on your preview and submit your return page, click on proceed for verification.

step 17: On the Complete Your Verification page, choose your preferred option and click Continue.

Verifying your return is mandatory, and e-Verify (recommended option – e-Verify Now) is the easiest way to verify your ITR – it’s faster, paperless, faster than sending signed physical ITR-V to CPC and is safe. Post.

step 18: On the e-Verify page, select the option through which you want to e-verify the return and click on Continue.