File ITR-1 (Sahaj) Online FAQs

1. Who is Eligible to File ITR-1 for AY 2021-22?

ITR-1 can be filed by a Resident Individual whose:

• The total financial gain doesn't fifty hundred thousand throughout the FY

• Income is from regular payment, one house property, family pension financial gain, agricultural financial gain (up to ₹5000/-), and different sources, that include:

• Interest from Savings Accounts

• Interest from Deposits (Bank / Post workplace / Cooperative Society)

• Interest from taxation Refund

• Interest received on increased Compensation

• Any different Interest income

• Family Pension

• Income of spousal equivalent (other than those coated below the Portuguese Civil Code) or Minor is clubbed (only if the supply of income is at intervals within the required limits as mentioned above).

• The ITR Filing Courses have prescribed 7 kinds of structures - ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7 and the relevance of the structure will rely upon the nature and measure of pay and the sort of citizen.

2. Who is not eligible to file ITR-1 for AY 2021-22?
 

ITR-1 Cannot be Filed by a Person Who:

• is a Resident Not Ordinarily Resident (RNOR), and Non-Resident Indian (NRI)

• has total income exceeding Rs 50 lakh

• has agricultural income exceeding Rs 5000/-

• has financial gain from the lottery, racehorses, legal gambling, etc.

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

• has invested in unlisted equity shares

• has financial gain from business or profession

• is a director in an exceeding company

• has write-off below section 194N of the taxation Act

• has delayed taxation on ESOP received from the leader being AN eligible start-up

• owns and has financial gain from over one house property

• is not covered under the eligibility conditions for ITR-1

3. What are The Changes in ITR-1 as Compared to Previous Years?

In ITR-1 for AY 2021-22, there's an addition of section 115BAC. If you would like to pick the new tax regime below section 115BAC, choose YES within the new ITR kind, or else choose No. Please note that the choice for the new tax regime u/s 115BAC is going to be out there solely until the day of the month of filing of come u/s 139(1).

4. What Documents do I Want to File ITR-1?

You would want form 16, house rent receipt (if applicable), and investment payment premium receipts (if applicable). However, ITRs are annexure-less forms, thus you're not needed to connect any document (like proof of investment, TDS certificates) in conjunction with your return (whether filed manually or electronically). However, you would like to stay these documents for situations wherever they have to be created before tax authorities like assessment, inquiry, etc.

5. What Precautions Ought I Take When Filing The Return of Income?

• Download Form 26AS (Annual info Statement) and check the particular TDS / TCS / tax paid. If you see any discrepancy, you must reconcile it with the leader / Tax Deductor / Bank.

• Compile and carefully study the documents to be said once filing your ITR, like bank statement/passbook, interest certificates, receipts to assert exemptions or deductions, Form 16, kind 26AS (Annual info Statement), investment proofs, etc.

• Ensure details like PAN, permanent address, contact details, checking account details, etc. are correct within the pre-filled information.

• Identify the proper return for you (from ITR-1 to ITR-7). Offer all the small details within the return like total financial gain, deductions (if any), interest (if any), taxes paid/collected (if any), etc. No documents are to be connected in conjunction with ITR-1.

• e-File the return of financial gain on or before the day of the month. The results of delay in filing returns embody late filing fees, losses not obtaining carried forward, deductions, and exemptions not being out there.

• After e-Filing the return, e-Verify it. If you would like to manually verify your return, send the signed physical copy of ITR-V Acknowledgement (by standard post or speed post) at intervals of 120 days of filing the return to the Centralized Process Center, Taxation Department, Bengaluru 560500 (Karnataka).

6. How do I know The ITR I Want to File?

Different tax returns are prescribed for filing by individual taxpayers betting on their supply of income and residential status. To determine the proper ITR to file, you'll be able to use the Help me decide which ITR Form to file option. You can then proceed based on queries exhibited to confirm the proper ITR to file.

7. What is Form 26 AS (Annual Information Statement)?

Form 26AS is an annual info statement that shows varied details including Tax subtracted / Collected at Source, Advance Tax / Self-Assessment Tax, Specified Financial Transactions Demand / Refund Pending/ completed Proceedings for a taxpayer's PAN as per ITD's information.

A Taxpayer May Pay Tax in Any of The Subsequent Forms:

• Tax Deducted at Source (TDS)

• Tax Collected at Source (TCS)

• Advance Tax or Self-Assessment Tax

The taxation department maintains information on the whole tax paid by all taxpayers, which is termed tax credit within the taxpayer's account. The ITD usually permits taxpayers to assert the credit of taxes as reflected in their Form 26AS.

8. What Ought I do if There are Errors and Omissions in My Form 26AS (Annual info Statement)?

Errors or omissions in your Form 26AS (Annual info Statement) may happen due to many reasons, such as:

• Non-filing of TDS returns by Deductor

• Non-payment of TDS by Deductor

• Quoting of wrong AY or wrong PAN (or no PAN)

• Incorrect challan details within the TDS returns submitted

• Challan details wrong quoted within the TDS come by Deductor or details uploaded by the bank

You Can Take The Following Action to Correct The Main Points in Your Form 26AS:

• Provide a correction statement (via the NSDL website) for those records that need correction.

• In cases of an error created by the Deductor (e.g., your employer), you ought to contact the Deductor and request them to:

• File the TDS come if it's still unfinished

• Furnish a revised TDS return if they filed the return with incorrect details/wrong or no PAN

• If there's an error created by the bank (e.g., in tax amount, PAN), you ought to request the bank to rectify it within the challan details uploaded by the bank

Especially in cases of tax amount being wrong, it's mandated that you simply get it corrected – else you'll not get a step-down for deductions that aren't mentioned in type 26AS.

9. There's a Match Between the Details in My Form 26AS and TDS certificates (Form 16 / 16A). What Ought I do?

Some of the common errors leading to a mismatch between type 26AS and type 16 are as follows:

• Non-filing of TDS returns by Deductor

• Wrong PAN range of the worker quoted by the Deductor

• Wrong PAN / TAN of Deductor / AY quoted

• Wrong Challan Identification Number (CIN) of TDS payment quoted in TDS Return

• Omitted detail of TDS payment

• Challan-wise annexure in TDS Statement doesn't mention details of the worker (e.g., name or gender)

• False / Excess TDS amount claimed within the return

Compare the figures in Form 26AS therewith of Form 16 and Form 16A. Mismatches between your type 26AS and Form 16 or TDS certificates could result in less refund or a lot of taxes owed. If you discover that any of the above details do not match:

• You need to inform the party responsible for deducting TDS from your income (i.e., your employer).

• The employer should file a revised TDS return. Ensure that the details are correct within the revised TDS return to avoid another match.

10. I’m a joint owner of a house with my better half. We tend to don't have any further property. Am I able to file ITR-1 in AY 2021-22?

Yes, you can able to file ITR-1 for the AY 2021-22 just in case the subsequent conditions are met:

• If you're one or joint owner of one property, you'll be able to file ITR-1 for AY 2021-22

• If you own more than one property, you cannot file ITR-1 (even as one owner)

11. What Precautions Ought I Take to Avoid Problems When Filing My ITR?

To avoid problems when filing your return and obtaining your refund, make sure you do the following:

• Link Aadhaar and PAN,  so it is necessary to know the Consequences of Not Linking a PAN Card with An Aadhaar Card.

• Pre-validate your bank account wherever you wish to receive your refund.

• Choose the right ITR before filing it; else filed return will be treated as defective and you'll have to be compelled to file a revised ITR exploitation of the right form.

• File the return within the specified timelines.

• Verify your return and you can opt for e-Verification (recommended choice – e-Verify Now) is the simplest way to verify your ITR.

• File the responses for the notices received from the ITD among the desired timelines.

12. What's Advance Tax?

For salaried people, advance tax is generally taken care of through TDS by employers. however different forms of income like interest on savings bank accounts, fixed deposits, income, bonds, or capital gains increase the liabilities. One's liabilities need to be calculable beforehand. If tax amounts to more than ₹10,000/- annually, taxpayers have to be compelled to pay advance tax in quarterly installments (June, September, December, and March).

So those days, it's important to know  What is Advance Tax and How is it Calculated?

13. How are Advance Tax and Self-Assessment Tax calculated and paid?
 

Advance Tax: Advance Tax should be calculated as given below:

a) Just in case of all assesses (other than the eligible assesses as named in sections 44AD and 44ADA of the Income Tax Act):

b) In the case of the eligible assesses as named in sections 44AD and 44ADA:

Any tax paid on or before the 31^st of March will be treated as Advance Tax paid throughout a similar FY. The deposit of Advance Tax is created through challan ITNS 280 by ticking the relevant column, i.e., Advance Tax.

Self-Assessment Tax: After filling out your ITR form with the TDS and advance tax details (if paid), the system computes your income and checks whether or not tax remains owed. You need to pay it and then fill in the challan details within the return before submitting it.

14. What's the distinction between allowance and perquisite? Are these considered my income?

Allowances are fixed periodic amounts, apart from salary, that is paid by an employer, e.g., conveyance allowance, traveling allowance, uniform allowance, etc. Allowances are considered income and can increase your gross total income on that you'll be taxed. Allowances will be non-exempt, part exempted, and exempted. Perquisites are benefits you receive owing to your official position and are over and on top of your earnings or wage income. These perquisites can be non-exempt or non-taxable depending upon their nature.

15. Are all donations 100% exempted from tax?

No, not all donations qualify for 100% exemption from tax. The categories for a tax deduction, based on whom you donated to (charitable establishment, the fund found out by Government, research project, etc.) are as follows:

• Donations entitled to 100% deduction while not qualifying limit

• Donations entitled to 50% deduction while not qualifying limit

• Donations entitled to 100% deduction subject to qualifying limit

• Donations entitled to 50% deduction subject to qualifying limit

You need to examine the exemption limit on your donation receipt and claim deduction consequently when filing your return.

16. Is e-Filing and e-Payment a constant thing?

No. e-Filing is the method of electronically submitting your taxation return on the e-Filing portal and e-payment is the method of electronically paying tax.

17. I created a calculation mistake in my filed ITR. Am I able to correct it and re-submit my return?

Yes, you'll be able to re-submit your return just in case you've got already filed your tax return and later discover that you simply have created a slip-up. This can be referred to as a Revised return. Your return needs to be revised 3 months before the top of the relevant AY. For AY 2021-22, the maturity date for filing a revised come is 31^st December 2021.

18. Can I file ITR for the last 3 years now?
 

No, you can only file Income Tax Return for one AY in the current financial year. Tax filing beyond the last year is only possible when you receive a notice from the Income Tax Department. 

19. What happens if I file Income Tax Return after the due date u/s 139(1)?

In case you miss filing the ITR within the due date u/s 139(1), you'll be able to still file your Income Tax Return however you will be needed to pay a late filing fee of up to ₹5000/-. In addition, you'll be needed to pay interest on the liabilities (if any).

20. Do I need to file returns if tax has been subtracted by my employer/bank?

Yes, employers and banks deduct tax at supply on remuneration and interest income severally. You still need to disclose the income on which tax has been subtracted and claim credit for TDS within the taxation return.

21. Can I buy a refund if I even have paid excess tax?

Yes, any excess tax paid by you'll be able to be claimed as a refund by filing your taxation return. When your return is processed, ITD checks and consequently accepts your refund claim, so the quantity is attributable to your checking account. You'll conjointly get a message on your email ID registered on the e-Filing portal.