How to File ITR-1 Online for 2024: A Complete Step-by-Step Guide

Filing an Income Tax Return (ITR) is mandatory for taxpayers in India, ensuring compliance with the tax regulations and facilitating the process of accounting for their income and taxes paid. Different types of forms are available for various categories of taxpayers based on their sources of income and other specific criteria.

One of the most commonly used forms by individuals is the ITR-1 or Sahaj form. This form is designed to simplify the tax filing process for salaried individuals, pensioners, and others with a straightforward income structure. It caters to those who have income from salary, one house property, and other sources like interest income, making it a convenient option for a significant portion of taxpayers.

Understanding how to file ITR-1 online is especially important for individuals who wish to claim deductions. This guide will provide a detailed overview of the ITR-1 online submission process for the year 2024.

Eligibility criteria for submitting ITR-1

Before filing ITR-1, it’s important to determine your eligibility. ITR-1 is designed for individuals who have:

1. Income from salary or pension: Individuals earning income through salary or pension.
2. Income from one house property: Those with income from a single house property (excluding cases where loss is brought forward from previous years).
3. Other sources: Income from interest, family pension, etc.
4. Agricultural income: Up to Rs. 5,000.

This form is not applicable for individuals who have:

1. Your total income exceeds Rs. 50 lakh.
2. You have income from more than one house property.
3. You have income from winnings in lottery or horse races.
4. You have income taxable under the head "capital gains".
5. You have foreign assets or foreign income.

Preparing to file ITR-1

Before you begin the process, ensure you have the following documents:

1. PAN card: Primary identification for tax purposes.
2. Aadhaar card: For identity verification and linking with PAN.
3. Form 16: Issued by your employer, detailing your salary and tax deductions.
4. Bank statements: Reflecting your income and transactions.
5. Interest certificates: From banks and post offices.
6. Home loan statement: From Bajaj Housing Finance, showing interest and principal payments.
7. Investment proofs: Documents for deductions under Section 80C, 80D, etc.

Steps to file ITR-1 online

• Step 1: Compile necessary documents:
  Start by assembling all the necessary documents, including your PAN card, Form 16 issued by your employer, Aadhaar Card for Aadhaar-PAN linking, bank account details, and investment details that qualify for deduction under section 80C to 80U.
• Step 2: Login to e-filing portal:
  Next, visit the e-Filing portal of the Income Tax Department at www.incometaxindiaefiling.gov.in. If you are a registered user, login using your credentials. If not, register first.
• Step 3: Choose the ITR-1 form:
  Once logged in, navigate to the "E-file" tab and choose "Income Tax Return". Select the Assessment Year as 2024-25. If ITR-1 is applicable to you, select it and choose your submission mode.
• Step 4: Fill in the details:
  Start filling in the form. Add basic information such as name, address, mobile number, and email id. Fill in your income details, deductions, and tax details. Validate the information entered.
• Step 5: Verify your income details:
  The portal will pre-fill some of your income details like salary, bank interest, etc., from your linked PAN and Form 26AS. Verify these details and add other income details if any.
• Step 6: Claim deductions:
  Claim deductions under Section 80C (Investments in PPF, insurance premiums), Section 80D (Premium paid for medical insurance), and Section 80G (Donations made).
• Step 7: Calculate your tax:
  Next, calculate the tax and pay your tax liabilities, if any, and fill in the details in your form.
• Step 8: Submit your ITR-1 form:
  Check the information one more time. Correct if there are any discrepancies. Submit the form, and the system will generate an acknowledgment number. Save it for future reference.
• Step 9: E-verify your return:
  The final step is to verify your return. This can be done online using numerous ways such as net banking, Aadhaar OTP, bank account number, or Demat account number. You can also send a signed copy of ITR-V (acknowledgement receipt) to “Centralized Processing Center, Income Tax Department, Bengaluru 560500” by post within 120 days of e-filing.

Tips for filing ITR-1

1. Start early: Avoid last-minute hassles by starting the filing process early.
2. Double-check information: Ensure all personal and income details are accurate.
3. Use form 26AS: Cross-check your income and TDS details with Form 26AS.
4. Keep documents handy: Have all necessary documents at hand to make the process smooth.
5. Seek professional help: If unsure, consult a tax professional to avoid mistakes.

Explore Bajaj Housing Finance Home Loan

While filing your taxes and seeking deductions can provide financial relief, it is also crucial to plan your large investments wisely. Whether you aspire to own a cozy apartment in the city, a sprawling house in the outskirts, or explore the investment potential in real estate markets, a Bajaj Housing Finance Home Loan could be the ideal solution.

Here are a few reasons why you should apply for a home loan from Bajaj Housing Finance:

1. Extended repayment tenures: Benefit from repayment periods of up to 32 years, enabling you to select a plan aligned with your financial circumstances for more manageable repayments.
2. Competitive interest rates: Initiate your journey to homeownership with attractive interest rates starting at just 8.25%* p.a, accompanied by EMIs as low as Rs. 741/lakh*, making homeownership more affordable.
3. Tailored loan options: Customise your home loan to suit your specific requirements with flexible loan amounts and repayment terms, granting you greater control over the home-buying process.
4. Top-up loan facility: Enhance your financial flexibility with a top-up loan, providing additional funds of up to Rs. 1 crore* or higher at competitive interest rates and minimal documentation, simplifying balance transfer management.

With Bajaj Housing Finance, turning your dream of owning a home into reality is easier than ever.