It's Time to File Your ITR-1 for the Financial Year 2024-25
Streamlined ITR-1 Tax Return Filing for Salaries, Pensioners: Comprehensive Online Guide - Step by Step Walkthrough
Hey folks, this post is about the latest Income Tax Return (ITR) forms for the fiscal year 2024-25, or the Assessment Year 2025-26. And guess what? ITR Form 1, aka the 'Sahaj' form, is back!
So, let's crack open the hood on this simple, single-page form designed particularly for the salaried, pensioners, or folks with limited income, like interest. If your annual total income doesn't exceed Rs 50 lakh, you're good to go with this form.
Hey, Who Can File the Sahaj Form?
To be eligible for the Sahaj Form, you need to earn your dough from these sources:
- Salary, pension (from one or more employers)
- Rental or personal use income from only one house (and no loss carried forward)
- Income from other sources like interest from bank/FD/PO
- Long-term capital gains up to Rs 1.25 lakh from equity shares or mutual funds under section 112A (and no loss carry forward)
- Clubbed income, like income of spouse or minor children, if it falls within these limits
Remember, you gotta have your Aadhaar card linked to your PAN for this return to be valid.
Wait, Who Can't File ITR-1?
Hey, don't try to fill out this form if...
- Your total income exceeds Rs 50 lakh
- You're a director of a company or hold unlisted shares
- You're an NRI or RNOR (Resident Not Ordinarily Resident)
- Your income comes from:
- Two or more houses
- Lottery, race horses, betting, etc.
- Capital gains or carry forward losses of more than Rs 1.25 lakh
- Agricultural income of more than Rs 5,000
- Business or freelance profession
- Property or bank account abroad
- Deferred tax on ESOPs
- Income from crypto or virtual digital assets
- TDS deducted under section 194N
ITR-1 Tweaks for AY 2025-26
Major changes have been made to the ITR-1 form to make it simpler. Here are the important updates:
- LTCG Reporting: Now, you can also show Long-Term Capital Gains up to Rs 1.25 lakh in the ITR-1[1][2].
- Dropdown Menu for Deductions: Now, there's a dropdown menu to pick exemptions from 80C to 80U[2].
- New Section for Foreign Retirement Account[1].
- Removal of Aadhaar Enrolment ID Column: Now, only a valid 12-digit Aadhaar number will be accepted[1].
- New TDS Details Column: Now, you'll need to mention the section under which TDS is deducted[2].
Just a friendly reminder to check out our other articles, "7 ITR Forms with Key Changes for AY 2025-26: Here's How to Select the Right One for You" and "CBDT Notifies ITR-7 Form for AY 2025-26: Who Should File and What's Changed?" for additional details.
Ready to Roll: Required Documents before Filing ITR-1
- Form 16 (from all employers)
- Form 26AS (for matching TDS)
- Investment receipts (80C, 80D, HRA, etc.)
- PAN card and Aadhaar card
- Bank interest details (FD, savings account passbook)
Structure of the Sahaj Form
- Part A - General Information:
- Name
- PAN
- Address
- Aadhaar
- Bank Details
- Part B - Total Gross Income:
- Income from Salary
- Income from House Property
- Other Income
- Part C - Deductions and Taxable Income
- Part D - Tax Calculation
- Part E - Bank Details and Other Information
- Schedule IT - Advance Tax/Self-Assessment Tax
- Schedule TDS - Details of TDS and TCS
- Verification Section
It's Time to Fill Your Sahaj Form Online (Step-by-Step Guide)
- Head to the Income Tax e-filing portal
- Log in or register
- Go to e-File > Income Tax Returns > File Income Tax Return
- Select AY 2025-26 and Filing Mode 'Online'
- Click on 'Start New Filing'
- Select Status - Individual or HUF
- Select ITR-1 form
- Click on 'Let’s Get Started'
- Select reason for filing - like 'Original' or 'Revised Return'
- Now, fill these 5 sections:
- Personal Info: Name, PAN, Aadhaar, Bank details
- Gross Total Income: Salary, interest, etc.
- Total Deductions: Exemptions like 80C, 80D
- Tax Paid: TDS, Advance Tax
- Total Tax Liability: Tax is payable or refund
- Check all the details carefully, do validation
- Do e-verification - OTP or Aadhaar based
For more information, check out our article, "Tax Talk: Pick the Right ITR Form This Year."
Wrapping It Up...
So, if your income is under Rs 50 lakh during a financial year, keeps within the mentioned rules, and is from eligible sources, then the Sahaj form is your best bet. Make sure to file on time with the correct information to avoid any troubles.
Remember, keeping your tax game strong is essential for remaining financial fit & fabulous.
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- For individuals earning from sources such as salary, pension, interest from bank/FD/PO, long-term capital gains up to Rs 1.25 lakh from equity shares or mutual funds, or rental income from a single house, investing in digital assets like cryptos might offer potential opportunities for diversified finance.
- The income from crypto or virtual digital assets is not eligible for reporting on ITR-1, indicating that those interested in digital asset investment should look for other ITR forms when it comes to filing taxes related to these assets.
- As businesses and finance continue evolving, investments in various market sectors, including crypto and digital assets, could become major considerations for individuals and corporations seeking expanded investment options for their business and financial growth.
