How to File ITR 1 in 2022
Yet another income tax filing time has come. Those who have taxable income as well as meeting specified conditions (as mentioned in our previous blog) are to file their income tax return for the financial year 2021-22 generally called FY 2021-22 or AY 2022-23 (Assessment Year 2022-23). There are 7 ITR Forms in total and in this article, we shall take a look at ITR 1.
ITR 1 is one of the simplest forms to file, and this can be filed by resident individuals who are having an income of less than Rs.50 Lac during any financial year. His/her income shall be from Salary/Pension, One House Property, Family Pension Income, Interests from Savings accounts and/or Deposits, Interests from Income Tax Refunds. Only those individuals meeting the above criteria can use ITR 1.
Before proceeding with filing ITR 1, you need Form 16 issued by your employer. If you have worked with multiple employers during the same year collect form 16 from all. House rent paid details, if your salary income includes House Rent Allowance (HRA). One need to keep with them all the 80C investment details if exemptions are to be claimed. Medical Insurance Premium paid for self and family as well as of parents if paid by the taxpaying individual. Collect proper interest income certificates from the institutions in which one has savings/fixed deposits. Also collect Interest and Principal paid certificate on Housing loans availed.
Download Form 26AS from income tax website (https://incometaxindia.gov.in/) and thoroughly verify so as not to miss any income and TDS included in 26AS while filing ITR 1. Ensure all personal details like name and address, Aadhar number, mail id, phone number and bank account details are correctly filled. Before finalising one’s income tax, compute the tax by adopting old tax regime calculation as well as new tax regime calculation to see which one is more beneficial. The major difference is in the income tax slab. Under old tax regime you are eligible for claiming all the permitted allowances and exemptions whereas under new tax regime, such allowances and exemptions are not permitted but tax rate for different slabs are different compared to old tax regime. Individual tax payer has to utilize this opportunity by doing calculations under both the methods. If new tax regime is beneficial, then file the return by opting filing under section 115BAC.
While filing with the income tax site, the system shall validate and either will accept or ask you to modify or rectify the errors. Once that is done, you shall file it. Important aspect is that the filing shall be completed once its verified. Always try to opt for e-verification. E-verified returns are processed faster and help you to get your refund early.
Hope this article helps you with filing ITR1. If you have any queries/doubts or want us to file your returns please feel free to contact us.
