ITR 1 (SAHAJ) Form for Financial Year 2024-25 in Delhi

ITR 1 (SAHAJ) Form for Financial Year 2024-25 in Delhi

The Income Tax Return (ITR) is an important annual task for taxpayers. ITR 1 (SAHAJ) form filing means income tax returns for salaried people working in any organization. If you’re an individual who is seeking to file the ITR-1 (SAHAJ), then this article will thoroughly guide you on how to use the ITR-1 (SAHAJ) for the Financial Year (FY) 2024-25.

What is ITR-1 (SAHAJ)?

ITR-1, also known as SAHAJ, is an easy and simplified tax form that an individual can use to file Income Tax with earnings up to ₹50 lakhs. The ITR-1 applies to residents who earn income from certain sources, such as:

• Salary/Wages (from one or multiple employers)
• Income from one house property (excluding cases where loss is brought forward)
• Income from other sources (such as interest, etc.) but excluding winning from the lottery and income from racehorses
• Agricultural income up to Rs. 5,000
• When filing combined Income Tax Returns that include a spouse or a minor, this is permissible only if their income follows the specified limits mentioned above. If your income falls within these categories, then you are required to file ITR-1 (SAHAJ) for FY 2024-25.

Who is not eligible to file ITR-1 for AY 2025-26?

You cannot file ITR-1 if:

• If an individual's income is over Rs 50 lakh.
• Individuals who are directors of a company or have unlisted equity shares during the financial year.
• Non-residents (though residents not ordinarily resident (RNOR) may file if they meet all other eligibility conditions).

Additionally, you cannot file ITR-1 if you have earned income through:

• More than one house property.
• Lottery, racehorses, legal gambling, etc.
• Taxable capital gains (both short-term and long-term).
• Agricultural income above Rs 5,000.
• Business or professional income.
• Residents with foreign assets or who are authorized signatories for any accounts abroad.
• Individuals claiming relief for foreign taxes paid or seeking double taxation relief under sections 90/90A/91.
• Gains from Virtual Digital Assets (cryptocurrency).
• Individuals for whom TDS is deducted under Section 194N.

Documents Required for ITR-1 Filing in Delhi

Following are the required documents for ITR-1 form filing in Delhi:

• Form 16
• Form 26AS
• If you are unable to submit proof of exemptions or deductions such as HRA, Section 80C, or Section 80D to your employer, you can get these receipts for your income tax return.
• PAN Card
• Bank Investment Certificates

How to File ITR-1 (SAHAJ) Online for FY 2024-25 (AY 2025-26)?

Follow these steps to file ITR 1 (SAHAJ) online in Delhi:

• Step 1: Visit the Income Tax e-filing portal: For filing ITR-1, you need to visit the income tax portal to proceed with your application.

• Step 2: Collect Required Documents: Gather the required documents such as Form 16, Salary Slips, Form 26AS (Tax Credit Statement), and investment proofs for deductions under Section 80, Section 80C, etc.

• Step 3: Download or Select ITR-1 (SAHAJ) Form: After logging into the income tax portal, go to the “e-file” menu, select the relevant Financial Year (2024-25) and Assessment Year (2025-26), and choose ITR-1 (SAHAJ).

• Step 4: Fill in the ITR-1 (SAHAJ) Form: Enter all the required details such as tax, deductions, taxes paid, personal information, employer details, etc.

• Step 5: Verify and Submit: Verify the information provided, and once confirmed, submit your return.

• Step 6: Acknowledgement: Once your return is successfully filed, you will receive an acknowledgement for your reference.

Why Bizfoc?

Bizfoc is one of the leading accounting firms with a professional and experienced team in the field of ITR filing. We provide a seamless process for ITR filing to our clients. We make sure to file everything accurately and in a minimal time period. We guide you at every step related to your filings and new ITR updates.

Conclusion

ITR-1 (SAHAJ) is an important process to file the income earnings of an individual and ensure tax regulations. By proper documentation for filing ITR-1, such as Form 26AS, Form 16, Bank Investment Certificate, etc., you can easily file your ITR-(SAHAJ). After documentation, you can follow the process for filing ITR-1 with the proper guidance of ITR filings.

Frequently Asked Questions (FAQs)