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

Introduction

The Income Tax Return (ITR) is an important annual task for taxpayers. ITR 1 (SAHAJ) form filing means income tax returns for salaried person working in any organisation. If you’re an individual who is seeking to file the ITR-1 (SAHAJ), then this article will guide you thoroughly on how to use the ITR-1 (SAHAJ) for the Financial Year (FY) 2024-2025.

What is ITR-1 (SAHAJ)?

ITR-1 which is also known as SAHAJ is an easy and simplified tax form that an individual can use this form to file income tax act whom earning is upto ₹50 lakhs. The ITR-1 is applicable to residents who can 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 race horses.
• 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.

Note:Linking the Aadhaar card with the PAN is mandatory for filing Income Tax Returns. The Income Tax Department has required all taxpayers to complete this linkage through the official website.

Who is Ineligible to File ITR-1 for AY 2025-26?

In order to file ITR -1 for AY 2025-26, certain points need to be kept in mind. Following are the conditions where an individual is not eligible for filing ITR -1 form in :

• If an Individual is earning more than Rs 50 lakh, then he is not eligible for ITR 1 filing.
• Individuals who are directors of a company or have held unlisted equity shares during the financial year can not file ITR 1.
• Residents not ordinarily resident (RNOR) and non-residents.
• Those who 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 (including financial interests in any foreign entity) 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.
• Deferred income tax on ESOPs received from eligible start-ups.
• Gains from Virtual Digital Assets (cryptocurrency).
• Individuals for whom TDS is deducted under section 194N.

Documents Required for ITR Filing in

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

1. Form 16: Provided by your employer(s) for the relevant financial year.
2. Form 26AS: Ensure that the TDS reported in Form 16 aligns with the TDS shown in Part A of Form 26AS.
3. Receipts: If you haven't submitted proof of exemptions or deductions (e.g., HRA, Section 80C, or Section 80D) to your employer, retain these receipts for direct claim on your income tax return.
4. PAN Card: Required for filing your return.
5. Bank Investment Certificates: Include documents detailing interest income, such as bank passbooks or FD certificates.

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

Following are the steps one need to follow to file ITR 1 (SAHAJ) Online in :

Step 1: Register on the Income Tax Portal

• Before filing your tax return, you need to register on the Income Tax Department’s official portal. If you have already registered, simply log in with your credentials.You can visit the official Income Tax e-filing portal.
• If you don’t have an account, click on "Register Yourself" and follow the instructions.
• Choose the "Individual" option for filing ITR-1.
• Enter basic details like PAN, name, contact number, and email.
• Once registered, log in using your credentials (PAN as user ID and password).

Step 2: Download or Select ITR-1 (SAHAJ) Form

• After logging in, navigate to the “e-File” menu. Under the “Income Tax Return” section, select the relevant Assessment Year (AY 2025-26) and choose ITR-1 (SAHAJ).
• You will be given two options:
  • Prepare and Submit Online
  • Download Form
• Select “Prepare and Submit Online” to fill out the form directly on the portal.

Step 3: Fill in the ITR-1 (SAHAJ) Form

Once you have selected ITR-1, the portal will guide you through the form step by step. The following sections will be filled in:

• Personal Information
  • PAN details: Your PAN will be pre-filled (if registered correctly).
  • Name, Date of Birth, and Address: These details will be pre-filled if you have filed returns in the past.
  • Contact Details: Mobile number and email address.
• Income Details
  • Income from Salary/Pension: You need to enter the details of your salary income, which includes salary, allowances, bonuses, and other benefits. If TDS has been deducted on your salary, this will be automatically pre-filled from Form 16.
  • Income from One House Property: If you own a house property, enter the rental income or annual value. Deductions under section 24 for interest on home loans can also be claimed here.
  • Income from Other Sources: Declare your income from sources like interest from savings accounts, fixed deposits, or dividends. If TDS has been deducted, it will be pre-filled in the form.
  • Agricultural Income (if applicable): Declare any agricultural income earned, but only if it is less than ₹5,000.
• Tax Computation
  • The system will automatically calculate your total taxable income and applicable tax based on the information provided.
  • You can also claim deductions under Section 80C (like PPF, life insurance premiums, etc.) and other sections such as 80D (medical insurance premiums), 80G (donations), and more.
• Taxes Paid
  • Tax Deducted at Source (TDS): Your TDS details will be pre-filled from Form 16 and other forms like Form 26AS.
  • If you’ve paid taxes in advance or have paid self-assessment tax, make sure to enter those details.

Step 4: Verify and Submit

• Once you have entered all the necessary details, verify the information for accuracy:
• Cross-check the figures with your Form 16, Form 26AS, and any other tax documents.
• Make sure all sections are filled out correctly.
• After verifying, click "Submit" to proceed with the filing.

Step 5: E-Verify Your Return

• Once the form is submitted, you will be prompted to e-verify your return. There are several ways to do this:
• Aadhaar OTP: If your Aadhaar is linked with your mobile number, you can e-verify using the OTP sent to your registered mobile.
• Net Banking: If your bank account is linked with the income tax portal, you can verify via net banking.
• EVC (Electronic Verification Code): You can generate an EVC from your bank or through your demat account.
• Sending a Signed Copy: If e-verification is not possible, you can print the ITR-V form, sign it, and send it to the Income Tax Department's Centralized Processing Center (CPC) in Bangalore.

Step 6: Acknowledgment

• Once your return is successfully filed and e-verified, you will receive an acknowledgment. Keep this for your records.

Key Revisions in the ITR-1 Form for AY 2025-26

• Individuals submitting ITR-1 for AY 2025-26 are required to specify their chosen tax regime in the income tax return. As per the amendments introduced by the Finance Act 2023 under Section 115 BAC, the New Tax Regime is now the default option for individuals, Hindu Undivided Families (HUFs), Association of Persons (AOPs), Body of Individuals (BOIs), and Artificial Judicial Persons (AJPs). However, taxpayers who wish to continue with the old tax regime must clearly opt out of Section 115 BAC(6) to avoid the default new regime.
• Individuals earning income (other than from a business or profession) must indicate their preferred tax regime when filing their income tax return for the relevant assessment year under Section 139(1). For individuals receiving income from a business or profession, there is an option to opt out of the new tax regime and revert to the old tax regime. To exercise this choice, they must submit Form No. 10-IEA before the due date for filing the income tax return, as per Section 139(1).
• The Finance Act 2023 has introduced a new section, Section 80CCH, which provides a tax deduction for individuals who join the Agnipath Scheme and contribute to the Agniveer Corpus Fund on or after 01-11-2022. These individuals are eligible to claim a deduction for the full amount deposited in the Agniveer Corpus Fund. To reflect this change, the ITR Form 1 has been updated to include a new section where taxpayers can enter the details of the amount eligible for deduction under Section 80CCH.

Why Bizfoc?

Bizfoc is one of the leading brands along 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 each and every step related to your filings and new ITR updates.

Conclusion

Filing ITR-1 (SAHAJ) for the financial year 2024-25 (Assessment Year 2025-26) is a simple and efficient process, especially for individuals with straightforward income sources. By following the steps outlined above, you can complete the filing process smoothly and ensure compliance with tax regulations.

Remember to file your returns before the due date to avoid penalties. E-filing is a hassle-free way to file your taxes, and with the pre-filled details, you can ensure the process is both accurate and fast.

Frequently Asked Questions