When filing your Income Tax Return (ITR), selecting the correct form is crucial to ensure accuracy and avoid complications with the Income Tax Department.
Here’s a detailed guide on choosing between ITR-1 (Sahaj) and ITR-2 based on your income sources and other factors:
Understanding ITR-1 (Sahaj)
ITR-1, also known as Sahaj, is designed for salaried individuals and pensioners who have income from:
Salary/pension
One house property
Other sources (excluding income from business or profession)
Key Features of ITR-1:
Ease of Filing: Sahaj is relatively simple to fill, with many taxpayer details pre-filled.
Eligibility: Suitable for individuals whose total income does not exceed Rs. 50 lakh per annum.
Income Inclusions: Includes income from salary, pension, one house property, agriculture (up to Rs. 5,000), and income from savings or fixed deposits.
Pre-filled Data Verification:
It’s advisable to cross-check the pre-filled data in ITR-1 with:
Form 16 (from employer)
Bank account statements
Form 26AS (annual tax statement)
Other relevant financial documents
Filing Process:
- Portal Registration: Register on the e-filing portal (www.incometax.gov.in) using your PAN as the user ID.
- Login: Use your PAN and password to access the portal.
- Select Assessment Year: Choose 2024-25 for filing the current year’s return.
- Select ITR-1: Under the individual status, select ITR-1 from the options available.
- Complete Form: Answer all required questions and provide accurate income details.
- Tax Payment: If applicable, pay the tax due through the portal.
- Submission: After verifying the details, submit the return.
Verification and E-filing:
Verify the five pre-filled sections in Sahaj:
Personal information
Gross total income
Total deductions claimed
Tax paid
Total tax liability
After submission, e-verify the return using Aadhaar-OTP or net banking for authentication.
