Penalty for late ITR 1 Filing

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Late filing of income tax returns can result in various penalties, depending on your total income.

Individuals with a total income exceeding Rs 5 lakh may face a penalty of Rs 5,000, while those with income below this threshold may incur a reduced penalty of Rs 1,000.
Additionally, if you owe taxes and fail to file the return by the due date, you will be liable for additional interest at a rate of 1% per month until you submit the return.
In more severe cases, penalties can be imposed for underreporting or misreporting of income. Underreporting may lead to penalties of up to 50% of the tax underreported, while misreporting can result in penalties of up to 200% of the misreported tax amount.
Furthermore, repeated failure to file tax returns despite reminders from tax authorities may lead to prosecution procedures. This could result in imprisonment ranging from three months to seven years, depending on the outstanding tax liabilities.

It is crucial to file your ITR1 promptly and accurately to avoid these legal and financial consequences.

How can IndiaFilings help in ITR-1 (Sahaj)?

IndiaFilings provides valuable assistance in filing your ITR-1 (Sahaj) income tax return. We start by helping you select the appropriate form based on your income sources, ensuring accuracy in filing.

We meticulously calculate your tax liability, perform error checks, and prioritize timely filing to reduce the risk of penalties or tax notices. If eligible, we assist in processing your income tax refund efficiently.

Our team of tax experts is available to address your queries and provide guidance throughout the process. IndiaFilings also keeps you updated on tax law changes and deadlines, ensuring your compliance with the latest regulations. With our secure platform, you can trust us to safeguard your financial data while simplifying your ITR-1 filing experience.

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Documents Required For ITR-1 Return Filing

Form 16

Bank Statement

Details of Other Income

Home Loan Repayment Schedule

Rental Receipts

Donation Receipts

Insurance Payments

Mutual Fund Investments

Medical Bills

School / College Bills

Salary Slips

Pre-filled JSON

ITR-1 Return Filing FAQ’s

What is ITR-1 Sahaj?

ITR-1 Sahaj is an income tax return form designed for individual taxpayers in India with a total income of up to Rs. 50 lakhs. It simplifies the process of filing income tax returns.

Who can file ITR Sahaj

Resident individuals in India whose income is below Rs. Fifty lakhs are earned from sources like Salary, Single House Property, or Other Sources, which can file ITR Sahaj.

Can ITR-1 be filed by Non-Resident Indians (NRIs)?

No, ITR-1 is specifically for resident individuals. NRIs have their own designated forms for tax filing.

What is the due date for filing ITR Sahaj?

The due date for filing ITR-1 Sahaj is typically July 31st of each assessment year. However, this date may vary, so checking for the latest deadline is essential.

Are there any penalties for late ITR 1 filing?

Yes, late ITR 1 filing can result in penalties ranging from Rs. 1,000 to Rs. 5,000, depending on your total income. Additional interest may also be charged on outstanding tax liabilities.

Is ITR 1 an annexure less form?

The ITR 1 form is an annexure-less return; there is no need to attach any documents such as Form 16 or Form 26 AS with the ITR 1 form.

Can I claim deductions in ITR-1 Sahaj?

You can claim deductions under various sections like 80C, 80D, 80U, and 80G in ITR-1 Sahaj, provided you meet the eligibility criteria.

Can I file ITR-1 Sahaj if I have more than one house property?

No, if you have income from more than one house property, you cannot use ITR-1 Sahaj. You would need to use a different ITR form.

Is it mandatory to e-file ITR-1 Sahaj, or can I file it physically?

E-filing is mandatory for individuals with over Rs. 5 lakhs. However, its recommended for everyone as it simplifies the process and ensures faster processing.

Can I file ITR-1 if I have taxable capital gains?

No, if you have taxable capital gains, whether short-term or long-term, you cannot use ITR-1 Sahaj.

What happens if I do not file my ITR-1 Sahaj on time?

Late filing may lead to penalties, additional interest on tax dues, and the loss of certain deductions and exemptions. In severe cases, it can result in prosecution procedures.

How do I calculate my tax liability in ITR-1?

You can calculate your tax liability in ITR-1 by providing income details, deductions, and exemptions. The form will automatically calculate the tax payable.

Can I file ITR-1 if I have business income?

No, ITR-1 Sahaj is not suitable for individuals with business income. You must use a different ITR form, such as ITR-3 or ITR-4.

Can I file ITR-1 if I received income from lottery winnings or gambling?

No, income from activities like lottery winnings or gambling is not eligible for ITR-1 Sahaj. You would need to use a different form.

Can I claim a refund of excess taxes paid through ITR-1?

You can claim a refund of excess taxes paid by providing your bank account details in ITR-1 Sahaj.

Is Aadhaar linking mandatory for filing ITR-1?

While not mandatory, linking your Aadhaar can simplify the e-filing process and ensure quicker return processing.

Can I file ITR-1 Sahaj if I have foreign income?

If you have foreign income or assets, ITR-1 Sahaj may not be suitable. You may need to use a different ITR form, such as ITR-2.

Can I file ITR-1 if I am an individual serving as a Director in a company?

No, if you are serving as a Director in a company, you cannot use ITR-1 Sahaj. You would need to use a different form.