This is how ITR-1 can be filled by salaried income for assessment year 2023-24, know the process

Income Tax Return: The last date for filing income tax returns for the financial year 2022-23 and assessment year 2023-24 is 31 July 2023. Most of the taxpayers file income tax return through Income Tax Return Form No. 1. Filing income tax return through ITR Form No. 1 is the easiest.

Who can file ITR No-1

Individual taxpayers whose annual income is less than Rs 50 lakh, which is received from salary, one house property, interest from bank, dividend and annual agricultural income up to Rs 5000, such taxpayers, income tax return through ITR Form No. 1 have to be filled. People who have invested in unlisted stocks. There are directors in a company, they cannot file income tax return through ITR Form No. 1.

Learn how to fill ITR Form No. 1

step 1: First of all, go to the income tax return filing website https://www.incometax.gov.in/iec/foportal and login using your PAN or Aadhaar number and password.

Step-2: After this, click on E-File, then Income Tax Return and then click on the button of File Income Tax Return.

Step-3: Select the assessment year, then after selecting the mode of filing i.e. online or offline, click on continue.

Step-4: After selecting your status individual, continue further.

Step-5: In ITR Form, go to the dropdown and select ITR Form No-1. Even if your income does not exceed the total income tax exemption limit, still it is necessary to file income tax return in certain circumstances. Continue after selecting the reason for which you are filing the return.

Step-6: On the next page you will get 5 sections in which Personal Information, Total Income, Total Deduction, Tax Paid and Total Tax Liability will be visible. You will have to verify your details with the pre-filled data in all these sections. If necessary, you can also make changes in it.

Your salary, HRA will all be pre-filled but must match all the information with your Form-16. If income is received from house property, then select let-out property. Do not write the amount of interest received from savings account or FD.

Verify the tax details paid in the financial year in the Tax Paid section. After this, review the total tax in the Total Tax Liability section.

After filling all the required information in the ITR form, click on Proceed to preview the return. If all the information is correct then submit your return.

Step-7: After filing the income tax return, its verification is most important. Returns will be invalid if not verified within 30 days. The Income Tax Department processes the return only when the ITR is verified. Verification can also be done by sending Digital Signature Certificate, Electronic Verification Code, Aadhaar based OTP or by sending the acknowledgment copy of return to CPC Bangalore. After this process, the taxpayer will get the confirmation of return filing through SMS and email that the return has been filed.

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