Essential Guide to Filing ITR-1 for Taxpayers in 2025
Understanding ITR-1 for Tax Filing
ITR 2025: The Income Tax Department has released Excel utilities for Income Tax Return-1 (ITR-1) and ITR-4. It's now time for taxpayers to begin filing their tax returns. If you belong to the salaried class, you can utilize ITR-1 for your income tax return. However, salaried taxpayers should keep several important points in mind. There are often common questions regarding the filing of income tax returns (ITR). Let’s explore some crucial queries related to this process.
Who Should File ITR-1?
ITR-1 can be filed by individuals whose total income does not exceed ₹50 lakh during the financial year. Additionally, the income should come from salary, a single house property, family pension, agricultural income (up to ₹5,000), and other sources such as interest from savings, interest from deposits, interest from income tax refunds, and any other interest income, including that from a spouse's income.
Should Taxpayers Disclose Job Details?
When filing returns, it is essential to define the nature of employment. Taxpayers should indicate whether they are employees of the central government, state government, public sector ventures, pensioners, or working in the private sector.
What Documents Are Required for Filing ITR-1?
Taxpayers will need to download AIS, Form 16, rental receipts, investment payments, and premium receipts. It is important to note that ITR forms do not require annexures. Therefore, there is no need to attach any documents (like investment certificates and TDS certificates) with your return, even if filing manually. However, it is advisable to keep these documents handy for assessment and inquiries by tax authorities.
What Precautions Should Be Taken While Filing ITR?
Carefully selecting the income tax regime is crucial. Download AIS and Form 26AS to verify the actual TDS/TCS/taxes paid. If discrepancies are found, it is essential to reconcile them with the employer, tax deductor, or bank.
While filing your ITR, gather and study the necessary documents for reference. This includes bank statements, interest certificates, receipts for claiming deductions, Form 16, Form 26AS, and investment certificates. Ensure that the pre-filled data, such as PAN, permanent address, contact details, and bank account information, is accurate.