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Saving-Mantra-Tax-Filing-ITR1
Saving Mantra Tax Filing-ITR1
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Tax Return Filing-ITR1

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₹1,000.00

Saving Mantra offers comprehensive support for filing your ITR-1 (Sahaj) income tax return, ensuring a seamless process from start to finish. We begin by assisting you in selecting the appropriate form based on your income sources, guaranteeing accuracy in your filing.

Our meticulous approach involves calculating your tax liability, conducting error checks, and prioritizing timely submission to mitigate the risk of penalties or tax notices. If eligible, we streamline the process of processing your income tax refund.

With a dedicated team of tax experts at your disposal, we address your queries and provide guidance at every step. Saving Mantra also keeps you informed about changes in tax laws and deadlines, ensuring compliance with the latest regulations. Rest assured, our secure platform safeguards your financial data, offering peace of mind while simplifying your ITR-1 filing experience.

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Description

The Income Tax Return (ITR) serves as a formal record utilized by taxpayers to disclose information regarding their earned income and the associated tax responsibilities to the income tax authorities. It functions as an official statement, providing transparency and ensuring adherence to tax laws for individuals or entities.

 

ITR1 is applicable to Resident Individuals who meet the following criteria:

  • Income Threshold: The individual’s total income for the financial year must not exceed Rs. 50 lakh.
  • Permissible Income Sources: ITR-1 is suitable for individuals whose income comes from the following sources:
  • Salary
  • Income from a single-house property
  • Family pension income
  • Agricultural income (up to Rs. 5,000)
  • Other sources include:
  • Interest from Savings Accounts
  • Interest from Deposits (Bank / Post Office / Cooperative Society)
  • Interest from Income Tax Refund
  • Interest received on Enhanced Compensation
  • Any other Interest Income
  • Family Pension
  • Clubbing of Income: Combining income with a spouse’s or a minor’s income is allowed only if the source of income falls within the specified limits mentioned above.

The ITR Sahaj Forms do not require any attachments, alleviating the need for taxpayers to submit additional documents.

However, taxpayers should share documents with Saving Mantra to calculate tax and maintain the following documents for their personal records and be prepared to present them to tax authorities if necessary, especially during assessments or inquiries:

  1. Form 16: Provided by all employers for the relevant financial year.
  2. Form 26AS: Ensure that the TDS details in Form 16 align with those in Part A of Form 26AS.
  3. Receipts: Keep receipts for exemptions or deductions (e.g., HRA allowance or Section 80C/80D deductions) that were not submitted to your employer on time to claim them directly on your income tax return.
  4. PAN Card: Your Permanent Account Number (PAN) card serves as vital identification.
  5. Bank Investment Certificates: Documentation of interest earned from bank accounts, such as bank passbooks or fixed deposit certificates.