ITR -1

ITR-1 (Sahaj) – What is it and Why You Should File It 1. ITR-1 is an Income Tax Return form used by individuals to report their income to the Income Tax Department. 2. It is meant for people whose total income is up to ₹50 lakh in a financial year. 3. This form is suitable for people who earn income from salary, pension, or one house property. 4. Interest income from bank or savings account can also be included in ITR-1. 5. ITR-1 is also called the “Sahaj Form” because it is the simplest income tax return form. 6. If TDS has been deducted from your income, you can claim your tax refund by filing ITR. 7. Banks often ask for ITR when you apply for a home loan, car loan, or personal loan. 8. ITR works as proof of income, which is useful when applying for a visa. 9. Filing ITR regularly helps build a strong financial record and credibility. 10. Filing your ITR on time helps you avoid penalties and legal issues.