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Do you have a house property loan and income below Rs.50 lakhs consisting of salary, income only from one house property and income from other sources?
Then let us teach you how to file ITR 1 using the ClearTax e-filing service.
Before that, let us first discuss the applicability of the ITR 1 income tax return.
ITR 1 Form is for a resident individual whose total income for the year includes:
CBDT has issued a circular on 11th January 2022 extending the timelines for certain direct tax compliances for AY 2021-22.
1. ITR filing due date extension:
i) ITR filing for taxpayers covered under tax audit is extended to 15th March 2022
ii) ITR filing for transfer pricing cases is extended to 15th March 2022
2. Furnishing audit report:
i) Due date to furnish the audit report as per the Income Tax Act is extended to 15th February 2022
ii) Due date to furnish the audit report for transfer pricing cases is extended to 15th February 2022
CBDT has notified all the Income Tax Return Forms (ITR Forms) for the AY 2021-22 with minimum changes in ITR Form 1 to ITR Form 7.
IT department has introduced JSON utility and discontinued Excel and Java version of utilities from the AY 2021-22.
Start by entering your permanent information like Name, Date of Birth and PAN number.
Click on Income Sources and input your income details from Salaries, you can choose to upload your Form 16, so we can populate your information directly.
— OR you can enter your taxable salary and details of your employer manually.
Locate your Taxable income in your Form 16.
Enter the Salary TDS amount and details of employer — If you changed jobs during the year, add another salary
Next, enter your other incomes like Interest from Bank Accounts, Fixed Deposits, Gifts and others.
Next, declare the exempt incomes, if any, like Mutual Funds, ULIP’s, interest from PPF account and agriculture income.
If you have a housing loan on a self-occupied House Property, declare interest on the loan, enter the address of the house and specify co-owners, if any.
Enter the total of your Section 80C deductions (LIC, Mutual Funds, etc).
Declare all other deductions which are applicable. Check out the “More Deductions” tab. Don’t miss a deduction.
ClearTax can automatically import your TDS entries from Income Tax Department.
If you deposited tax via Challan 280 (self assessment tax) yourself, add details regarding it.
— Woohoo, ITS DONE!
— You can review for return by downloading ITR PDF or ClearTax word-report.
— Click on the large green button and your return shall be submitted to Income Tax Department.