ITR-1 is also known as Sahaj Form ITR-1 to be filed online on the portal of income tax. ITR-1 Filing is for those people whose total income is up to 50 lakh. ITR-1 Filing can be done offline or online, most of the time ITR-1 is file online but in some cases, it is filed offline. Cases, when ITR-1 is to be filed offline, are-
- When an individual have age of 80 or more, during the previous year can file the offline return.
- An individual or HUF whose income does not exceed Rs 5 lakhs and who does-not claimed any refund in the return of income.
- Important documents required for Filing ITR-1
Some important documents required to filing ITR-1 are-
- Aadhar card
- Pan card
- Mobile number should be linked with Aadhar number
- Permanent address
- Bank account details
- Contact number
- Who file ITR-1
ITR-1 is to be filed by those individuals, whose income arises from the following sources-
- Income arising from Salary or Pension
- Income arising from House Property (except in case of losses brought forward from preceding years)
- Income arises from other sources except for lottery, horse races, legal gambling etc. Other sources include FD interest, pension of spouse etc.
- Penalty on late filling of ITR-1
The penalty for late filing ITR-1-
- 5000, if it is filed before 31st December of the assessment year.
- 10000, if it is filed after 31st December of the assessment year.
- Not eligible of file ITR-1
There are some individual who not eligible to file ITR-1-
- Who has more than one house property.
- Having income from lottery, gambling, racehorse.
- Taxable capital gain of short term as well as long term.
- Loss under the head of other sources.
- Exempted income exceeding Rs.5,000.
- Submission of ITR-1
- The form can be submitted offline at any income tax office. An Acknowledgment Receipt will be obtained upon submission.
- In case of electronic filing of the form, there is two option. Firstly, if Digital Signature is obtained, the form is uploaded online. Secondly, the form is downloaded, printed, signed, and a copy of the acknowledgment is sent by post to the Income Tax Department’s office in Bengaluru.
- ITR-1 can now be verified online using Aadhar card. The EVC can be generated either via One Time Password (OTP) sent to registered e-mail ID and registered mobile number (if income is less than Rs.500,000). After online verification income tax assesses is not required to send ITR-1 to Bangalore CPC.
Basic Features to Read before starting private limited company
A private company is required to add the word “Private Limited” or “Pvt. Ltd.” to the end of its name. A private company should have at least two members and two directors. The private company has the right to issue debentures to any number of persons.
Features of Public Limited Company
MCA provides the facility for the incorporation of a public limited companies. For incorporation, firstly apply for name through RUN (Reserve Unique Name) on the MCA portal. After the availability of name from ROC we should file incorporation form i.e. Spice 32, INC 33(for eMOA), INC 34(for eAOA), .