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To make tax compliance easier, the Income Tax Department has divided taxpayers into groups. This categorization is based on income and sources of income. In India, ITR 1 returns are filed by those with an annual income of up to Rs.50 lakh. This article provides a detailed explanation of the ITR 1 Sahaj Form. Each category of the taxpayer must compute taxable income in accordance with the Income Tax Act of 1961. The taxpayer must file Income Tax Returns after the computation is completed. Individuals with an annual income of less than Rs.50 lakh must file ITR 1 in Bangalore. Taxpayers in Bangalore who file ITR 1 can choose between the existing and new tax regimes. Taxpayers now have the option of choosing between the existing and new tax regimes. The decision should be made at the start of the fiscal year. How to file Income Tax Return ITR 1 Form Filing in Bengaluru.

The taxpayer has the option of filing the ITR in Bengaluru at a lower interest rate under the new tax regime in exchange for foregoing certain allowable exemptions and deductions available under the current tax regime. Alternatively, pay taxes under the current tax framework and take advantage of the rebates and benefits.

Option New Tax Regime Conditions

The taxpayer who chooses the lower tax rates in the new tax regimes will have to forego the exemptions and deductions available in the old tax regime. There are a total of 70 deductions and exemptions that are not permitted. We’ve compiled a list of a few of them below:

• Allowance for Travel While on Leave (LTA)
• Allowance for House Rent (HRA)
• Allowance for Conveyance
• Expenses incurred on a daily basis in the course of employment Relocation allowance
• Allowance for helpers
• allowance for children’s education
• Other special considerations
• Interest on housing loans is a standard deduction on the Salary Professional Tax (Section 24)
• Deductions under Chapter VI-A (80C, 80D, 80 E, and so on) (with the exception of Section 80 CCD (2)). How to file Income Tax Return ITR 1 Form Filing in Bengaluru.

FAQ

Who is eligible to file an ITR 1?

Individuals who are residents of India can only utilise ITR 1 for tax purposes. In addition, all taxpayers having income from any or all of the three types of income, which include salaries, revenue from real estate, and income from other sources, are eligible to submit ITR 1.

Who does not qualify for ITR 1?

If you have any income from outside India, you cannot use ITR 1. You are ineligible to utilise this form if your agricultural income exceeds Rs. 5,000/-.

What is the best way to fill out my ITR 1 online?

Step 1: Enter your user ID and password to access the e-Filing portal. Step 2: Go to your Dashboard and select e-File > Income Tax Returns > File Income Tax Return from the drop-down menu. Step 3: Select 2021–22 as the Assessment Year and click Continue. Step 4: Select Online as the filing mode and click Next.

Is it possible to file an ITR 1 if I have capital gains?

If you generate income from non-tax-exempt short or long-term capital gains, you do not need to fill out the ITR 1 form. You have a taxable income of more than Rs. 5,000. You make money through your business or profession. How to file Income Tax Return ITR 1 Form Filing in Bengaluru.