File Salary ITR - 1 in 10 mins - 2026 | CA Rachana Ranade

[00:00:00] Hey folks CA Rachana Ranade here and I welcome you all to a very important video which is about let me see if you can guess because there's a lot of buzz around this topic any guesses? What are you saying? It's about ITR income tax return filing if you are aware and if you know about basics ITR 1, ITR 2, ITR 3, ITR 4 there are a lot of different forms out of all these forms we are going to focus on ITR 1 today and the due date for filing ITR 1 is

[00:00:29] 31st of July so there is barely one month and few days left and that's the reason why we are going to dig down deep into ITR 1 today. We will first try and understand who should be filing ITR 1, number 2 will understand what are the different documents that are required and number 3 we are also going to understand the process how you fill ITR 1. Video is going to be extremely informative keep on watching the video till the end.

[00:00:52] Well like I said the first priority should be or first option that you should give yourself is filing your income tax return by yourself that is DIY do it yourself but there are some people who say Rachana we don't have that much time I wish I could have you know filed my ITR by myself but we don't have time.

[00:01:08] If that be so then ask your CA friends or CA relatives to do it for you and if that is also not possible then there are so many people who request me to give some references and if you want me to tell you some reference of CAs whom I know very well then what you can do is just fill up the Google form which I have given in the pinned comment and in the description box.

[00:01:28] You just have to fill your name your email ID your mobile number and types of income that you have don't write down the amounts just write down the types of income and a team of CAs will get in touch with you and they'll help you with the entire process if you feel then you can definitely go ahead with it right. So as I mentioned ITR 1 is going to be the focus of today's video very important point is that you must know who is eligible for ITR 1 what do I mean by that assume that you file ITR 1 but you are

[00:01:58] ideally supposed to file ITR 2 then what happens in that case it is termed as a defective return and if it is a defective return that you file ideally you will have to revise the return. If you don't revise the return then the defective return is deemed as if you have not filed the income tax return and then interest penalty all these things will get attracted. So we don't want to go into that zone right so focus on who will be eligible to file ITR 1 and that's what we're going to do in the next section of the video.

[00:02:27] Now let's understand as to ITR 1 is actually applicable to whom ITR 1 also known as SAHAZ is applicable to individuals by the which website am I referring to income tax dot jov dot in the most authentic website right. So this ITR 1 is applicable to resident individuals who are having a total income from all from any of these sources up to how much 50 lakh rupees okay.

[00:02:51] So whatever sources of income that we are going to discuss right now your total income from these sources should be up to 50 lakh rupees clear which are the sources of income. It could be salary or pension income you could have income from one house property you could have income from other sources like interest or family pension or dividend.

[00:03:07] You could have agricultural income but you have a sublimit here agricultural income up to 5000 rupees or you could also have capital gain under section 112a that's long term capital gain up to how much 1,25,000 rupees.

[00:03:22] So let's say a person sold some equity oriented mutual funds or let's say stocks which are listed on BSE or NSE and that person had a long term capital gain of up to how much 1,25,000 rupees and all these additional income sources also that person has and total income up to 50 lakhs. In that case ITR 1 will be applicable. Now let's understand as to in which cases ITR 1 will not be applicable. It's simple but it's important to understand these.

[00:03:48] Number one you are a director in some company in that case ITR 1 will not be applicable. If you have a short term capital gain let's say you buy some shares from BSE or NSE and you sell them with a gain but within one year. In that case ITR 1 will not be applicable. One more point is that if you have a long term capital gain exceeding how much exceeding 1,25,000. So let's say you buy some shares from BSE or NSE and you sell them after one and a half year and let's say you gain some 10 lakh rupees.

[00:04:17] Will ITR 1 be applicable? Answer is no. And one more important point that if you have any brought forward losses from previous years or if you are going to carry forward any losses to the upcoming years in that case also ITR 1 will not be applicable. Now what happens if you have invested in stocks which are listed outside India? Because I know for a fact that there are a lot of people who have invested in let's say Meta or Google that is Alphabet maybe Tesla or any other stocks like these. In that case will ITR 1 be applicable or not?

[00:04:47] And answer is no. Why? Very clearly written. It says that if a person has any asset including financial interest in any entity located outside India in that case ITR 1 is not applicable. There is also a very interesting case which says that if you have any income from any source outside India in that case also ITR 1 is not applicable. Let me give you a simple example.

[00:05:13] One of my friends is working as a full time employee in a company but also got inspired from me and started creating content on YouTube and on Instagram. And recently he got his first $200 income from YouTube. Is that income from any source outside India? Answer is yes. And for that person now ITR 1 will not be applicable. Now let's take an example where a person held unlisted equity.

[00:05:40] Let's say the person held stocks like NSC or NSDL. In that case will ITR 1 be applicable? And answer is no. Why? It's very clearly given again. ITR 1 will not be applicable when if that person has held any unlisted equity shares at any time during the previous year. Okay. Let's talk about one more example as well. Let's say a person was working in a startup and ESOPs were granted and that person has opted not to pay tax immediately, has opted to defer the tax basically as per the income tax act.

[00:06:10] In that case also ITR 1 is not applicable. It is very clearly given that ITR 1 will not be applicable if that person is a person in whose case payment or deduction of tax has been deferred on ESOP. So I hope you have understood all these cases where ITR 1 is not applicable. Now let's understand which documents should be handy so that you can actually file your income tax return within 10 minutes. I'm sure you might have watched a lot of cookery shows where they say that prepare this dish in 10 minutes,

[00:06:39] but it can't be prepared unless and until you have the raw material ready with you. And that's what we are actually doing right now. Keeping handy all the raw materials. For us, for an ITR 1, the raw material is what? Three documents that we are going to discuss. Number one, it is form 16. Who is going to issue that to you? Of course, your employer. So it's very simple. Ask for the form 16. That's a handy document number one. Number two, have a normal pen paper or an Excel sheet where you write down all sources of income.

[00:07:05] I'm sure everyone knows for herself or himself from where have you received income. For example, a person may write down, okay, I have income from salary agreed. That will be written in form 16. But I also have interest on some MDs. I also have a rental income coming from a house property. Okay, so whatever the person remembers that should be written on a piece of paper or whatever Excel sheet. That will be handy while filing the income tax return, right? But just in case if you feel that I want to cross check this data, is there any way to cross check it?

[00:07:34] Yes, answer is yes. And that is AIS. And what is that? Annual information statement. Okay, who will issue this to you? You will have to get it from the income tax portal. And how to do that? I'm just going on Google. And here, just type a simple thing, Income Tax India. Okay, once you type Income Tax India, you just click on the website. It is incometax.gov.in. And then click on login. Okay, here you will have to fill basic details, something like pan. Press continue.

[00:08:02] And then you will have to type your password and hit continue. Now, once you do that, you'll be able to see AIS right up here. Click on AIS. And here you'll be able to see download AIS for financial year 2526. Now, once you click on this, you will see that yes, just click download. But before that, let me just tell you that this AIS is a password protected document. And very clearly it is written. What will be the password? It will be pan followed by your date of birth.

[00:08:28] Pan should be in lowercase and date of birth should be in MMDDYYYY. Oh, sorry, DDMMYYYY. So, that is how 21st January 1991 will be 21011991. Okay. So, it's as simple as this. I hope you have understood three key documents. Number one is your form 16. Number two is the statement of income that you have prepared. And number three is AIS. Now, let's take it from the top. We are now going to start filing the ITR1. I'm on Google. I've just typed out Income Tax India.

[00:08:57] We just want to click on the website, IncomeTax.gov.in and we are going to click on login. While I enter a few details, be it pan or any other details in the current ITR1, you will be able to see a lot of things are blurred out. And all these things will be blurred out for a reason that why do you want to check the individual details of any person, right? So, whatever contains personal information that is going to be blurred out. Okay.

[00:09:25] Now, with that as a disclaimer, let's kickstart with file now. The assessment here 2627, I'm going to click online because I'm going to submit this online. I'm going to click continue and I'm going to say start new filing. Is this for an individual? Obviously, yes. So, individual is pre-selected. I've clicked that and then I'll click on proceed. Do I know which ITR is to be filled? Of course, I know for this it is ITR1. So, I've selected ITR1 and then I say proceed with ITR1. This says please note new tax regime is a default regime.

[00:09:55] If you have read this, there was an article which mentioned that as per the income tax department, more than 90% of the SSEs have opted for new tax regime, especially the salaried individuals. So, what we are also going to do is we'll stick with the new tax regime. So, I'm just going to say okay. Now, it says ITR1 will be basically done with three major steps. First, it will be validate your returns breakup. It is written pre-filled. What do you mean by this? Majority of the numbers will be pre-filled. For example, when it is about income from salary, you will not have to file.

[00:10:25] You will not have to type out how much is your gross salary and all that. It will be ideally pre-filled, pre-filled based on your form 16. Okay. What you need to do is just check as per form 16, whether the details are correct or not. Okay. Then we'll have to confirm the return summary and ultimately we'll have to verify and submit the return. So, let's get started. Okay. Now, first things first, we say that why are we filing this return? Because my taxable income is more than the basic exemption limit. That is the reason why I'm filing and then I'll press on continue. Okay.

[00:10:53] Now, it says that income tax is pre-filled based on the information available for pre-filling. That's what I told you, right? So, whatever we have to do is basically cross-check. Now, first thing it says personal information. And again, as I mentioned, some things you will see blurred out. But this entire chunk you can see is in blurred situation. Why? Because this is about the personal information of the SSE. It contains the first name, middle name, last name, pan, date of birth, adhar, contact number, primary contact, secondary contact, whatever.

[00:11:23] We don't need to understand what are the details of that person. What you need to check is whatever your details are seen here, they are correct or not. Okay. Once that is done, you just scroll down. So, now you select the nature of employment. For that, I'm going to select others. It's a private job. Okay. Why are we filing this? We are filing this. It's a return before the due date. So, it will be as per section 139.1. Is this filed in response to a notice under any section? No. So, this is off. What does it say?

[00:11:50] Do you wish to exercise the option of opting out of new tax regime? No. I want to stay in the new tax regime. Then does it say whether this return is being filed by a representative SSE? No. Assume it's me who is filing my own return. Okay. Then you will have to check your bank details. Now, why is this important? You will see validated. Why? Because if there is a refund, this will be the bank account in which you will get the refund. So, just ensure that it is properly validated. Okay. Then once this is done, you just click on confirm. Okay.

[00:12:20] Now, the first point says confirmed. Now, you will have to check the gross total income. I consider gross total income. Whatever it is, it is for someone. Right? So, gross salary. Now, you will have to check 440,000 something. Something is what this says. This is the net salary. You can see certain deductions under section 16. And then you will see the income chargeable under the head salary. Was anything typed out? No. This was entirely pre-filled. So, what you need to do is just check whether this is correct or not. Okay. If there is any income from house property, just check all the details, whether they are

[00:12:49] properly filled in or not. There could be some income from other sources as well. For example, here you can see interest from saving account, interest from income tax refund. What the matter is? What the matter is? Income taxes also paid some interest for maybe late payment of whatever was the refund payable. Then there could be some exempt incomes also. So, if you want to add something, I'm just going to give you an example. You can just say add and whatever is the exempt income that can be typed out here. Okay. Selected here basically. If there is no exempt income, you can just go ahead.

[00:13:17] And if there is any long-term capital gain under section 112A. Okay. What was the total sale consideration? What is the total acquisition? Ideally, this should also be pre-filled. If not, you can fill it on your own. Once this is done, just hit confirm. Okay. So, two out of five done. Now, others are comparatively easier ones. Total deduction. Now, as for the new tax regime, there are primarily only two deductions. ATCCD2, especially if you are enrolled under the NPS. This is also the employer's contribution only. For this SSC, it's zero.

[00:13:47] ATCCH, it's contribution to Agnipat scheme. But this is only for central government employees. Again, it is zero. If there is any other deduction, you will see it here and just check whether the appropriate deductions are given here. And if you feel this is correct, just hit confirm. Okay. Ultimately, you can see taxes paid. Are there any taxes paid or not? Is there any TDS for income from salary? So, here you can see something. Again, you'll be like, oh, but I can't see anything. It's blurred out. Okay.

[00:14:16] So, if there is any deduction under salary, that will be seen here. If there is any deduction for other income. So, let's say bank has deducted tax at source or maybe let's say dividend was paid out and tax has been deducted at source. That will be seen here. Here, it is under form 16. So, this is in case of some rental cases. But let's not dig down into details when this happens and all that. If there is some TDS in relation to rent form 16, you will already have it with you. And ultimately, you have something for a TCA.

[00:14:45] So, if someone has collected tax at source on your behalf, that will be reflected here. If you have done any advanced tax payments, you will see it here. Okay. So, just cross check. That is what you have to do. You have to check as per your sources and as per whatever senior it's correct or not. If you feel it is correct, then you click confirm. Wow. 4 out of 5 done. Ultimately, we will have to verify our tax liability. Here, you can see the gross total income. Here, you can see total tax payable. Zero. Okay. Any rebate, relief, la la la la. Nothing, nothing, nothing. Very good.

[00:15:15] Now, you can see your balance tax after relief. Anything which is payable. No, nothing is payable. And I click on confirm. Okay. Now, I will have to proceed to verification. So, once I click this, you will see that. Oh. I can, I am eligible for a refund. Because if you remember, 3 lakh something something was the total income. But there was a TDS. Okay. Why, what, how?

[00:15:43] Why do you want to know why there was a TDS? It was done. So, if this is a very important example for you all. If your income is below 12 lakh. And if someone has deducted tax at source. Of course, you can get that as a refund. Okay. So, you can see that how much is eligible for refund. Then you will be like, ma'am, there is a big section which is completely blurred out. Yes. Why do you need to see all these things? But anyways, whatever is the case, just check once quickly. Okay. And ultimately, you say, okay, preview and submit your return.

[00:16:12] I am showing this last screen, by the way. Here you can see amount payable refund. Just check. Refund. Correct. Okay. Correct. Okay. And then I will say preview and submit. Now, again, you can see a lot of things which are blurred out. But what is to be done? Nothing. Just click and just check whether your name is correct or not. Your panel is correct or not. Place. Whatever. And then you will have to click on proceed to validation. Okay. After I click on proceed to validation. Ta-da. It says validation successful. Fantastic.

[00:16:42] Now, I will click on preview. Now, again, you will see this whole chunk is blurred out. Why? Again, personal details, bank details, everything. So, you just check whether everything that you have mentioned is properly in place or not. And then again, you will click on proceed to validation. Once you do that, again, you will have to click proceed to verification. And there are three options available here. E-verify now. E-verify later. So, what I am going to do? E-verify now. Okay. I will do this and click to continue.

[00:17:12] Now, it says how do you do that? Very simple to E-verify. You are ideally 90% of the cases. Ideally, your Aadhaar and your mobile number will be linked. So, what you need to do is just click on I will verify using OTP on mobile number with Aadhaar. Now, if I click continue, I will get OTP. Once I enter the OTP, it will be done. Well, I hope in the last 10 minutes, either you gained a lot of confidence or you understood that this is not my cup of tea. Anyway.

[00:17:38] But if you did gain confidence, that's the first thing that is expected, right? And try and fill it on your own. But just in case, if you feel no, I may goof up somewhere. In that case, don't worry. As I mentioned, second option is always that you ask your CA to file your income tax return. And if you don't have anyone who is, I mean, if none of your acquaintance is a chartered accountant, then as I mentioned, I will be happy to facilitate that. And if what you have to do is just fill up the Google form, which is mentioned in the pinned comment and in the description box below.

[00:18:07] I hope you found a lot of value in today's video. If you did, you know what is the drill, right? Don't forget to smash the like button. Don't forget to share this video with your friends. I'll see you in the next one. Till then, take care. Jai Hind and bye-bye.