Applicability
For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income up to Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income up to Rs.5 thousand.
Other Points to be considered
- ITR Form 1 can be filed both online and offline.
- Individual/HUF can file ITR-1
- An individual having income above Rs 50 lakh cannot use this form.
- An individual who is either a director in a company and has invested in unlisted equity shares cannot use this form.
- Residents not ordinarily resident (RNOR) and non-residents cannot file returns using ITR-1
- Individuals who have earned income through the following means are not eligible to file form ITR 1:
- More than one House Property
- Lottery, Race horses, Legal Gambling etc.
- Taxable capital gains (Short term and Long term)
- Agricultural income exceeding Rs. 5,000
- Business and Profession
- Individual who is a Resident and has assets (including financial interest in any entity) outside India or signing authority in any account located outside India cannot file ITR-1.
Documents required to file form ITR-1
- Income tax username and password
- Form 16 issued by employer
- Salary slips provided by employer
- Form 26AS
- Tax-savings investment proof
- Home Loan statement from the NBFC/ Bank/any other financial Institution.
- Disclosure of all Bank Accounts: – The details of all the savings and current accounts held at any time during the previous year must be provided. However, it is not mandatory to provide details of dormant accounts which are not operational for more than 3 years. The account number should be as per Core Banking Solution (CBS) system of the bank. All the bank statements should be provided with narrating debit and credit entries.
- Income from other Sources: Income from o/s is required to be shown separately according to its Source. Income from other sources can include Income from Saving Account, Income from deposits, Interest from Income Tax refund, Family Pension and any other income that needs to be specify separately.
- Deductions: – All deductions u/s 80C, 80CCC, 80CCD, 80CCG can be claimed and for claiming deductions u/s 80D it has to be separately shown that for whom Health Insurance has been taken. Kindly provide all the tax saving certificates.
- Quoting of Aadhaar Number is mandatory: Every person is mandatorily required to quote Aadhaar number in the return of income. If any person does not possess the Aadhaar Number but he had applied for the Aadhaar card then he can quote Enrolment ID of Aadhaar application Form in the ITR.
Please note that the list is illustrative and we may require additional documents and information from time to time to complete the ITR filings.
Due Date of Filing ITR-1 is 31st July. Therefore, file your return timely to avoid any interest or penalty.