Income Tax Return – (ITR-1)

ITR-1 Return Filing

For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income upto Rs.5 thousand.

Pricing

₹1,499Onwards
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Who Can file this Form?

This form is for resident Indians who fall under the below-mentioned categories:

  • If income is created from a pension or salary
  • If income is created from single house property, however, in case the losses have been carried forward from the previous year, the exclusion is allowed.
  • In case the income is generated from agriculture (not more than Rs.5,000)
  • The total income produced can be a maximum of Rs.50 lakh and not more
  • Income that has been created from other sources such as lottery or winning horse races

Who Cannot Opt for this Form?

  • If the total income created is more than Rs.50,000
  • In case individuals have taxable capital gains
  • In case income is created from more than one house property
  • During the financial year, if any investments were made in unlisted equity bonds
  • If you are an NRI (Non-Resident Indian) or RNOR (Resident Not Ordinary Resident)
  • In case there is an income produced from agriculture more than Rs.5,000
  • In case income is produced from profession or business
  • In case the taxpayer is the director of a company
  • In case any income is created from a property located abroad
  • In case an individual possesses foreign income or foreign assets.

Documents & Information Required

Individual :

  • Basic Information –PAN, AADHAAR, Account No & IFSC Code, Income Tax Website Credential
  • Form 16
  • Bank Statement

For Property :

  • Home Loan Certificate
  • Property Tax Paid
  • Property Address with Pin Code
  • If Rented – Rent Per Month, Name of Tenant, Tenant PAN

Details of Other Income :

  • Saving Interest
  • Dividend income from Equity
  • Dividend income from Mutual Funds
  • FDR Interest
  • PPF Interest
  • Any Other Income

Deducations :

  • 80C – Investment – PPF, PF, LIC, ELSS, School Fees Receipts
  • 80D – Mediclaim – For Self & Family , For Parents (Mention if they are senior citizen)
  • NPS Contribution Self
  • House Rent Paid IF any
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