ITR-1 can be filed by resident individuals only having income of up to Rs 50 lakh. The source of this income should be salary, one house property, and other sources such as interest income etc.
Who is Eligible to File ITR 1:
ITR -1 Form is a simplified one page form for individuals earnings income up to Rs 50 lakhs from the following sources.
1. Income from Salary/Pension
2. Income from One House Property (excluding cases where loss is brought forward from previous years)
3. Income from Other Sources (excluding winning from Lottery and Income from Race Horses)
Structure of the ITR-1 Form:
ITR-1 is divided into:
Part A: Personal Details
Part B: Gross Total Income
Part C: Deductions and Taxable Total Income
Part D: Tax Computation and Tax Status
Schedule IT: Details of Advance Tax and Self-Assessment Tax Payments
Schedule TDS: Details of Tax Deducted at Source
Required documents at hand to pace up the process:
- Bank account details
- Form 16
- Type of income source
Steps to File Form ITR-1:
Login to e- Filing application.
Go to 'e File' 'Prepare and Submit ITR Online'.
Select the Income Tax Return Form ITR 1 and the assessment year.
Fill in the details and then click the submit button and choose (Digital Signature Certificate)’ (if available) Click on ‘Submit’.
After submission, acknowledgement detail is displayed.
Click on the link to view or generate a printout of acknowledgement/ITR V form.