ITR 1 Form is filed by the taxpayers and the individuals being a Resident (other than Not Ordinarily Resident) having Total Income up to INR 50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income up to INR 5 thousand. (Not for an Individual who is either a Director in a company or has invested in Unlisted Equity Shares). Also to note down, from now onwards, as mentioned by the tax department, furnishing PAN and Aadhaar card details on the official website of the Income Tax Department is mandatory.
The income tax department has notified ITR forms for taxpayers based on their source of income in order to create a simple tax compliance structure. Therefore, you are required to furnish the return as per the source of your income.
Read Also: Gen IT Software – Fastest & Easy Income Tax Return E-Filing Software
ITR-1 is filed by taxpayers whose income is up to Rs 50 lakhs from the below-mentioned sources:
As per revised rules under section 234F of the IT Act from 1st April 2017 notifies that an individual is liable to pay a maximum INR 10,000 penalty after missing the 31st July deadline of ITR filing. In case an individual total income does not exceed 5 lakhs then a penalty of only INR 1,000 is applicable.
| Late Income Tax Return Filing Fee Details | ||
|---|---|---|
| E- Filing Date | Total Income Below INR 5,00,000 | Total Income Above INR 5,00,000 |
| Before 31st July 2024 (Non-audit) and 31st Oct 2024 (Audit cases) | INR 0 | INR 0 |
| After 31st July 2024 (Non-audit) and 31st Oct 2024 (Audit cases) | INR 1,000 | INR 5,000 |
ITR 1 is divided into 7 sections where:
Part A – General Information
This tab includes details of the following general fields:
Part B – Gross total income
This tab includes details related to gross total income:
Part B1: Salary/Pension
Part B2: House Property
Part B3: Income from Other Sources
Part B4 – Gross total income (B1 + B2 + B3)
Part C – Deductions u/c VI-A and Taxable total income
This tab includes all the deductions and taxable total income
Here the deduction limit will be as per the income tax act
Part D – Computation of tax payable
This tab includes all the valuation of tax payable
Part E – Other Information
This tab includes banking details
Schedule-IT: IT Details of advance tax and self-assessment tax payments
Schedule-TDS: TDS details of TDS/TCS
Verification
The taxpayer has to verify and self-attest the form at the last by signing the verification content after entering all the details such as name, parent name and PAN details.
An ITR-1 form can be furnished either in online or offline mode. In online mode, either XML needs to be uploaded or the client can directly login to the income tax portal and select the submission mode as “prepare and submit online”. In the case of online filing, some data can be imported from the latest ITR or form 26AS.
Also, super senior citizens (Age of 80 years or more) are exempted from the online filing of ITR.
Offline here means to furnish the return form in paper format.
When you furnish the ITR-1 return form using electronic medium, the receipt will be seen in the inbox of the registered email ID. It can also be downloaded from the official income tax website manually. After downloading the acknowledgement, you need to sign the form and then send it to the CPC office, in Bangalore before completing 120 days from the e-filing date. On the other side, it is not required to send the ITR V to the CPC if the EVC/OTP option is used.
Notice Number: Notice Number is required to be mentioned when the taxpayer furnishes the return in answer to the notice issued by the Income Tax Department.
Revised Return: There is an option of re-file, so if you have made certain mistakes, you can rectify them again. For FY 2022-23, the taxpayer can furnish the revised return on or before 31 December 2023.
Advance Tax: If the tax on other income is above Rs. 10,000 in a year, the assessee is required to calculate and deposit the advance tax. This advance tax is to be paid on a quarterly basis such as in, June, December, September and March.
Annexure-less Return: Annexure-less return which means it doesn’t require affixing any documents with the ITR-1 Form.
No document is needed to be submitted while filing income tax returns. However, one should keep basic documents like Form 16, balance sheet and P and L accounts of the business, shreds of investment evidence, audit reports and so on ready with him/herself. Because in some cases when the income tax department sends notice, these documents are required to be presented before the tax authorities on a later date.
Income from salary’ is the head for levying a tax on pension whereas family pension is taxable under the head ‘Income from other sources.
YEvery income tax assessee has to mandatorily e-file income tax returns. However, there are some exceptions to the standard rule wherein they can submit paper ITR forms and they do not have to file the ITRs online. They are as follows:
When the value of the gifts received from friends on any event except the wedding during a year is Rs 50,000 then the whole amount will attract tax under the head ‘Income from Other Sources’ head.
Note: Gifts are taxed on the total value of all the gifts received in the year and not on the value of the individual gifts.
Details of savings and current accounts which are held during any time of the previous year must be reported in Part E of the ITR form which seeks – other information. The account number must comply with the Bank’s Core Banking Solution (CBS) system. However, one need not provide details of dormant accounts which is not working since 3 years.
Yes, one can file ITR-1 when the agricultural income is not more than Rs 5000. But when it exceeds Rs 5000, one needs to file ITR 2.
No, it is not necessary to file an ITR if the annual income is less than Rs 250,000. But in this case, a ‘Nil Return’ should be filed to upkeep a record which is an employment proof required while applying for a passport or loan.
Yes, dividend income from mutual funds should be included under the head ‘Exempt Income(others)’ as it is an exempt income u/s 10(35).
Yes, you can file ITR-1 if you have a house property loan.
ITR-2 has to be filed if the amount of aggregate exempted income is more than Rs. 5,000. Some incomes are tax exempt as per Section 10 of the Income Tax Act. A few examples of exempt income are as follows:
Yes, you can file ITR-1 if you have a rental income. Refer our guide for the step-by-step process.
Yes, Interest Income should always be mentioned under the head ‘Income from Other Sources’ even when tax has already been subtracted by the bank.
Yes, furnishing the bank details in the ITR is mandatory, regardless of refund is due or not. It is mandatory because many taxpayers pay more taxes than their tax liability. So, to enable the Income Tax Department to send refunds on time, bank account details need to be furnished.
Income tax return forms are available on the official website of the Income Tax Department. Simple steps to download forms are as follows:
ITR XML is a kind of file format which is generated when you file the important data of your ITR in an offline utility.
An advisory has been released by the Goods and Services Tax Network (GSTN) which notifies…
It was cited by the Delhi HC that the two adjudication orders against one SCN…
The Central Board of Direct Taxes (CBDT) in an update for the taxpayers via the…
In October, Gross GST collection surged to 9% to Rs 1.87 lakh crore, the second…
Goods and Services Tax (GST) is to get paid on the procurement of materials and…
The Bombay High Court carried that as the revocation orders for the registration cancellation on…
View Comments
dear sir
is it necessary to have proofs of income while filing ITR online? i mean if i mention FD interest 10000/ , just my statement for this is enough or to attach some proof
thank you
No, proof required to attach while filing ITR online.
Retired from State Govt. Service in FY 2023-24. Received Salary, Pension, Earned Leave Encashment, Retirement Gratuity, Commuted Value of Pension.
I understand that Salary and Pension are to be shown in Salary u/s 17(1).
How do I show Leave Encashment, Gratuity and CVP in ITR1?
Salary u/s 17(1), 17(2) and 17(3)?
Terminal benefits fall under section 17(3)
Pls advise where in ITR 1 income of spouse can be disclosed as additional information whilst such income is included in the income of the main taxpayer (husband)?
1) What is the exemption limit of Leave Encashment for Central Government Pensioners for AY 2023-24 ? Is it Rs 300000/- or actual received ?
2) Pension income plus other income for the previous year is less than Rs 500000 but adding retirement benefits increases it much beyond that. Total Income after exemption u/s 10 again is below 500000. Portal is denying tax rebate u/s 87A.
Sir,
Where to show the Sum received as GPF and GISS of a retired Govt. Employee in ITR1 efiling?
As Deduction from Salary income u/s 10
OR
Exempt income (For Reporting purpose)?
It will be shown as exempt income (For Reporting Purposes)
Sir,
I understand that the Annual Annuity earned from PMVVY is taxable. But what about the taxability on Maturity Amount? Is it entirely Tax Exempt U/S 10(10D)?
if your income is above 2.5 lakh and you have to pay a zero(suppose you get rebate) tax then weather you are called taxpayer or not?
Sir, I filled ITR1 for 2022-23 online. I reached up to Validation Successful no errors were found, on proceeding to Verification a message came something went wrong, please try later. what is the solution to this problem? I am trying daily since last week but getting the same message. Is it with some software problem or else? please reply /solution at the earliest
SIR, I AM A STATE GOVT. EMPLOYEE. I RETIRED IN OCT 2021. APART FROM MY REGULAR SALARY INCOME, I HAVE GOT PENSION INCOME TOO. I HAVE ALSO GOT RETIREMENT BENEFITS LIKE.....GPF, GRATUITY, LEAVE ENCASHMENT, GPF AND GIS IN THE FY 2021-22. MY QUESTIONS ARE
1) I UNDERSTAND THAT SALARY AND PENSION INCOME IS TO BE SHOWN IN SEC 17(1) OF SALARY IN ITR1.
HOW DO I SHOW OTHER RETIREMENT BENEFITS...IN WHICH SECTION OF SALARY?
IF THEY ARE TREATED AS SALARY, IN WHICH SEC. THE RETIREMENT BENEFITS ARE
EXEMPT?
2)I HAVE ALSO RECEIVED RS. 30000/- AS MEDICAL REIMBURSEMENT FROM MY EMPLOYER. IS IT TAXABLE?
IF TAXABLE, WHERE DO I SHOW THAT INCOME IN ITR1? IS ANY EXEMPTION ALLOWED FROM MEDICAL REIMBURSEMENT?
3) IS ANY TDS DEDUCTED FROM A GOVT. PENSION? IF YES, WHO IS THE DEDUCTOR?
OR THE PENSION IS PAID IN GROSS AND I HAVE TO PAY ALL THE TAX MYSELF?
A considerable amount is deducted from my salary every month as Overpayment amount. I have already paid income tax for the amount that I received. Can I get an relaxation of income tax of the for the amount of salary I paid back to the govt. institution? If yes, how I can claim for the last 2-3 years?