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.
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View Comments
I use to fill the ITR 1 of my father, he is a state government employee.
I am finding this newly updated income tax website to be cumbersome.
At the part of inputting the self-assessment tax which my father have paid through the year through this salary account and not by filling any Challan.
I am not able to add the further tax that he have paid.
The entire amount paid and TDS deducted thereon has shown in form 26AS under Section 194JB. Please advise me which ITR number to be filed and under which column the above income will be shown in ITR.
The filing of ITR depends nature of income and source of income. Please read the instructions issued by the department for filing of itr
Dear Sir,
Mine 26 AS showing all deducted TDS but when I was filling all details when came across with Details of Tax Deducted at Source Tab, here it was showing only Deductor names with Zero amount, I mean actual TDS is not reflecting here & showing Rs 0
dear sir/madam,
my wife, aged 67 yrs Indian resident citizen, has received cash as inherited property during fy 20-21 subsequent to her father's death. Father had fixed deposits, savings bank account in banks & this amount was shared equally among his children on his death. As I know, there is no income tax on the inherited property.
Apart from this, my wife's other source of income is interest on FDs in banks & post office which is less than rs 3 lacs. Pls let me know
a) whether she should file the IT return
b) If so, which ITR is applicable
c) Is the inherited property taxable
d) In which column of ITR form receipt of inherited property to be mentioned
e) In which column of ITR form exemption to be mentioned
thanks
"Please contact CA/Tax professionals"
I am filling my ITR today i.e. 02-Jan-21 for AY 20-21. My primary source of income is a salary of more than 15 lacs and a source from deposits. I am filling ITR1 form but the challenge is there is an amount added under "D7-Interest u/s 234A". Please suggest should I remove this amount and make it zero.
If your tax payable is more than Rs 1 Lac then Interest under section 234A will be charged.
Hi,
I am a salaried employee and my taxable salary is above 15 Lac. I have also earned Rs 60K as short term capital gain from the share market and Rs 2000 as intraday profit. Which ITR form should I fill?
Thanks.
If you don't have any business income then you can file ITR 2
Can a pensioner with no house property and income below income tax limit file ITR-1?
I have a query. I have paid Rs 8797 for my health insurance (family floater) on 23 May 2019. Also, I paid Rs 9799 for health insurance and Rs. 4800 for a preventive checkup in May 2020. How can I fill the details in schedule DI and schedule D? I also get to know that there is a restriction in claiming for 1 Apr to 31 July 2020 period, I can only claim an equal amount or lesser amount than the amount invested during 1 Apr 2019 to 31 Mar 2020. is it true?
nice blog
Filing ITR1 using Java utility. While updating all bank details in the Sheet tax paid and verification, after adding a row and filling the bank detail the same is not getting saved and the file is getting hanged. Could you kindly help me to solve the issue, please?
It may be some department error in the Java utility, so please contact the department or wait for the department to resolve this error of utility.