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
Return ITR fast karna hai
Want to know in which column House Building Loan Refund to be shown so that tax benefit can be claimed and under which section it is applicable.
For repayment of housing loan principal amount, you can claim dedcution under section 80C
For repayment of the housing loan principal amount, you can claim deduction under section 80C
Is it necessary to disclose PPF bank account no? and pension bank accounts no. in ITR form in the bank details section
I am Pension holder of WB StateGovt and aged around 68yrs. and my total income comes around Rs.3.4lac. After SD it will come to Rs.2.90lac. Whether it is necessary to file ITR for AY 20-21. It may mention here that I had files ITR every year since my retirement.
You have to disclose only current and savings bank account details at the time of return filing.
Is it necessary to disclose PPF bank account no. and pension bank accounts no in ITR form in the bank details section. Because the source of income from pension account and investment are in PPF.
On your website, it is mentioned that a person cannot use ITR 1 if he has a taxable capital gain. That means below threshold limit of one lac is non taxable and can be shown in itr1
SHOW LONG TERM CAPITAL GAIN /LOSS in which form and page
Under section 112A LTCG below one lac is exempted. Why it cannot be shown in ITR 1 as exempt income. Please advise.
Kindly note that the threshold limit of Rs. 1 lac is not an exempted income since it is not governed by the provisions of section 10.
As per sec 112A, it is only for the purpose of tax calculation that this Rs. 1 lac will not be included and only the income over and above Rs. 1 lac will be taxed.
I have income from a pension, bank interest and Rs. 18000 as long term capital gain from shares stt paid. Which ITR form for ay 19-20 should I use. LTCG is non-taxable. As per instructions person having capital gain cannot use itr1. Please clarify.
ITR 2 is applicable in your case.
SINCE THE EXEMPTION U/S 10(38) HAS NOW BEEN WITHDRAWN, SO EVEN IF YOU MAY NOT BE LIABLE TO PAY TAX (BECAUSE OF GRANDFATHERING OF SECURITIES OR AVAILING THRESHOLD LIMIT) ON LTCG, ITR-2 IS APPLICABLE.
I can show this exempted LTCG in the exempt income section of ITR1. Will it be wrong?
Kindly note that the threshold limit of Rs. 1 lac is not an exempted income since it is not governed by the provisions of section 10.
As per sec 112A, it is only for the purpose of tax calculation that this Rs. 1 lac will not be included and only the income over and above Rs. 1 lac will be taxed.
Thank you Sir
Hame online itr filing ki jankari chahiye
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