ITR 1 Return Filing
ITR-1 is one of the simplest ITR forms and is designed for individual taxpayers with straightforward income sources. It is applicable to individuals who have income from the following sources:
Salary or Pension
One House Property (excluding cases with brought forward losses)
Other sources like interest income, family pension, etc.
Total income below Rs. 50 lakhs
Documents Required:
Form 16 of all the employers of relevant FY
Saving or FD Interest Certificate
Bank Statement of relevant FY
Tax Saving Proofs (LIP, Mediclaim, FD over 5 years receipts etc.)
Home Loan Interest Certificate
Details of any other income
Rental Receipts
Donation Receipts
Tution Fees Receipts
Resident Individuals: ITR-1 is tailored for individuals who are residents of India. If you're an Indian resident, this form is suitable for you.
Total Income: Your total income during the financial year should not exceed ₹50 lakh. If your income falls within this bracket, you're eligible for ITR 1.
Income Sources: ITR-1 accommodates several income sources, making it versatile. It's perfect for those with income from:
Salary or pension
A single house property
Agricultural income up to ₹5,000
Other sources, such as interest from savings accounts, fixed deposits, family pension, and more.
Income Clubbing: If you're considering clubbing your spouse's or a minor's income, it's possible under ITR-1, but there are conditions. The source of income should fall within the specified limits as mentioned above.