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ITR 1 Return Filing

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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

Who can File ITR 1?

  • 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.
  • 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
  • Capital Gain reports
  • Foreign Assets holding