Income Tax

ITR 1 Return Filling

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 Director in a company or has invested in Unlisted Equity Shares). 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.

ITR-1 Return Filing Features

1. Income from Salary/Pension

2. Income from One House Property (excluding cases where loss is brought forward from previous years)

3. Income from Other Sources (excluding winning from Lottery and Income from Race Horses)

Process of Registration

Only the following persons have the option to file the return in paper form
An individual at the age of 80 years or more at any time during the previous year
An individual or HUF whose income does not exceed Rs 5 lakhs and who has not claimed any refund in the return of income
For offline, the return is furnished in a physical paper form. The Income Tax Department will issue you an acknowledgement at the time of submission of your physical paper return.

By transmitting the data electronically and then submitting the verification of the return in the form of ITR-V to CPC, Bengaluru.
By filing the return online and e-verifying the ITR-V through net banking/aadhaar OTP/EVC.
If you submit your ITR-1 Form electronically, the acknowledgement will be sent to your registered email id. You can also choose to download it manually from the income tax website. You are then required to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing. Alternatively, you can e-verify your return.

Document Required

1. Form 16
2. Salary slips
3. Interest Certificates from the Post offices and Banks
4. Form 16A/16B/16C
5. Form 26AS
6. Tax-savings investment proof
7. Deductions under the Section 80 D to 80 U
8. Home Loan statement from the NBFC/ Bank
9. Capital Gains