Who can file ITR-1?
Individual/ HUFs who are having following sources of income are eligible to file ITR-1 form:
- Income from salary,
- Income/ loss from only one house property (excluding brought forward loss),
- Income from other sources like interest from savings A/c., interest from fixed deposits, etc. (except casual incomes like lottery, card games, income from race horse etc.)
*In situations where income of minor/ spouse is required to be added in the income of taxpayer, then he can file ITR-1 if such clubbed income is covered under any of the above sources of incomes.
myITreturn automatically selects the appropriate ITR form for you.
Who cannot file ITR-1?
Individual/ HUFs having following incomes are not eligible to file ITR-1 form-
- Income from more than one house property,
- Previous year's brought forward loss from house property,
- Income from capital gains from sale of shares, property, etc.
- Income from business/ profession,
- Income from agricultural activities exceeding Rs. 5,000/-,
- Casual incomes like lottery, card games, horse race, etc.,
- Foreign source income.
- Resident taxpayer having any bank A/c. or any foreign asset like shares, property, etc. outside India.
Checklist of documents required to fill ITR-1
Following documents are required to fill-up ITR-1:
- If you have salary income, you will need Form 16 issued by your employer to enter salary details.
- If you have earned interest on Fixed deposits or saving bank A/c. and TDS has been deducted on the same, you will need TDS certificates i.e. Form 16A issued by deductor to enter interest details.
- You will need Form 26AS to verify TDS on salary as well as TDS other than salary. To know how to download Form 26AS, click here.
- If you are living in rented premises, then you will need rent paid receipts for calculation of HRA (in case you forgot to submit the same to your employer within time).
- You will need your bank passbook, fixed deposit receipts (FDRs) to calculate amount of interest income.
- If you have received rent from your rented house property, then you will need rental receipts to calculate rental income.
- You will also need documents or proof for claiming tax saving deductions U/s. 80C, 80D, 80G, 80GG such as life & health insurance receipts, donation receipts, rent receipts, receipts for tuition fees etc, if the same were not considered in your Form 16.
Contents of ITR-1
ITR-1 form is divided into the sections as below. Taxpayer needs to fill the applicable sections.
1. Income details
Taxpayer need to provide personal details like PAN (Permanent Account Number), Name, Address, Gender, Date of birth, Contact details, whether original or revised return, residential status etc.
Gross Total Income:
Aggregate of all incomes like salary, one house property and other sources is treated as "Gross Total Income". Details related to incomes are required to be filled in respective income schedule.
Taxpayer need to enter income details.
Deductions and Taxable Total Income:
Tax saving deductions under various sections of Income Tax Act.
Taxpayer need to enter his tax saving deduction details.
Some of the frequently used tax saving deductions are as follows-
- Section 80C: Life insurance, PPF, PF, NSC, tuition fees, specified mutual funds, etc.
- Section 80CCC & CCD: Investment in pension funds and schemes of Central Government.
- Section 80D: Health insurance & preventive medical check-up
- Section 80E: Interest payment of higher education loan.
- Section 80TTA: Savings bank & post office A/c. interest.
In this schedule, details of tax deducted at source from salary and on income other than salary are to be entered. Also details of tax payments of Advance Tax and Self Assessment Tax is to be entered in this schedule.
In this Schedule, details of Tax deducted at source (as per Form 27D issued by the collector) is to be entered.
4. Taxes paid and Verification
Under this schedule, details such as:
- exempt income (for reporting purpose),
- bank account in which refund is to be credited
- other bank accounts
- verification i.e name of the assessee, father's name, place, PAN and date
are to be entered. Also, the amount of tax payable or refundable is calculated in this schedule based on the details of income, deductions and taxes paid entered under above schedules.
5. Schedule AL
Details of assets and liabilities at the end of the year where total income exceeds Rs. 50 Lakhs needs to be entered in this schedule.
Under this schedule, details of donations made is to be entered. There are different categoriesof donation as follows:
- Donations entitled for 100% deduction without qualifying limit
- Donations entitled for 50% deduction without qualifying limit
- Donations entitled for 100% deduction subject to qualifying limit
- Donations entitled for 50% deduction subject to qualifying limit
Some important terms:
You may come across some tax terms while filing your tax return that you should about-
- Income tax ward/ circle: Income tax ward/ circle is determined on the basis of PAN and jurisdiction. You may view your ward/ circle by clicking here.
- Revised return: After filing your return if you notice any mistake or addition to the return, then your may file a revised return by making necessary corrections. Original return will be replaced by Revised return.
- Defective return: If you file a return containing any defect, then return will be treated as defective. IT department will issue a notice to correct the defect within time specified in notice.
- Notice number: If you are filing a return in response to any notice, you need to mention the notice number mentioned in the notice.
- Advance tax: Tax paid in advance i.e. before the end of financial year are referred as Advance tax. Advance tax is required to be paid in quarterly instalments if total tax liability exceeds Rs. 10,000/-.
- Self-assessment tax: After filling all the income & deduction details in your return and considering all TDS and advance tax payments, if tax is payable, then the same shall be paid before filing of return. This tax is computed by taxpayer himself hence it is referred as Self-assessment tax.
- TCS (Tax collected at source): At the time of sale of some specific goods, tax is collected by purchase of goods. This tax is known as TCS (Tax collected at source). You can claim this TCS in your return on the basis of Form 27D issued by purchase i.e. tax collector.
Why to choose myITreturn to file your Income-tax return?
- No need to go to a Tax Expert. myITreturn asks you simple questions and by answering them you can easily file your return within minutes.
- You dont have to worry about choosing correct ITR form( ITR 1/2 etc). myITreturn will automatically choose the correct ITR form for you.
- Our helpdesk will assist you with any of your filing as well as post filing queries.
- Our team of tax experts can help and guide you with any of the tax related queries as well as complying with any of the Income-tax related letters and notices.
You may mail us your tax related queries at [email protected].