This is only for those individuals, whose income is based on salary, pension or interest.
The due date of filing income tax return is 30th June of every assessment year.
Eligibility to furnish ITR-1 :
An individual whose income from different sources is up to Rs. 50,00,000/- is eligible to file ITR-1 . Their source of income can be one or all of the followings:
– Income from Salary
– Income from House Property
– Income from other sources but it should not include income from winning a lottery or horse racing.
Non eligibility to Furnish ITR-1 :
->Individuals who belongs to Non-resident citizenship of India.
->Individuals who have more than 1 house property.
->An Individual who is receiving income from lottery, gambling or horse racing.
->An Individual who is receiving income from any short term or long term market derivatives.
->Any income earned from business & profession (Doctor, Lawyer or Chartered Accountant).
->Any income earned from agricultural land which exceed Rs. 5000/-
->Any individual claiming relief under the double taxation on foreign income.
Structure of ITR-1
This parts captures general information related to assessee like Name of Individual, Father’s Name, Mother’s Maiden Name, Date of Birth, PAN no., Aadhaar no., occupation etc.
GROSS TOTAL INCOME
Any Income earned from:
-> House property
-> Interest earned from long term & short term investment
-> Other sources
Deductions & Taxable Total Income
As per Income tax Act 1961, some provisions have been made for deductions, which can be explained under different sections as per below:
Section 80C, Section 80 CCC, Section 80 CCD, Section 80 D, Section 80 G etc. This part of ITR-1 can be view as below:
It is self generated calculation sheet, we just need to put value and the net taxable value will be calculated automatically.
COMPUTATION OF TAX PAYABLE
This self generated computation sheet will calculate total tax payable i.e. how much a tax on an individual is going to be levied.
It requires details of bank account which is linked to Income tax website in order to receive any refund.
Moreover one needs to furnish all the mandatory documents to Income tax department along with Income tax filing of ITR-1. This will be aadhaar seeded that means Aadhaar no. is linked with the Income tax website and mandatorily verified through OTP verification. If something goes wrong in Income tax filing the individual will get a mail from Income tax department to re-correct their Income tax filing.
We suggest you to link your aadhaar to make it simple for filing an ITR. One can visit income tax web portal to file an ITR-1.