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Get Your Income-Tax Return (ITR-1) Filed by C.A.

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  • Online Return Filing with Salary Income upto Rs. 5 Lakh

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  • Who is Eligible to File ITR-1
  • Who Cannot File ITR-1
  • How Can You File ITR-1
An individual having total income of upto Rs. 50 Lakhs is eligible to file ITR-1. The sources of income for ITR-1 should be from the following only:
  • Income from Salary/Pension
  • Income from One House Property
  • Income from Other Sources
In the case of clubbing of income related to spouse or minor, the income from same heads shall only be considered.

Although, income is from sources of Salary/Pension, House Property and Other sources, taxpayer cannot file ITR-1 if:

  • An individual having income above Rs 50 lakh.
  • An individual having brought forward losses from any source of income.
  • An individual having income from more than one house property.
  • An individual having income from Lottery, Crossword Puzzles, Horse Races, Card Games, etc.
  • An individual having agricultural income of more than Rs. 5000.

Other types of income not eligible for ITR 1 are:

  • An individual who becomes resident but not ordinarily resident or a non resident in that financial year.
  • An individual being a director in a company.
  • An individual who holds investment in unlisted equity shares at any time during the financial year.
  • An individual having income business or profession
  • An individual having from capital gains.
  • A resident individual having any assets outside India (including any financial interest).
  • A resident individual who claims deduction of tax paid outside India under section 90/90A/91.
  • An individual having foreign assets or foreign income.
You can submit your ITR-1 Form either online or offline.
Offline

The return can be filed by submitting the form in paper mode with the Income Tax department. Following are the conditions in which an individual can opt to file ITR-1 in offline mode.

  • An individual who attains age of 80 years or more at any time during the previous year
  • An individual or HUF whose total income does not exceed Rs 5 lakhs and who does not claim any refund of tax.
Online/Electronically
  • By filling the return directly on the income tax portal in Form ITR-1and submitting the return by clicking the submit button.
  • By preparing return of income through offline utility available on income tax portal, generating xml file of the return from the utility, uploading xml file on the income tax portal and submitting the same.
  • After submission an acknowledgment number is generated.
  • E-verificationof ITR-V is done through, Aadhar or net banking, OTP/EVC.
  • Another way to verify the ITR-V is bydownloading and taking the print out of the ITR-V by using the acknowledgment number sent on the registered mobile number and email. Sign the ITR-V manually and send it to CPC, Bangalore, by post within 120 days of e-filing.

ITR-1 Return Filing FAQ’s

Income tax return form to submit the details of income upto Rs. 50 Lakhs from the sources of Salary/Pension, House property and Other Sources is ITR- 1 Form. This form can be used by Resident Individuals and HUF only.

There is no requirement to submit any document while filing the income tax return. However, it is suggested to keep the record of necessary documents such as, Form 16, bank passbooks, receipts of investment made during the year for any future correspondence with the income tax authorities.

Details such as Bank Account number, IFSC of savings and current accounts held during any time of the previous year are required to be reported in Part E – Other information, of the ITR form. Those accounts which are dormant account are need required to be reported.However, any account closed during the year is to be reported. In case of multiple bank account numbers, one account has to be selected for refund purposes.

Yes, file ITR-1 can be filed if agricultural income is not exceeding Rs 5000.

No, it is not necessary to file an ITR if the annual income is less than Rs 250,000. But in this case, a ‘Nil Return’ should be filed to upkeep a record which is an employment proof required while applying for a passport or loan.

Yes, dividend income from mutual funds is an exempt income u/s 10(35) and it should be included under the head ‘Exempt Income(others)’.

Yes, you can file ITR-1 if you have a house property loan.

Income exceeding Rs. 5000 in the nature of exempt income under Section 10 of the Income tax Act is reported in ITR-2. A few examples of exempt income by virtue of Section 10 are as follows:

  • Income from Agriculture
  • Long term capital gain on listed shares and securities (Section 10(38)
  • Gratuity, Pension and Leave encashment.
  • Maturity amount of LIC (Section 10 (10D)

Yes, Rental Income from one house property can be reported in ITR-1.

Yes, even though tax at source has been deducted, interest income should be reported in the ITR form.

Yes, furnishing the bank details in the ITR is mandatory even though there is no refund. This mandatory requirement of providing bank account details enables Income Tax Department to refundof tax paid in excess of the tax liabilities.

Pension is taxed under head Income from Salaries whereas family pension is taxed under the head “Income from Other sources”.

Although e- filing of return is mandatory, some exceptions are:

  • An individual who attains age of 80 years or more at any time during the previous year
  • An individual or HUF whose total income does not exceed Rs 5 lakhs and who does not claim any refund of tax.

Income tax return forms are available on the official website of the Income Tax Department. Simple steps to download forms are as follows:

  • Go to incometax.gov.in
  • Select Downloads
  • Select Income Tax Returns
  • Choose the offline utility ITR form/ITR- form

Details of income filled in the offline utility downloaded from the income tax portal, is converted into xml format. This xml format is uploaded on the portal to file the ITR.

As per section 234F of the Income Tax Act, 1961, if the return is not filed before the due date i.e.31st July, then the maximum penalty levied is Rs. 10,000. The details of different cases where penalty is levied is as follows.

Late Income Tax Return Filing Fee Details
E- Filing Date Total Income Below Rs. 5,00,000 Total Income Above Rs. 5,00,000
31st July 2021 Rs.  0 Rs.  0
Between 1st August to 31st Dec 2021 Rs.  1,000 Rs.  5,000
Between 1st Jan 2022 to 31st March 2022 Rs.  1,000 Rs.  10,000

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