ITR 1 form can only be used by a person whose source of income is salary and not business. (i.e. salary/pension/family pension and interest income).
This form can only be filed by an Individual and no other assessee can use this form for filing of their return of income.
To check Income Tax slab Income Tax Slab for FY 2014-15 (AS Year 2015-16)
ITR 1 can be used by the following class of Individuals for the Financial Year 2014 whose Total Income includes,
- Income from Salary / Pension
- Income from one House Property (excluding cases where loss is brought forward from previous years)
- Income from Other Sources (excluding winning from the Lottery and Income from Race Horses)[/dt_list]
In case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income too is limited to the above specifications.
This Income Tax Form (ITR Form) shall not be used by the following class of Individuals whose Total Income includes,
- Income from Winning from Lottery or Income from Horse Race or Legal Gambling etc, or
- Income from Capital Gains which are not exempt from Tax. For eg: Short Term Capital Gains from Sale of Shares, Short Term or Long Term Capital Gains from the sale of House, Plot etc. or
- Income from Agriculture in excess of Rs 5000, or
- Any exempted income in excess of Rs. 5000, or
- Income from Business or Profession, or
- Loss under head Other Sources. or
- Individual who is a Resident and has
- Assets (including financial interest in any entity) outside India or
- Signing authority in any account located outside India, or
- Individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.
No document (including TDS certificate should be attached to this Return Form. All such documents enclosed with this Return Form will be detached and returned to the person filing the return.
Structure of ITR 1 Form
Complete ITR form is divided into 8 main sections :
- Part A: Personal Details
- Part B: Gross Total Income
- Part C: Deductions and Taxable Total Income
- Part D: Tax Computation and Tax Status
- Schedule IT: Details of Advance Tax and Self Assessment Tax Payments
- Schedule TDS1: Details of Tax Deducted at Source from Salary (As per Form 16 issued by employer)
- Schedule TDS2: Details of Tax Deducted at Source from Income other than Salary (As per Form 16A, issued by Deductor(s))
- Supplementary Schedules TDS1, TDS2 and IT
Documents which you should keep in hand before filling out your ITR-1 form are
- Form 16 – Issued by employer.
- Form 26AS -Verify the TDS mentioned in Form 16 matches the TDS in Part A of your Form 26AS.
- If you have not been able to submit proof of certain exemptions or deductions (such as HRA allowance or Section 80C or 80D deductions) to your employer on time, keep these receipts handy to claim them on your income tax return directly.
- PAN card
- Interest from bank account details – bank passbook or FD certificate
Manner of filing this Return Form
This Return Form can be filed with the Income-tax Department in any of the following ways,-
- By furnishing the return in a paper form;
- By furnishing the return electronically under digital signature;
- By transmitting the data in the return electronically under electronic verification code;
- By transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;
Where the Return Form is furnished in the manner mentioned at (iv), the assessee should print out two copies of Form ITR-V.
NOTE: One copy of ITR-V, duly signed by the assessee, has to be sent by post to -Post Bag No.1, Electronic City Office, Bengaluru-560100, Karnataka.
The other copy may be retained by the assessee for his record.
Online ITR Filing can be done from below website
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