ITR-1

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2. Well Qualified Team
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8. No Hidden Charges

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  • ITR stands for Income Tax Return.
  • It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department.
  • It also allows carry -forward of loss and claim refund from income tax department.
  • Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income.
  • These forms can be downloaded from www.incometaxindia.gov.in

Form ITR-1 (SAHAJ) has to be filed by individuals who have an income of less than Rs.50 lakhs from the following sources in a financial year:

  • Salary/Pension
  • One House Property

(does not include those cases in which house property loss has been brought forward from previous years):

  • Other sources

(but does not include income earned from  winning lottery or race horses)

  • Agricultural Income upto  Rs. 5000/- only

  • Form ITR-1 cannot be filed in the following cases:

    • If Income exceeds Rs. 50 lacs
    • If Agricultural income exceeds  Rs. 5,000
    • If there is any Capital Gain Income
    • If there is income from business or profession
    • If there is income from more than one house property
    • If an  individual is a Director of a company
    • If there is any Investment in unlisted equity shares in form of Equity Shares
    • If an individual owns assets or has financial interest outside India or is the signing authority of an account located outside India
    • If an  individual is a NRI or  not ordinarily resident
    • If TDS has been deducted u/s 194N
    • If Income Tax is deducted under ESOP
  • Salary Slips/ Salary Certificate/ Form-16
  • Proof of any Income from other sources such as FDR Interest/ Post Office Interest
  • Form 16A   – if there is any TDS deducted from Income from other sources
  • Tax-Savings Investment Proofs such as LIC, PPF, PF, ELSS, Tution Fees etc. u/s 80C
  • Deductions under Section 80D to 80U, if any
  • Home Loan statement from Bank/any other institution (if there is a home loan)
  • Aadhar Number & Pan Number