Income Tax Return - 1

ITR 1 - This Form is filed by the taxpayers and the individuals being a Resident (other thanNot Ordinarily Resident) having Total Income up to INR 50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income up to INR 5 thousand. (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares).

Eligibility To File ITR-1

ITR-1 is filed by the taxpayers whose income is up to Rs 50 lakhs from below- mentioned sources:

If the source of income is from one house property

If the source of income is from pension or salary

If the source of income is from other sources

Ineligibility To File ITR-1

ITR-1 is filed by the taxpayers whose income is up to Rs 50 lakhs from below- mentioned sources:

The taxpayer whose income is more than Rs 50 lakhs

Non-residents and Residents but not ordinarily resident

Taxpayers who have two or more house properties

Taxpayer having income under business or profession

Taxpayers who have long or short-term capital gains

Taxpayers whose income from agriculture means is greater than Rs. 5,000

The taxpayer who claims relief for foreign taxes paid or claim double taxation relief as mentioned in section 90/90A/91.

ITR 1 cannot be used by residents having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.

Form ITR-1 can no longer be filed by an individual who has brought forward/carry forward loss under the head “Income from house property.”