ITR-1 Filling
ITR-1 Form is a simplified one-page form for individuals having income up to Rs 50 lakh from the following sources : Income from Salary/Pension. Income from One House Property (excluding cases where loss is brought forward from previous years)
Aadhaar Card is Mandatory for Income Tax Return Filing
Charges – 499/-
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Who is Eligible to File ITR-1
- 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 Lottery and Income from Race Horses)
Who Cannot File ITR-1
- An individual having an income above Rs 50 lakh cannot use this form.
- An individual who is either a director in a company and has held any unlisted equity shares at any time during the financial year cannot use this form.
- Residents not ordinarily resident (RNOR) and non-residents cannot file returns using ITR-1
- More than one House Property.
- Lottery, Racehorses, Legal Gambling, etc.
- Taxable capital gains (Short term and Long term).
- Agricultural income exceeding Rs. 5,000.
- Business and Profession.