Guide for filing ITR 1
Income Tax Return Form
What is ITR 1 form?
An ITR 1 form is a form from income tax (ITR 1) for individuals (i.e salary, pension, Interest of income, family pension).
Who is Eligible to file ITR 1 form?
Therefore, It has to be filed by individuals, whose income is Within Rs.50 lakhs the total income of an individual includes:
- Income from salary/pension
- Income from one house property.
- Total Income from other sources (excluding lottery, racehorses, etc)
Who is not eligible to file?
Individuals, who’re not required to file whose income is exceeding up to Rs. 50 lakhs the source includes:
- Lottery, Racehorses, Gambling, etc.
- more than one property.
- business and profession.
- Income from the foreign asset.
- Agriculture income exceeding Rs.5000
When is Due Date?
It has to be filed by every individual, before 31st July of every year.
Procedure for filing ITR 1 form
The return can be submitted to the income tax department through multiple forms
- The return can be filed in paper.
- It can be filed online using the digital signature of the taxpayer.
- Using Electronic Verification Code.
- Submission by ITR-v post.
step-1: Start by entering your name, address, and PAN number.
step-2: Click on Income source and input details of salaries or else you can manually enter the taxable salary and details of the employer (OR) You can choose to upload Form 16 so that the information is populated directly.
step-3: Locate your taxable income in form 16.
step-4: Enter the salary, TDS, and details of the employer. If you changed job during the year, add another salary also.
step-5: Enter your other income like a bank account, fixed deposit, gifts, and others.
step-6: Also, Declare the exempt income like a mutual fund, PPF accounts, and agriculture income.
step-7: If you are a self-occupied loan for one house property, declare interest on a loan.
step-8: If not, Click “Go To Next”.
step-9: Enter the total of your section 80C deductions, Save and continue to enter for other deduction.
step-10: And, It will automatically import your TDS entries from the income tax department.
step-11: If you directly deposit taxes yourself, add details regarding it and click on “GO TO NEXT”.
step-12: Then, Click on proceed to E-filing return to submit to the income tax department, and to review return by downloading ITR PDF.
In case of any help or assistance in filing your ITR 1 in Chennai, ITR 1 in Mumbai, ITR 1 in Bangalore contact Virtual auditor support team on 9962 230 333/9513 93 9333/044- 48560333 /mail us [email protected], our team will guide through the entire process and help you comply