ITR-1 Return Filing

Filling out the form is quick and easy and will provide you with numerous benefits in the long run. By this, you will be able to get consultation from our Auditorwala CA/CS and will be able to get Guidance. So, why wait? Take the first step towards a bright future for your business and fill out the form today.

First, let's go over who can use this ITR form, and then we'll go over who can't use it even if he is otherwise eligible. For tax purposes, ITR 1 can only be utilised by an individual taxpayer who is a resident of India. As a result, all non-resident and non-ordinary resident individuals are ineligible to utilise this form under tax legislation. Similarly, anyone with taxable income of fewer than fifty lakhs can use ITR 1 if he does not have any income from "Capital gains" or "Profits and gains of company or profession." So long as you earn money from one of these three sources, i.e. "salaries," you're good to go. "You can utilise ITR 1 for "Income From House Property" and "Income From Other Sources." Even if your income comes from these three sources, you cannot use ITR 1 in the following situations:
To begin with, those of you with salary income cannot use ITR 1 if your tax deduction on the perquisite value of an Employee Stock Option Plan (ESOP) has been deferred due to your employer's status as a start-up as defined by the IRS. Second, for people with income from a house, see "Income from House Property." "They can only use ITR 1 if they own only one house property. If you are staying in a rented house or an employer-provided residence, the single property does not have to be self-occupied and can even be rented out. Finally, suppose your source of income under this heading includes income from maintaining racing horses or prize money or income taxed at a flat rate like unexplained investments or unexplained expenditure taxed at 60%. In that case, you cannot use ITR 1. 2020.)

Because ITR 1 can only be used by individuals, it is evident that HUFs cannot utilise it, even if it otherwise meets all other criteria. Individuals who hold a directorship in a company or have stakes in unlisted company shares, regardless of the structure of their income, are not eligible to use ITR 1. Similarly, anyone with an asset outside of India or signing authority over an account outside of India is ineligible to utilise this form. For this purpose, the asset's value or the balance in the bank account is irrelevant. As a result, anyone who invested in foreign enterprises or foreign mutual funds under the Liberalised Remittance Scheme (LRS) is ineligible to use ITR 1. It is noteworthy that this restriction does not apply to all investors in Indian mutual fund schemes who also invest in overseas companies and mutual fund schemes. If you have any income outside India, you cannot use ITR 1. You are ineligible to utilise this form if your agricultural income exceeds Rs. 5,000/-.

You can fill out and submit an ITR-1 paper form using the information on the ITR-1 paper form. The income tax department will acknowledge receipt of your application. Only the following taxpayers are eligible to file their ITRs offline:

• An assessee was 80 years old or older at any point in the previous year.


• An assessee is a person or a family with a total annual income of less than Rs 5 lakh.

Furthermore, the assessee is not entitled to a tax refund.

• Individual taxpayers who possess a single dwelling in joint ownership in the United States can file Form ITR 1. However,


• the overall income for the financial year shall not exceed Rs 50 lakh.


• Each assessee must independently disclose all tax-saving investments, costs, or deposits for the period beginning April 1, 2020, and ending June 30, 2020.


• ITR-1 must be filed by all taxpayers who meet the following criteria. He must also fill out Form ITR 1 with the amount.


• Cash deposits of more than Rs 1 crore were made during the financial year.


• Expenses for foreign travel over Rs 2 lakh during the financial year


• During the financial year, electricity costs exceeded Rs 1 lakh.

If your total income exceeds Rs 50 lakh, you cannot submit ITR-1 Sahaj. If you are a salaried employee, you must file Form ITR-2. In other circumstances, depending on the source of income, you can file an ITR-3 or ITR-4. If you have income from a business or profession, you must file Form ITR-3. ITR-4 Sugam, on the other hand, is for taxpayers who choose presumptive taxation under section 44AD or 44AE.

If your capital gain income is exempt under section 10 (38) of the Internal Revenue Code, you must report it on Form ITR-1. However, if the LTCG is taxable, you must complete additional forms based on your income and category.

Yes, you can file ITR-1 Sahaj if your total agricultural income for the year is less than Rs 5000. If your total agricultural revenue for the fiscal year exceeds Rs 5000, you must file Form ITR-2.

The offline utility can be downloaded from the income tax e-filing site at www.incometax.gov.in. 1st step: Select the relevant assessment year under the 'Download' section and click the 'utility' link under the 'Common Offline Utility (ITR 1 to ITR 4)' section.

Registered users of the e-Filing portal can access the pre-filling and filing of ITR-1 services. Individual taxpayers can use this service to file ITR-1s electronically through the e-Filing site.

If a taxpayer fails to file an ITR by the deadline, penalty interest at 1% per month is imposed on the unpaid tax. Furthermore, if the outstanding tax amount exceeds Rs 1 lakh, section 234A kicks in from the original due date, which in this situation is July 31, 2021.