ITR-1 _INDIVIDUAL OR HUF

We make sure you get your income tax return file quickly and easily, with the least amount of hassle. We provide professional, affordable,and efficient service to get your ITR-1,ITR-2 ,ITR-3,ITR4 and ITR-6 forms in on time. Not only that but we save you time also.

Person who cannot file form ITR-1

ITR-1 Sahaj Form is to be furnished by individual taxpayers in case their total income for the assessment year does not exceed Rs. 50 lakhs.

  • Salary/Pension: Salary refers to the remuneration/consideration that a person receives for the services that he/she renders under a contract of employment. For an amount to be considered salary, the existence of employer-employee relationship is must. As per the Income Tax Act, 1961, the following are included in salary income:
    • Wages
    • Pension
    • Annuity
    • Advance Salary Paid
    • Leave Encashment
    • Fee, Perquisites, Commission, Profits in addition to or in lieu of Salary or wages
    • Central Government Contribution or Employer Contribution to Pension account as mentioned in Section 80CCD of the Income Tax Act, 1961.
  • One House Property (does not include those cases in which income has been brough forward from previous years): If the taxpayer I the owner of a property from which he/she is earning rent, the rent proceeds become taxable. However, if the taxpayer is using the property for running some business or profession, the same would be taxable under the heading “Income from Business or Profession.”
  • Other sources (does not include income earned from winning lottery or race horses)
  • Agricultural Income (Up to INR 5,000)

 

Individuals who cannot file Form ITR-1

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

  • Income exceeds INR 50 lacs
  • Agricultural income exceeds INR 5,000
  • Taxable capital gains have been made
  • There is income from business or profession
  • There is income from more than one house property
  • The individual is a Director of a company
  • Investment in unlisted equity shares has been made
  • The individual owns assets or has financial interest outside India or is the signing authority of an account located outside India
  • The individual is a non-resident or not ordinarily resident
  • Income of the individual is taxable in hands of another person
  • If the taxpayer is joint-owner of a property, he/she cannot file Form ITR-1. In this case, the individual will have to file ITR-2.
  • Form ITR-1 cannot be filed by individuals who have deposited over INR 1 crore in their bank accounts, have made expenditure of INR 2 lakhs on foreign travel, or paid electricity bill of over INR 1 lakh.
  • In these cases, the taxpayer would be required to file Form ITR-4. In these cases, the taxpayer shall be required to file Form ITR-4.

Documents required for ITR-1 filing

  • Form-16
  • Salary Slips
  • Interest certificates from Post Offices & Banks
  • Form 16A/16B/16C
  • Form 26AS
  • Tax-Savings Investment Proofs
  • Deductions under Section 80D to 80U
  • Home Loan statement from NBFC/Bank
  • Capital Gains
  • Aadhar Card