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Select right form
Selecting the appropriate tax return form is the first step in completing an income-tax return (ITR). The applicable tax return form is determined by an individual’s residency status and total income collected from various sources during the FY. The taxpayer has the option of filling out Form ITR-1 online or offline. To complete the filing process in the offline mode, utilise the JSON utility to fill in the details before submitting them to the income tax website. Here are important FAQs as per Income Tax website for individuals planning to file ITR-1, you can check if you fall or not under this category of filing.
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Who is eligible to file ITR-1 for AY 2021-22?
ITR-1 can be filed by a Resident Individual whose:Total income does not exceed Rs 50 lakh during the FY.Income is from salary, one house property, family pension income, agricultural income (up to Rs 5000), and other sources, which include:Interest from Savings Accounts.Interest from Deposits (Bank / Post Office / Cooperative Society)Interest from Income Tax Refund.Interest received on Enhanced Compensation.Any other Interest Income.Family Pension.Income of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above).
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Who is not eligible to file ITR-1?
ITR-1 cannot be filed by any individual who:Is a Resident Not Ordinarily Resident (RNOR), and Non-Resident Indian (NRI).has total income exceeding Rs 50 lakh.Has agricultural income exceeding Rs 5.000.Has income from lottery, racehorses, legal gambling etc.Has taxable capital gains (short term and long term),Has invested in unlisted equity shares.Has income from business or profession.Is a Director in a company.Has tax deduction under section 194N of Income Tax Act.Has deferred income tax on ESOP received from employer being an eligible start-ups.Owns and has income from more than one house property.Is not covered under the eligibility conditions for ITR-1.
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What are the changes in ITR-1 as compared to previous years?
In ITR-1, will be a section 115BAC. If you wish to opt for the new tax regime under section 115BAC, select Yes in the new ITR form, else select No. Please note that option for new tax regime u/s 115BAC will be available only till due date of filing of return u/s 139(1).
Read More: Income Tax filing: How to download ITR forms
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What documents do I need to file ITR-1?
You would need Form 16, house rent receipt (if applicable), investment payment premium receipts (if applicable). However, ITRs are annexure-less forms, so you are not required to attach any document (like proof of investment, TDS certificates) along with your return (whether filed manually or electronically). However, you need to keep these documents for situations where they need to be produced before tax authorities such as assessment, inquiry, etc.
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I am a joint owner of a house with my spouse. We do not have any additional property. Can I file ITR-1?
Yes, you can file ITR-1 in case the following conditions are met:If you are a single or joint owner of a single property, you can file ITR-1.If you own more than one property, you can’t file ITR-1 (even as a single owner).
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What precautions should I take to avoid issues while filing my ITR?
To avoid issues while filing your return and getting your refund, ensure you do the following:
Link Aadhaar and PAN.Pre-validate your bank account where you want to receive your refund.Choose the correct ITR before filing it; else filed return will be treated as defective and you will need to file a revised ITR using the correct form.File the return within the specified timelines.Verify your return and you can opt for e-Verification (recommended option – e-Verify Now) is the easiest way to verify your ITR.File the responses for the notices received from the ITD within the specified timelines.
