ITR-1 is the form to be used by salaried individuals to file taxes. However there are certain conditions that need to be fulfilled.
ITR-1 can be used by following individuals to file returns
Individuals who earn income from:
one house property (excluding where loss brought forward from previous year)
other sources (excluding winning from lottery and income from race horses)
Agricultural income less than Rs. 5,000
However, if you have income from business, profession or capital gains then you cannot use ITR-1 to file your return.
Click on the image below to find Form ITR-1:
Understanding Form ITR-1
Form ITR-1 has the following components:
Part (A) Personal Details:
In this section you are required to fill your personal details like name, sex, age, address, contact number etc.
Part (B) Gross Total Income:
Here you can fill details about your Gross Total Income.
Part (C) Deductions and Taxable Total Income:
In this part one needs to fill all the relevant deductions and taxable total income after calculation.
Part (D) Tax Computations and Tax Status:
Computation of tax is done in this section of form.
You need to provide details of all bank accounts held in India at any time during the previous year in this section.
You are asked to fill and sign verification statement here.
This section requires you to fill details of Advance Tax and self-assessment tax payments.
Write down details of tax deducted at source from salary.
Fill details of tax deducted at source from income other than salary.
Fill the details of tax collected at source.
Schedule TDS1 and Schedule TDS2:
These schedules need to be filled in case of multiple Form 16s or Form 16As.
The whole process of computing your tax & filing ITR-1 is time consuming and errors may occur at any step. We are here to offer you e-filing service through our team of tax experts.
click here to e-file your taxes now.