ITR-1 Return Filing

What are the detailed eligibility criteria for filing ITR-1?

The eligibility criteria are divided into characteristics by the experts at Eazy Startups. Here are the characteristics:-

• It is only possible for individuals to utilize ITR – 1 and not organizations.
• Only a resident of India can utilize ITR – 1 return, so NRIs and Foreigners are prohibited. 
• The taxable income should not exceed 50 lakhs to file ITR – 1
• The eligible income sources are Salary, Income From House Property and other sources. Except in the following conditions :
• 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.
• People falling under the “Income from House Property” category can utilize ITR – 1 only if they have one house property. Even if you are not staying in that house and live in someone else’s house, you can rent out that place to generate income, and it will be considered.
• Another source of income is family pensions; for them, a standard deduction is allowed up to 1/3 of the pension received, up to a maximum amount of Rs 15,000/- and for that, ITR – 1 can be utilized.

The excluded sources are – Capital gains and Profits and gains of the company or profession

• Directors or Shareholders of any company, regardless of their sources of income, are not eligible to file ITR – 1
• The agricultural income should be below 5000 Rs to be eligible for filing ITR – 1 
• If you have any income outside India, irrespective of its source, you cannot utilize ITR – 1

What is the ITR 1 Form’s Structure?

General Information (Part A)

Name, PAN and Aadhaar details, Date of Birth, Address, E-mail Address, Contact number and similar details are required in Part A

Part-B Total Gross Income

You have to mention your total gross income from all sources, including salary, house property, capital gain, business/profession, and other sources in this part. The deductions and exemptions will be subtracted from this amount to gain the Total Gross Revenue.

Part-C Total Taxable Income and Deductions

If you raised a claim for deduction under Chapter VIA then all investments, deposits, and payments made must be listed here. The investments and expenses that fall under this are – LIC premiums, PPF contributions, tuition fees, medical insurance, NPS, NSC, education loan interest, etc.

Computation of Taxes Due/Refunds Due (Part-D)

Exempt income, section 87A rebates, section 89 relief, tax due, and relevant interest fall under this section.

TDS and Tax Paid in Part E

Part E contains information on taxes deducted at sources from salaries and other sources of income, including details about advance tax and self-assessment tax payments. The details like – BSR code, date of deposit, challan serial number, and tax paid must all be mentioned.

Part-F At-Source Collection of Part-F Tax

The tax collected at the source includes the following details – account number and collector’s identity, gross payment subject to TCS, tax year, TCS collected, and TCS claim.

Part-G Schedule: DI Details of Investments

Investments, deposits, and payments to claim a deduction under Part B of Chapter VIA are included in Part G.

Part H explains filing a claim under section 80D for medical insurance and expenditures.

Part I: Details of the claim to be made against donations under section 80G

Part J explains how a donation for scientific research or rural development can be deducted under section 80GGA.

 The process to File ITR 1 Form Online for AY 2020-21

Your income tax return can be ‘Prepared and Submitted Online’ by simply entering your information by simply visiting the official website. Your information will be prefilled on the ITR, and all you have to do now is double-check the prefilled information and fill in the missing details. If you still have any problems, you can always rely on Eazy Startup experts and follow their steps:-

• Start by creating an account on the IRS’s website.
• Use PAN and password to log in
• From the Dashboard drop-down menu, select Filing of Income Tax Return  

Fill in the following information:

• 2022-23 is the assessment year.
• ITR-1 (Income Tax Return Form)
• Original/Revised Original/Revised Original/Revised Original/Revised Return
• In the submission mode, select Prepare and Submit Online 

The following information will be already filled in:

• Address, Aadhaar, Name, Mobile Number, and E-mail ID from your e-filing profile PAN, name, and date of birth from the PAN database
• TDS, advance payment from your Form 26AS
• Form 24Q: Salary income, deductions, and allowances
• From your Form 26AS, you can deduct the revenue from your house property.
• Interest from term deposits from your Form 26AS
• Interest income from your tax refund from Form 26AS
• Form 24Q provides tax relief under section 89.

Bank information is prefilled as per your previous year’s ITR.

• Go through and rectify any errors in the prefilled data.
• Check for any wrong information in your bank account details. It will take time to update rectified information if your bank account details need correction. 
• Choose a verification method.
• Click the ‘Submit’ button.
• After submission, you will be redirected to the ITR verification page.
• Check ITR status and verify your return.

Each assessee has two choices.

Either fill out the ITR online and submit it or fill out the ITR offline and submit it. Both offer techniques require you to submit the ITR online. The sole difference between the two approaches is whether the ITR is prepared online or offline.

Frequently Asked Questions