Online Income Tax Return (ITR-1) Form Filling

Income Tax Return (ITR-1) Form must be filled by taxpayers who receive salary and income from house property.

• How Income Tax Return (ITR-1) Form works at Real Tax ? 
• Who can use ITR-1 Form?

ITR-1 must be filed by individuals whose source of income is limited like Salary/ Pension, One House Property and Other Sources (Excluding winning from Lottery and Race horses).

• What is Form-16?

Form-16 is the certificate issued under section 203 of the income tax Act for Tax Deducted at Source (TDS) from income under the head ‘salary’. It is issued on deduction of tax by the employer from an employee’s salary and deposit of the same with the government. The certificate provides a detailed summary of the amount paid  credited to the employee and the TDS on the same. This form is issued annually in accordance with the provisions of the Income Tax Act normally after the end of the financial year for which it is issued. It is compulsory for the employer to issue the certificate to the taxpayer.

An Employee can use Form-16 to source information for filling up his/her income tax return (ITR) and should be retained as backup proof of TDS.

• Who should not file ITR-1?

ITR-1 form should not be filed for below cases:

• Income that exceeds Rs. 50 Lakhs.
• Assessee has Taxable Capital Gains.

Assessee has any of the below source of income:

• Income from Foreign Assets.
• Agriculture income that exceeds Rs. 5000.
• Income from Business or profession.
• Income from more than one house property.

• What is the due date of filling ITR-1 form?

ITR-1 form must be filed by the individuals and HUF’s on or before 31st July of every year. This form can be filed by 31st March of every year (belated return) with penalty as applicable.