ITR-1

1. Important documents required for Filing ITR-1

Some important documents required to filing ITR-1 are-

• Aadhar card
• Pan card
• Mobile number should be linked with Aadhar number
• Permanent address
• Bank account details
• Contact number

2. Who file ITR-1

ITR-1 is to be filed by those individuals, whose income arises from the following sources-

• Income arising from Salary or Pension
• Income arising from House Property (except in case of losses brought forward from preceding years)
• Income arises from other sources except for lottery, horse races, legal gambling etc. Other sources include FD interest, pension of spouse etc.

3. Penalty on late filling of ITR-1

The penalty for late filing ITR-1-

• 5000, if it is filed before 31^st December of the assessment year.
• 10000, if it is filed after 31^st December of the assessment year.

4. Not eligible of file ITR-1

There are some individual who not eligible to file ITR-1-

• Who has more than one house property.
• Having income from lottery, gambling, racehorse.
• Taxable capital gain of short term as well as long term.
• Loss under the head of other sources.
• Exempted income exceeding Rs.5,000.

5. Submission of ITR-1

• The form can be submitted offline at any income tax office. An Acknowledgment Receipt will be obtained upon submission.
• In case of electronic filing of the form, there is two option. Firstly, if Digital Signature is obtained, the form is uploaded online. Secondly, the form is downloaded, printed, signed, and a copy of the acknowledgment is sent by post to the Income Tax Department’s office in Bengaluru.
• ITR-1 can now be verified online using Aadhar card. The EVC can be generated either via One Time Password (OTP) sent to registered e-mail ID and registered mobile number (if income is less than Rs.500,000). After online verification income tax assesses is not required to send ITR-1 to Bangalore CPC.