What is ITR form?
Income Tax Return Forms are the prescribed formats in which a taxpayer has to provide the information about his income, source of such income and income-tax paid or payable to the Income-tax Department.
What is ITR-1?
ITR-1 Form is a simplified one page form for individuals having income up to Rs 50 lakhs from the following sources:
- Income from Salary/Pension
- Income from One House Property (excluding cases where loss is brought forward from previous years)
- Income from Other Sources (excluding winning from Lottery and Income from Race Horses).
How do I file my ITR-1 Form?
You can submit your ITR-1 Form either online or offline.
Offline:
For offline, the return is furnished in a physical paper form.The Income Tax Department will issue you an acknowledgment at the time of submission of your physical paper return.
Online/Electronically:
- By transmitting the data electronically and then submitting the verification of the return in the form of ITR-V to CPC, Bengaluru.
- By filing the return online and e-verifying the ITR-V through net banking/aadhar OTP/EVC.
If you submit your ITR-1 Form electronically, the acknowledgment will be sent to your registered email id. You can also download it manually from the income tax website. You are then required to sign it and send it to the Income Tax Department’s CPC office in Bangalore within 120 days of e-filing. Alternatively, you can e-verify your return.
The Major Changes which are made in the ITR 1 for the AY 2018-19 are:
- Earlier ITR-1 was applicable for both Residents, Residents Not ordinarily resident (RNOR) and also Non-residents. Now in AY 2018-19, this form has been made applicable only for resident individuals.
- The condition of the individual having income from salaries, one house property, and other income and having total income up to Rs 50 lakhs
- There is a requirement to furnish a break-up of salary. Until now, these details would appear only in Form 16 and the requirement to disclose them in the return had never arisen.
- There is also a requirement to furnish a break up of Income under House Property which was earlier mandatory only for ITR -2 and other forms.
- Apart from these, your Aadhar number and disclosure of all Bank Accounts is mandatory.
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