Eligible to File ITR-1
ITR-1 is a simplified one-page form for individuals receiving income of up to Rs 50 lakh 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)
- In the case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income is limited to the above specifications.
Who cannot file ITR-1
- An individual with an income above Rs 50 lakh.
- An individual who is either a director of a company or has held any unlisted equity shares at any time during the financial year.
- Residents not ordinarily resident (RNOR) and non-residents.
- Individuals who have earned income through the following means:
- More than one house property
- Lottery, racehorses, legal gambling, etc.
- Taxable capital gains (Short-term and Long-term)
- Agricultural income exceeding Rs. 5,000
- Business and profession
- A Resident that has assets (including financial interest in any entity) outside India or is a signing
- authority in any account located outside India
- Individuals claiming relief of foreign tax paid or double taxation relief under section 90/90A/91
- Deferred income tax on ESOP received from an eligible start-up
