ITR 1 Form is filed by the taxpayers and the individuals being a Resident (other than Not Ordinarily Resident) having Total Income up to INR 50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income up to INR 5 thousand. (Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares). Also to note down, from now onwards, as mentioned by the tax department, furnishing PAN and Aadhaar card details on the official website of the Income Tax Department is mandatory.

The income tax department has notified ITR forms for taxpayers based on their source of income in order to create a simple tax compliance structure. Therefore, you are required to furnish the return as per the source of your income.

A resident individual having total income up to Rs 50 lakh from salary, one house property and income from other sources can file his return of income using Form ITR-1. It cannot be used by any taxpayer who is either a non-resident or has capital gains or profits/gains from business or profession.

A resident individual having total income up to Rs 50 lakh from salary, one house property and income from other sources can file his return of income using Form ITR-1. It can’t be used by any taxpayer who is either a non-resident or has capital gains or profits/gains from business or profession:

1. Income from Salary/ Pension
2. Income from just one house property
3. Income from other sources excluding Winning from Lottery, Race Horses, income from foreign assets, Capital Gains, Business or Profession, Agricultural income that exceeds Rs. 5000

ITR-1 form must be filed by individuals and HUFs on or before 31st July of every year. The government on Thursday extended the deadline to file income tax return (ITR) for FY 2020-21 for most individuals from the earlier deadline of September 30, 2021, to December 31, 2021.