Income Tax Return (ITR) Form 1 is for individuals having salary and interest income. This Return Form is applicable for assessment year 2016-17, which means it relates to income earned in Financial Year 2015 -16.
1) Who can use this ITR 1 Form?
This Return Form is to be used by an individual whose total income for the assessment year 2015-16 includes:
- Income from Salary/ Pension or
- Income from One House Property or
- Income from Other Sources
2) Who cannot use this ITR 1 Form?
This Return Form should not be used by an individual whose total income for the assessment year includes:
- Income from more than one house property or
- Income from Winnings from lottery or income from Race horses or
- Income under the head "Capital Gains' or
- Agricultural income in excess of 5,000 or
- Income from Business or Profession or
- Loss under the head 'Income from other sources' or (g) Person claiming relief under section 90 and/or 91 or
- Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India or
- Any resident having income from any source outside India.
3) Annexure-less Return Form
No document including TDS certificate should be attached to this Return Form. All such documents enclosed with this Return Form will be detached and returned to the person filing the return.
4) Form 16
Individuals need to fill details of Tax deducted at source from salary which should be as per Form 16 issued by an employer. Individuals should inform all details of the bank accounts excluding dormant account in India.
5) What is the structure of the ITR 1 Form?
ITR-1 is divided into:
- Part A: Personal Details
- Part B: Gross Total Income
- Part C: Deductions and Taxable Total Income
- Part D: Tax Computation and Tax Status
- Schedule IT: Details of Advance Tax and Self Assessment Tax Payments
- Schedule TDS1: Details of Tax Deducted at Source from Salary (As per Form 16 issued by employer)
- Schedule TDS2: Details of Tax Deducted at Source from Income other than Salary (As per Form 16A, issued by Deductor(s)).