Understanding about ITR-1 and Documentation

Basis for filling ITR-1

1. ITR-1 A.Y 2024-25

2. Who is eligible to file ITR-1 Income fro m salary, one house property, family pension income, agricultural income (up to ₹5000/-), and other sources, W hich include :  o    Interest Income - from Savings Accounts - from Deposits (Bank / Post Office / Cooperative Society - from Income Tax Refund - Interest received on Enhanced Compensation - Any other Interest Income o    Family Pension Income of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above).

3. Who is not eligible to file ITR-1 ITR-1 cannot be filed by any individual who: I s a Resident Not Ordinarily Resident (RNOR) , and Non-Resident Indian (NRI) Has agricultural income exceeding ₹ 5000/- Has income from lottery, racehorses, legal gambling etc. Has taxable capital gains (short term and long term ) Has income from business or profession Is a Director in a C ompany Has tax deduction under section 194N of Income Tax Act Has deferred income tax on ESOP received from employer being an eligible start-up owns and Has income from more than one house property Has invested in unlisted equity shares. Total income does not exceed ₹ 50 lakh during the PY

4. What are the types of income that shall not form part of ITR 1 form I ncome that shall not form part of ITR 1 form:-                                       PGBP (“Profits and gains from business and professions”)       CG (“Capital gains”)       House Property -Income from more than one house property ;       Other Source- W innings from lottery ;  -Activity of owning and maintaining race horses ; Income taxable at special rates under section 115BBDA or section 115BBE;       Income to be apportioned in accordance with provisions of section 5A    

5. D ocuments Key Document Pan No Aadhar No AIS (“Annual Information Statements) 26AS (Reconciled with Form 16) Proof of Investments Proof for Deduction/Exemption (Such As HRA exemption- Rent Receipts, Insurance Copy etc. ) Linking of AADHAR & PAN

6. P recautions ? Ensure details like PAN, permanent address, contact details, bank account details, etc. are correct in the pre-filled data . Filling on or before due date E-Verify the return* Compilation of documents AIS 26AS Bank Statement Form 16 Other Deduction /exemption Doc Manual verification of return send the signed physical copy of ITR-V Acknowledgement (by speed post) within appropriate timelines to Centralized Processing Center , Income Tax Department, Bengaluru 560500 (Karnataka)

7. Thank You CA Ajay Kumar Mobile No.9650330730 Mail [email protected]