Overview of ITR-1
Anyone with a Gross Total Income of more than Rs.250000 in any Financial Year must file an Income Tax Return, or ITR.
Gross Total Income, not Total Income, must be considered for ITR 1 efiling. Certain qualified deductions are allowed under Chapter VI of the Income Tax Act, such as deductions under Sections 80C, 80D, 80E, and 80G, which are subtracted from Gross Total Income to arrive at Net Income or Total Income.Even though total income is less than 2.5 lacs for the year, ITR filing is required if the total income is less than 2.5 lacs after deductions under Chapter VI of the Income Tax Act.
For example, if a person’s gross income is Rs.3,50,000 and his or her allowed deductions under Chapter VIA are Rs.100000, the person’s net income will be just Rs.250000. Because his gross total income exceeds Rs.250000, he will still be obliged to file an income tax return.
Who can file ITR-1
Individuals with an income of less than Rs.50 lakhs from the following sources in a financial year must file Form ITR-1 (SAHAJ):
- Property with Only One House: (does not include incidents where the house is destroyed) The loss of property has been brought forward from the previous year.
- Additional resources: (but does not include income earned from winning lottery or race horses)
Who can not file ITR-1
Form ITR-1 cannot be filed in the following cases:
If Income exceeds Rs. 50 lacs
- If a farmer’s income reaches Rs. 5,000, he or she is considered wealthy.
If there is income from business or profession
If there is any Capital Gain Income
If there is income from more than one house property
If an individual is a Director of a company
If there is any Investment in unlisted equity shares
If an individual owns assets or has financial interest outside India or is the signing authority of an account located outside India.
If a person is an NRI (not ordinarily resident)
Documents requirement for filling ITR-1
Salary Slips/ Salary Certificate/ Form-16
Tax-Savings Investment Proofs
Fill out Form 16A if any TDS has been deducted from your income.
Steps & Procedures
Complete Roadmap of Process of ITR filling service
Fill the Form and make the payment
Our Tax expert will reach you soon after query
Upload info. and documents
Sent us the OTP that is sent to you
Filing of the ITR form, providing your details.
Your work is done.
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It will not take more than 5 minutes
We can assist you with your ITR filling and support for your business within 24 hours while you sitting at your place with only a couple snaps of a mouse.
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Frequently Asked Question
I have filled my IT-return incorrect what should i do ?
Who can not fill ITR-1 ?
- If your total income exceeds Rs 50 lakhs.
- If you have foreign assets
- If you have agricultural income which is more than Rs. 5,000,
- If you have taxable capital gains
- If you have income from business or profession
- If you have income from more than one house property
Do you provide services in Chhattisgarh ?
Yes, Fintore India is an online platform that serves all of India. No matter where you do business, all you need is an internet connection on your phone or computer, and we'll take care of the rest.
Do i need to physically present for the process ?
No, you do not need to be physically present for the process; Fintore India is an online catering platform; all you need is an internet connection on your phone/computer and the relevant paperwork, and we can do the task regardless of where you are in India.