ITR-1 can be filed by a Resident Individual whose:
ITR-1 cannot be filed by any individual who:
Following are the types of income that shall not form part of ITR 1 form:-
(a) Profits and gains from business and professions;
(b) Capital gains;
(c) Income from more than one house property;
(d) Income under the head other sources which is of following nature:-
(i) winnings from lottery;
(ii) Activity of owning and maintaining race horses;
(iii) Income taxable at special rates under section 115BBDA or section 115BBE;
(e) Income to be apportioned in accordance with provisions of section 5A
You would need to download AIS and keep copies of Form 16, house rent receipt (if applicable), investment payment, premium receipts (if applicable). However, ??ITRs are annexure-less forms, so you are not required to attach any document (like proof of investment, TDS certificates) along with your return (whether filed manually or electronically). However, you need to keep these documents for situations where they need to be produced before tax authorities such as assessment, inquiry, etc.
Yes. From AY 2024-25, the new tax regime will be the default option. Every year, you must select between the old and new tax regimes for that particular Assessment year.
Yes, all deductions will be available to claim in the return once taxpayer will change the option of default new tax regime to old tax regime by selecting ‘Yes’ option in do wish to exercise the option under section 115bac (6) under Personal Information in return , By default, it will be selected as ‘No’ for new tax regime and all deductions will be disabled in return. Once option will be changed to old tax regime after selecting ‘Yes’ then all deductions will get enabled and then taxpayer will be able to claim all deductions.
In case of "non-business cases", option to choose the regime can be exercised every year directly
in the ITR to be filed on or before the due date specified under section 139(1).
In case of taxpayers having “income from business and profession” and who want to opt out of
new tax regime, the assessee would be required to furnish Form 10-IEA on or before the due date
u/s 139(1) for furnishing the return of income. Also, for the purpose of withdrawal of such option
i.e. opting out of old tax regime shall also be done by way of furnishing Form No.10-IEA.
New tax regime is the default tax regime. However, taxpayers can opt for the old regime.
Currently, section 87A allows individuals to claim a rebate of Rs 12,500 under the old tax regime and Rs 25,000 under the new tax regime.
Till March 31, 2023 (FY 2022-23), section 87A tax rebate under old and new tax regime was available for taxable income up to Rs 5 lakh. Hence, opting for old or new tax regime made no difference for an individual having taxable income up to Rs 5 lakh. However, to make the new tax regime more attractive, the tax rebate was increased to Rs 25,000 for New Tax regime only. This made zero tax payable for taxable income up to Rs 7 lakh in the new tax regime for FY 2023-24 (from April 1, 2023).
Yes, you can file ITR-1 for the AY 2024-25 in case the following conditions are met:
To avoid issues in filing your return and getting your refund, ensure you do the following:
For salaried individuals, advance tax is mostly taken care of through TDS by employers. But other forms of income such as interest on savings bank accounts, fixed deposits, rental income, bonds, or capital gains increase the tax liability. Tax liability needs to be estimated beforehand. If tax amounts to more than ?10,000/- per year, taxpayers need to pay advance tax in quarterly instalments (June, September, December and March).
Advance Tax: Advance Tax must be calculated as given below??:
a) In case of all assessees (other than the eligible assessees as referred to in section 44AD and 44ADA of the Income Tax Act):
At least to 15% | On or before 15th June |
At least to 45% | On or before 15th September |
At least to 75% | On or before 15th December? |
100% | On or before 15th March |
Self-Assessment Tax: After filling out your ITR form with the TDS and advance tax details (if paid), the system computes your income and checks whether tax is still payable. You need to pay it and then fill in the challan details in the return before submitting it.
???Allowances are fixed periodic amounts, apart from salary, which are paid by an employer, e.g., conveyance allowance, travelling allowance, uniform allowance, etc. Allowances are considered income and will increase your gross total income on which you will be taxed. Allowances can be taxable, partially exempted, and fully exempted.
Perquisites are benefits you receive because of your official position, and are over and above your salary or wage income. These perquisites can be taxable or non-taxable depending upon their nature.
No, not all donations qualify for 100% exemption from tax. The categories for tax deduction, based on whom you donated to (charitable institution, fund set up by Government, scientific research institution, etc.) are as follows:
You need to check the deduction limit on your donation receipt and claim deduction accordingly while filing your return.
Yes, you can file ITR-U, if you have missed to file your previous two ITRs. For current year you can file your normal ITR
In case you miss filing the ITR within the due date u/s 139(1), you can still file your Income Tax Return, but you may be required to pay a late filing fee of up to ?5000/-. Additionally, you will also be required to pay interest on the tax liability (if any).
Yes, employers and banks deduct tax at source on salary and interest income respectively. You still need to disclose the income on which tax has been deducted and claim credit for TDS in the Income Tax Return.
Yes, any excess tax paid by you can be claimed as refund by filing your Income Tax Return. After your return is processed, ITD checks and accordingly accepts your refund claim, and then the amount is credited to your bank account. You will also get a message on your email ID registered on the e-Filing portal.
From AY 2024-25 new schedules have been added regarding deduction u/s 80 DD and 80 U. If you want to claim deduction u/s 80DD and 80U then you have to mandatorily file from 10 IA before filing the return of Income and enter the details (Date of filing form and acknowledgement no.) of Form 10 IA in Schedule 80 DD and 80 U while filing the return of Income.
Yes, Standard deduction of Rs.50,000 or the amount of salary, whichever is lower, is available for
both old and new tax regimes from AY 2024-25 onwards.
In new tax regime, Chapter-VIA deductions cannot be claimed, except deduction u/s
80CCD(2)/80CCH/80JJAA as per the provision of Section 115BAC of the Income Tax Act, 1961. In
case, taxpayer wants to claim any deductions (as applicable), then taxpayer needs to choose the old
tax regime by selecting “Yes” option in ITR 1 / ITR 2 (or) “Yes, within due date” option in ITR 3 / ITR
4 / ITR 5 in the field provided for “opting out option” under Schedule ‘Personal Information’ or ‘PartA General’ in the respective ITR.
In the new tax regime, “Interest on borrowed capital for Self-occupied property” is not allowed as
a deduction from Income from House property as per the provision of Section 115BAC of the Act,
1961. In case, the Taxpayer wants to claim deduction of interest on borrowed capital for SOP, then
taxpayer must choose ‘Old Tax Regime’ by selecting “Yes” in ITR 1 / ITR 2 or “Yes, within due date”
option in ITR 3 / ITR 4 / ITR 5 in the field provided for “opting out option” in the ITR Form.
In the old tax regime , the basic exemption limit for senior citizens is Rs. 3,00,000/- and for super
senior citizens, it is Rs. 5,00,000/-. In the new tax regime, no income tax is payable upto the total
income of Rs. 7 lakh.
Please note that new tax regime is default regime for AY 2024-25. Any actions in any previous years
with respect to choice of regimes will not be applicable from AY 2024-25. You are required to
submit Form 10-IEA again in case you want to opt for the old regime.
Section 80C allows you deductions up to ?1.5 Lakh for various types of investments and expenses.
The list of eligible deductions commonly available under Section 80C is as follows -