How to file ITR-1 with salary, income from house property and other sources for FY 2023-24 (AY 2024-25)
Who can file ITR-1?
Form ITR-1 can be used by an Ordinary Resident (ROR) Individual with a total income of up to Rs. 50 lakh. This can include income from salary, income from one house property and income from other sources such as bank interest, dividends, and agricultural income up to Rs 5,000.
This form cannot be used by individuals who are either directors in a company, have invested in unlisted equity shares or whose tax is deducted by banks on cash withdrawals under Section 194N. TDS is deducted under section 194N by banks or post offices if cash is withdrawn above the threshold limit from any bank account (savings or current bank account) maintained by a person. Those with deferred income tax on Employee Stock Option Plans (ESOPs) also cannot use this form. Individuals having foreign shares or having foreign income (dividends from foreign shares) are also not eligible to use ITR-1.
Ways to file ITR-1
There are various ways to file Form ITR-1: Via Excel utilities or Java utilities or directly on the e-filing platform or it can also be filed using third-party software. It is recommended that the e-filing platform be used to file returns as it auto-fills basic information and tax details into the ITR-1 form without any manual intervention, which saves time and effort.
Steps to e-file ITR-1 online on income tax e-filing website
Step 1: Go to https://www.incometax.gov.in/iec/foportal/ and log in with your PAN/Aadhaar and password.
Step 2: Go to E-File > Income Tax Returns > File Income Tax Return from the menu.
