Income Tax Return (ITR) is a form in which the taxpayers file information about their income earned and tax applicable, to the income tax department.

ITR-1 is a simplified one-page form for individuals receiving income of up to Rs 50 lakh from the following sources : Income from salary/pension. Income from one house property (excluding cases where loss is brought forward from previous years)


This Return Form is for a resident individual whose total income for the AY 2023-24 includes:

  • Income from Salary/ Pension; or
  • Income from One House Property (excluding cases where loss is brought forward from previous years); or
  • Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
  • Agricultural income up to Rs 5000.

Who cannot use ITR-1 Form?

  • Total income exceeding Rs 50 lakh
  • Agricultural income exceeding Rs 5000
  • If you have taxable capital gains
  • If you have income from business or profession
  • Having income from more than one house property
  • If you are a Director in a company
  • If you have had investments in unlisted equity shares at any time during the financial year
  • Owning assets (including financial interest in any entity) outside India, including signing authority in any account located outside India
  • If you are a resident not ordinarily resident (RNOR) and non-resident
  • Having any foreign income
  • If you are assessable in respect of income of another person in respect of which tax is deducted in the hands of the other person.
  • If tax has been deducted under Section 194N
  • If in case payment or deduction of tax has been deferred on ESOP
  • If you have any brought forward loss or loss needs to be carried forward under any income head

Benefits of Income Tax Return (ITR) Filing

  • Easy Loan Approval. The income stability of the borrowers is critical for the lenders
  • Income Proof
  • Quick Visa Processing
  • Claim Tax Refund
  • Compensate for Losses
  • Presumptive Taxation Scheme
  • Avoid Penalties
  • Medical Insurance
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