Documents required for ITR-1 Filing
- Form-16 issued by your employer
- Month wise salary slips
If any interest income
- Bank statement/passbook for interest on a savings account.
- Interest income statement for fixed deposits.
- TDS certificate issued by banks and others.
If any Deduction to be claimed in chapter VI-A
- Your contribution to Provident Fund
- Your children’s school tuition fees
- Life insurance premium payment
- Stamp-duty and registration charges
- Principal repayment on your home loan
- Equity Linked Savings Scheme/Mutual funds investment
- The maximum amount that can be claimed under Section 80C is Rs 1.5 lakhs.
Who can file ITR-1?
Income from Salary/Pension
Income from One House Property (excluding cases where loss is brought forward from previous years)
Income from Other Sources (excluding winning from Lottery and Income from Race Horses)
Who cannot file ITR 1 for AY 2020-21?
- An individual having income above Rs 50 lakh cannot use this form.
- An individual who is either a director in a company and has held any unlisted equity shares at any time during the financial year cannot use this form.
- Residents not ordinarily resident (RNOR) and non-residents cannot file returns using ITR -1
- Also, individuals who have earned income through the following means are not eligible to file form ITR 1 :More than one House Property
- Lottery, Racehorses, Legal Gambling etc.
- Taxable capital gains (Short term and Long term)
- Agricultural income exceeding Rs. 5,000
- Business and Profession
- Individual who is a Resident and has assets (including financial interest in any entity) outside India or signing authority in any account located outside India.
- Individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.