This year the Income Tax Department has made significant changes in ITR Forms. In This Article let’s discuss all about ITR-1.
1. Assessment Year for which this Return Form is applicable:-
This Return Form is applicable for assessment year 2017-18 , i.e., it relates to income
earned in Financial Year 2016-17.
2. Who can use this Return Form :-
This Return Form is to be used by an individual whose total income for the assessment
year 2017-18 includes:-
(a) Income from Salary/ Pension; or
(b) Income from One House Property (excluding cases where loss is brought forward from
previous years); or
(c) Income from Other Sources (excluding winning from lottery and income from Race
Horses, Income taxable under section 115BBDA or Income of the nature referred to in
section 115BBE)
NOTE: Further, in a case where the income of another person like spouse, minor child, etc.
is to be clubbed with the income of the assessee, this Return Form can be used only if the
income being clubbed falls into the above income categories.
3. Who cannot use this Return Form :-
This Return Form should not be used by an individual whose total income for the
assessment year 2017-18 exceeds Rs.50 lakh or includes,-
(a) Income from more than one house property; or
(b) Income from winnings from lottery or income from Race horses; or
(c) Income taxable under section 115BBDA; or
(d) Income of the nature referred to in section 115BBE; or
(e) Income under the head “Capital Gains” e.g., short-term capital gains or long-term capital
gains from sale of house, plot, shares etc.; or
(f) Agricultural income in excess of ₹5,000; or
(g) Income from Business or Profession; or
(h) Loss under the head ‘Income from other sources’; or
(i) Person claiming relief under section 90 and/or 91; or
(j) Any resident having any asset (including financial interest in any entity) located outside
India or signing authority in any account located outside India; or
(k) Any resident having income from any source outside India.
4. Annexure-less Return Form :-No document (including TDS certificate) should be attached to this Return Form. All such
documents enclosed with this Return Form will be detached and returned to the person
filing the return.
5. Manner of filing this Return Form :-This Return Form can be filed with the Income Tax Department in any of the following
ways, –
(i) by furnishing the return in a paper form;
(ii) by furnishing the return electronically under digital signature;
(iii) by transmitting the data in the return electronically under electronic verification code;
(iv) by transmitting the data in the return electronically and thereafter submitting the
verification of the return in Return Form ITR-V;
NOTE: Where the Return Form is furnished in the manner mentioned at 5(iv), the assessee
should print out two copies of Form ITR-V.
One copy of ITR-V, duly signed by the assessee, has to be sent by post to – Post Bag No.
1, Electronic City Office, Bengaluru— 560 100, Karnataka. The other copy may be retained
by the assessee for his record.
Only the following persons have an option to file return in paper form:-
(i) an individual of the age of 80 years or more at any time during the previous year; or
(ii) an individual or HUF whose income does not exceed five lakh rupees and no refund is
claimed in the return of income.
6. Filling out the acknowledgment:-
Only one copy of this Return Form is required to be filed. Where the Return Form is
furnished in the manner mentioned at 5(i), the acknowledgment/ ITR-V should be duly filled.
7. Obligation to file return:-
Every individual or HUF whose total income before allowing deductions under Chapter VI-A
of the Income-tax Act, exceeds the maximum amount which is not chargeable to incometax
is obligated to furnish his return of income. The deductions under Chapter VI-A are to
be mentioned in Part C of this Return Form. In case of any doubt, please refer to relevant
provisions of the Act.
The maximum amount not chargeable to income tax in case of
different categories of individuals is as follows:
(i) In case of individuals below the age of 60 years -Rs 2,50,000
(ii) In case of individuals, being resident in India, who are of
the age of 60 years or more at any time during the financial
year 2016-17 -Rs3,00,000
(iii) in case of individuals, being resident in India, who are of the
age of 80 years or more at any time during the financial
year 2016-17 -Rs5,00,000.
By CA Shivam Gupta. Originally published on Tax Advisor – Your Own Tax Guide. This article reflects its original publication date; provisions and deadlines may have changed.