ITR filing 2023-24: Types of income not part of ITR-1 form

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

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ITR-1 cannot be filed by any individual who:

is a Resident Not Ordinarily Resident (RNOR), and Non-Resident Indian (NRI)

has total income exceeding ? 50 lakh

has agricultural income exceeding ? 5000/-

has income from lottery, racehorses, legal gambling etc.

has taxable capital gains (short term and long term)

has invested in unlisted equity shares

has income from business or profession

is a Director in a company

has tax deduction under section 194N of Income Tax Act

has deferred income tax on ESOP received from employer being an eligible start-up

owns and has income from more than one house property

is not covered under the eligibility conditions for ITR-1

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Yes, it is mandatory to define the nature of employment while filing of return from the following: –

(a)Central Government Employee

(b) State Government Employee

(c) Employee of Public Sector Enterprise (whether Central or State Government)

(d) Pensioners (CG/SG/PSU/OTHER)

(e) Employee of Private Sector concern

(f) Not applicable (in case of family pension income)

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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.

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Carefully select the tax regime.

Download AIS and Form 26AS and check the actual TDS / TCS / tax paid. If you see any discrepancy, you should reconcile it with the Employer / Tax Deductor / Bank.

Compile and carefully study the documents to be referred to when filing your ITR, like bank statement / passbook, interest certificates, receipts to claim exemptions or deductions, Form 16, Form 26AS (Annual Information Statement), investment proofs, etc.

Ensure details like PAN, permanent address, contact details, bank account details, etc. are correct in the pre-filled data.

Identify the correct return for you (from ITR-1 to ITR-7). Provide all the details in the return such as total income, deductions (if any), interest (if any), taxes paid / collected (if any), etc. No documents are to be attached along with ITR-1.

e-File the return of income on or before the due date. The consequences of delay in filing returns include late filing fees, losses not getting carried forward, deductions and exemptions not being available.

After e-Filing the return, e-Verify it. If you want to manually verify your return, send the signed physical copy of ITR-V Acknowledgement (by speed post) within appropriate timelines of filing the return to Centralized Processing Center, Income Tax Department, Bengaluru 560500 (Karnataka).

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