ITR – 1 – This form will be applicable, If you meet the following conditions
- (a) You qualify as ‘Resident and Ordinarily Resident’ in India;
- (b) You have one or more of the following source of income;
- (i) You have salary income
- (ii) You have interest income from bank / post office / cooperative society/ enhanced compensation / income tax refund;
- (iii) You have Dividend Income
- (iv) You have family pension;
- (v) You do not own any house property or 1 house property:
- (vi) You do not have any income chargeable at special rate
- (vii) You have income from retirement benefit account maintained in a notified country under section 89A
- (viii) You have income from retirement benefit account maintained in a country other than notified country section 89A
- (c) Your total income does not exceed Rs. 50 Lakh;
- (d) You are not a director in a company in India or outside India;
- (e) You do not own any equity shares in a company which is not listed in India or outside India;
- (f) You do not have any brought forward loss or loss to be carried forward;
- (g) You do not want to claim any relief under section 90 or section 91;
- (h) You do not have any income or asset outside India
- (i) You are not governed by Portuguese Civil Code
- (j) You are not a partner in a partnership firm
- (k) You do not have agricultural income more than Rs. 5,000
- (l) You do not want to claim any deduction under section 57, other than deduction w.r.t family pension section 57(iia)
- (m) You do not have Tax deducted at source under section 194N
- (n) You do not have deferred tax on ESOPs received from eligible start-ups.