ITR -1 Form is a for individuals having income up to Rs 50 lakh
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ITR (Income Tax Return) is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department. The department has notified 7 various forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 till date.
This Return Form is for a resident individual whose total income for the assessment year 2020-21 includes:
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)
Agricultural income up to Rs.5000.
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.
To make tax compliance easier, the income tax department has categorized taxpayers into many groups based on income and its source. So, you need to file your returns accordingly.
For offline, the return is furnished in a physical paper form. The Income Tax Department will issue you an acknowledgement at the time of submission of your physical paper return.