ITR filing: Here's all you need to know about ITR Form 1

There is more exclusion to filing ITR 1.

Like, individuals who qualify to be resident but are not ordinarily resident or non-resident or have income from capital gains or have more than one house property are also not permitted to use Form 1, as per Aarti Raote, Partner, Deloitte India.

Further, it may be noted that individual who is either director in a company or has invested in unlisted equity shares would not be eligible to use this tax return form. Individuals who hold unlisted equity shares at any time during the previous year are also not allowed to file ITR.

"Individuals who claims a deduction under Section 80QQB or Section 80RRB in respect of royalty from patents or books, who claims a deduction under Section 10AA or Part-C of Chapter VI-A, who has brought forward loss or losses to be carried forward under any head, who wants to claim relief under Section 90 or 91, who has any assets (including financial interest in an entity) located outside India, who has signing authority in any account outside India, who has any income to be apportioned in accordance with provisions of Section 5A are even not permitted to file ITR form 1," according to Taxmann.

a) Income taxable under the head ‘Other sources’ which is taxable at special rate.

b) Dividend income exceeding Rs 10 lakh taxable under Section 115BBDA.

c) Unexplained income (i.e., cash credit, unexplained investment, etc.) taxable  at 60 percent under Section 115BBE.

d) Agricultural Income exceeding Rs 5,000.

e) Person claiming deduction under Section 57 from income taxable under the head ‘Other Sources’(other than deduction allowed from family pension).

h) Income from any source outside.