Income Tax Department has issued the updated schema for ITR 1 (INCOME TAX RETURN 1) for Assessment year 2014-15 i.e. Income Tax Return for Financial Year 2013-14 (For period 1st April 2013-31st March 2014). ITR-1 Scheme is applicable for online filing of Income Tax Return as now its compulsory to file to online Income tax return for Income above Rs 5 lakhs. Also Download the ITR-1 in PDF Format for physical filing with Income Tax Department.
ITR-1 Form is to be used by an individual whose total income for the assessment year 2012-13 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)