All about ITR 1 – Tax Returns for FY 2017 -18 ( AY 2018 -19

ITR 1 is APPLICABLE ONLY FOR RESIDENT INDIVIDUALS
TOTAL INCOME UNDER ALL THE HEADS (SALARY + ONE OUSE PROPERTY+ OTHER SOURCES) SHOULD BE UPTO RS. 50 LAKHS
BREAKUP OF SALARY (TAXABLE ALLOWANCES, PERQUISITES) IS
MANDATORY
BREAKUP OF INCOME FROM ONE HOUSE PROPERTY (RENT EARNED,
TAXES PAID IF ANY) IS MANDATORY
NON-RESIDENT INDIVIDUALS CANNOT FILE ITR-1

DUE DATE FOR FILING THE ITR IS 31 ST JULY 2018
  • PENALTY FOR NON-FILING OF RETURN WITHIN DUE DATE (SECTION 234F OF THE INCOME TAX ACT 1961)
  • IF TOTAL INCOME IS LESS THAN RS. 5 LAKHS, THEN PENALTY OF RS.
    1,000 WILL BE LEVIED
  • IF TOTAL INCOME IS MORE THAN RS. 5 LAKHS, THEN PENALTY OF RS.
    5,000 WILL BE LEVIED IF RETURN IS FILED AFTER 31 ST JULY 2018 BUT
    BEFORE 31 ST DECEMBER 2018
  • IF TOTAL INCOME IS MORE THAN RS. 5 LAKHS, THEN PENALTY OF RS.
    10,000 WILL BE LEVIED IF RETURN IS FILED AFTER 31 ST DECEMBER 2018
    BUT BEFORE 31 ST MARCH 2019

RETURN FOR THE FINANCIAL YEAR 2017-2018 CANNOT BE FILED AFTER 31 ST MARCH 2019.

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