Who Can File ITR-1?

ITR-1 is applicable for resident individuals (not NRIs) with:
   • Total income up to ₹50 lakh from:
       o Salary or pension (including family pension).
       o One house property (e.g., rental income or home loan interest).
       o Other sources like interest from savings accounts, fixed deposits, or dividends (up to ₹5,000 from agricultural income).
   • No business or professional income (use ITR-3 or ITR-4 for those).
   • No capital gains (e.g., from sale of shares or property; use ITR-2 instead).
   • No foreign assets or income (use ITR-2 or ITR-3).
   • No brought-forward losses or losses to carry forward (use ITR-2 or ITR-3).

Examples: Salaried employees, retirees with pension, or individuals with bank interest and one rental property.

Steps to E-File ITR-1 (AY 2025-26)

1. Register/Login:
       o Visit incometax.gov.in/iec/foportal.
       o Log in using your PAN as the user ID and password.
       o New users: Register with PAN, name, date of birth, and mobile/email. Verify via OTP.
2. Gather Documents: 
       o PAN card and Aadhaar (for e-verification).
       o Form 16 (from employer, showing salary and TDS).
       o Form 26AS (TDS/TCS details; download from portal).
       o Annual Information Statement (AIS) (for interest, dividends, or high-value transactions).
       o Bank statements (for interest income or pre-validated account for refunds).
       o House property details (rental income, tenant PAN, or home loan interest for Section 24 deduction).
       o Deduction proofs: Investments under Section 80C (e.g., PPF, ELSS, LIC up to ₹1.5 lakh), 80D (health insurance), 80G (donations), etc.
3. Access ITR-1 Form:
       o Go to e-File > Income Tax Returns > File Income Tax Return.
       o Select Assessment Year 2025-26 and ITR-1.
       o Choose online mode for pre-filled data (recommended for simplicity).
4. Fill the Form: 
       o Pre-filled Data: The portal auto-populates personal details (from PAN/Aadhaar), salary, TDS, and bank details from Form 26AS/AIS. Verify and update if needed (e.g., add new bank for refunds).
       o Income Details:
                o Salary: Enter gross salary, exemptions (e.g., HRA, LTA), and taxable salary from Form 16.
                o House Property: Report rental income (deduct 30% standard deduction) or home loan interest (up to ₹2 lakh under Section 24 for self-occupied property).
                o Other Sources: Add interest from savings (deduction up to ₹10,000 under Section 80TTA), FDs, or dividends.
       o Deductions: Claim under:
                o Section 80C: Up to ₹1.5 lakh (e.g., PPF, ELSS, insurance).
                o Section 80D: Health insurance premiums (₹25,000 for self/family; ₹50,000 for senior citizens).
                o Others: 80G (donations), 80TTA/80TTB (interest for seniors up to ₹50,000).
       o Tax Computation:
               o Choose tax regime:
                         o New Regime (default): Lower tax slabs, no deductions (except 80C CD(2) for NPS). Slabs: 0% up to ₹3 lakh; 5% on ₹3-7 lakh; 10% on ₹7-10 lakh; 15% on ₹10-12 lakh; 20% on ₹12-15 lakh; 30% above ₹15 lakh.
                         o Old Regime: Higher slabs but allows deductions. Slabs: 0% up to ₹2.5 lakh; 5% on ₹2.5-5 lakh; 20% on ₹5-10 lakh; 30% above ₹10 lakh.
                         o Calculate tax, add cess (4%), and subtract TDS from Form 26AS.
                         o Pay any balance tax via e-Pay Tax (net banking, UPI, or card).
        o Validate: Click “Validate” to check for errors. Preview the summary.
5. Submit and E-Verify: 
        o Submit the return.
        o Verify within 30 days using:
                 o Aadhaar OTP (fastest; linked to PAN).
                 o Electronic Verification Code (EVC) via net banking or bank ATM.
                 o Digital Signature Certificate (DSC) (if applicable).
                 o Physical ITR-V: Rarely used; send signed ITR-V to CPC Bengaluru within 30 days.
         o Receive ITR-V acknowledgment via email or download from portal.
6. Post-Filing:
       o Track Status: Check under “My Account > ITR Status.”
       o Refunds: Monitor via “e-File > Refund Status.” Refunds are credited to pre-validated bank accounts, often within 4-10 hours for e-filed returns.
       o Rectification: If errors, file a rectification request under “e-File > Rectification” for Section 143(1) notices.
       o Revised Return: Correct mistakes by filing a revised ITR by December 31, 2025.