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Startup ITR-1(SALARY)

What is Income Tax?

The term “income tax” refers to a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction. By law, taxpayers must file an income tax return annually to determine their tax obligations.
Income taxes are a source of revenue for governments. They are used to fund public services, pay government obligations, and provide goods for citizens. In addition to the federal government, many states and local jurisdictions also require that income tax be paid.


As you already know Income Tax Return filing is done by way of submitting the income tax form to the income tax department. Different ITR forms are notified by the tax department depending on the source of your income. ITR 1 form commonly known as Sahaj is one such form. It is one of the most used forms in India. It is a simple form used for Income Tax Return filing & submitting your income, deductions and tax details to the income tax department.

Who is eligible to file ITR-1

ITR-1 can be filed by a Resident Individual whose.

Total income does not exceed ₹ 50 lakh during the FY

Income is from salary, one house property, family pension income, agricultural income (up to ₹ 5000/-), and other sources, which include.

Interest from Savings Accounts.

Interest from Deposits (Bank / Post Office / Cooperative Society).

Interest from Income Tax Refund.

Interest received on Enhanced Compensation.

Any other Interest Income.

Family Pension.

Income of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above).

Who is not eligible to file ITR-1

ITR-1 cannot be filed by any individual who:

is a Resident Not Ordinarily Resident (RNOR), and Non-Resident Indian (NRI).

has total income exceeding ₹ 50 lakh.

has agricultural income exceeding ₹ 5000/-

has income from lottery, racehorses, legal gambling etc.

has taxable capital gains (short term and long term).

has invested in unlisted equity shares.

has income from business or profession.

is a Director in a company.

has tax deduction under section 194N of Income Tax Act.

has deferred income tax on ESOP received from employer being an eligible start-up.

owns and has income from more than one house property.

is not covered under the eligibility conditions for ITR-1.

What documents do I need to file ITR-1?

You would need Form 16.

house rent receipt (if applicable).

investment payment premium receipts (if applicable).

However, ITRs are annexure-less forms, so you are not required to attach any document (like proof of investment, TDS certificates) along with your return (whether filed manually or electronically). However, you need to keep these documents for situations where they need to be produced before tax authorities such as assessment.

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