Who Can File ITR-1
ITR-1 is available to resident individuals (not HUFs, not non-residents) whose total income for the financial year does not exceed ₹50 lakh. Eligible income sources are: salary or pension, income from up to two house properties, and income from other sources such as interest on savings accounts, fixed deposits, and dividends. The house property limit was raised from one to two for AY 2026-27. Agricultural income up to ₹5,000 is also permitted alongside these sources. From AY 2026-27 an aggregate long-term capital gain within ₹1.25 lakh from listed equity shares or equity-oriented mutual funds can also be reported here.
Who Cannot File ITR-1
You must not use ITR-1 if any of the following apply: you have any short-term capital gain, or long-term gains above the ₹1.25 lakh exemption, or any gain from property, gold or debt funds; you transferred crypto or another virtual digital asset, which requires Schedule VDA; you have income from more than two house properties; you have foreign income, foreign assets or signing authority abroad; you are a director in a company; you hold unlisted equity shares; you are a non-resident or not ordinarily resident; your total income exceeds ₹50 lakh; or you have losses to carry forward or brought-forward losses to set off. In these cases, ITR-2 or ITR-3 is required.
Due Date and Filing Process
The due date for filing ITR-1 is July 31 of the assessment year (for FY 2025-26, the due date is July 31, 2026). Filing after this date but before December 31 is allowed as a belated return under Section 139(4), with a late fee of ₹1,000 (income up to ₹5 lakh) or ₹5,000 (income above ₹5 lakh) under Section 234F. ITR-1 can be filed online on the Income Tax e-filing portal (incometax.gov.in) and is pre-filled with data from Form 16, Form 26AS, and AIS. Verification must be completed within 30 days of filing via Aadhaar OTP, net banking, or by sending a signed ITR-V to CPC Bengaluru.
Key Schedules in ITR-1
- Schedule S (Salary): Gross salary, allowances, perquisites, and deductions under Section 16 (standard deduction ₹75,000 under new regime / ₹50,000 under old regime, professional tax, entertainment allowance).
- Schedule HP (House Property): Annual value, municipal taxes paid, 30% standard deduction under Section 24(a), and interest on home loan under Section 24(b) (up to ₹2 lakh for self-occupied property).
- Schedule OS (Other Sources): Interest income, dividends, and family pension.
- Part C (Deductions): Chapter VI-A deductions under old regime (80C, 80D, 80TTA, etc.).