Eligible filers for ITR-1:

• Salaried individuals: If your income comes primarily from salary or pension.
• Income from house property: You can have income from a single house property. 
• Other sources of income: You can have income from other sources, but it excludes things like lottery, gambling, or horse racing.
• Total income up to Rs. 50 lakh: Your total income for the financial year: should not exceed Rs. 50 lakh.
• Resident with specific income: You should be a resident taxpayer according to income tax rules in India.
• Spouse's income (certain conditions): You can include your spouse's income if it meets the specified limits and comes from approved sources.

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Benefits of Filing ITR 1: 

• Simple and user-friendly: Ideal for individuals with basic income sources.
• Faster processing: Streamlined form leads to quicker processing by the Income Tax Department.
• Claim tax benefits: Helps you claim deductions and exemptions to reduce your tax liability.
• Loan and visa applications: Many institutions require an ITR for loan approvals and visa applications.

Process of Filing ITR 1: 

• Gather documents: Collect your PAN card, Form 16 (if salaried), bank statements, investment proofs, and other relevant documents. 
• Choose the filing method: You can file ITR 1 online or offline. 24efiling offers a user-friendly online platform to guide you through the process. 
• Enter your details: Fill in your personal information, income details, deductions claimed, tax paid, and other relevant information.
• Verify and submit: Carefully review your entries, verify them, and submit the ITR form.  

Drawbacks of ITR 1:

• Limited scope: It's not suitable for individuals with income exceeding ₹50 lakh or income from complex sources like business or capital gains.
• Certain deductions not allowed: You cannot claim deductions for business expenses, agricultural income, or professional fees under ITR 1.