Director and owner - income tax rules

1. If both of u have only salary income then ITR1 to be  used (provided u have no other income like capital gain)
2. If taxable income crosses the exemption limit, TDS is applicable u/s 192, in which case form 16 is required
3. Profit share means dividend? Dividend income is exempt in the hands of the shareholder but company has to pay dividend distribution tax. In this case also, ITR1 is enough

Thanks. If I have some income from shares also, will it still be ITR1?

If u have capital gain on sale of shares, then u need to use ITR2