ITR-1 Form Filing - Income Tax Return
ITR-1 SAHAJ kind is that the most generally used kind by people to file their Tax Returns with the revenue enhancement Department of Bharat. people WHO have their financial gain inside ₹ fifty Lakhs and have earned their financial gain for the twelvemonth through regular payment or Pension, only 1 House Property and different sources excluding lottery, racehorses, legal gambling etc square measure eligible to file their IT come exploitation ITR-1.
Assesses WHO have financial gain from foreign assets, agricultural financial gain that exceeds Rs. 5000, financial gain from Business or Profession and financial gain from over one house property don’t seem to be eligible to file exploitation ITR-1 kind.
Who can use ITR-1 form ?
ITR-1 should be filed by people whose supply of financial gain is restricted to Salary/Pension, One House Property and different sources (Excluding winning from lottery and race horses).
Who should not file ITR-1 Form ?
ITR-1 form mustn’t be filed for below cases :
- Income that exceeds Rs. 50 Lakhs
- Assesses has Rateable Capital Gains
- Assesses has any of the below sources of income:
- A.financial gain from foreign assets
- Agricultural financial gain that exceeds Rs. 5000
- financial gain from Business or Profession
- financial gain from over one house property
When should ITR-1 be filed ?
ITR-1 kind is to be used once the assesses has financial gain that’s inside Rs. fifty Lakhs and once the supply of financial gain falls into any of the below classes :
- Financial gain from Salary/ Pension
- Financial gain from only one house property
- financial gain from different sources excluding Winning from Lottery, Race Horses, financial gain from foreign assets, Capital Gains, Business or Profession, Agricultural financial gain that exceeds Rs. 5000.
What is the date for filing ITR-2 kind?
ITR-1 kind should be filed by people and HUFs on or before thirty first Gregorian calendar month of each year.
Procedure for Filing ITR 1 Form
Form ITR one will be submitted to the financial gain Dax Department in multiple method:
- The come will be filed in paper kind.
- The come will be filed on-line employing a digital signature of the remunerator.
- The come will be filed on-line exploitation electronic verification code.
- The come will be filed on-line followed by submission of ITR-V by post.
Only the subsequent persons have associate degree choice to file come in paper form:
An individual of the age of eighty years or additional at any time throughout the previous year; or a personal or HUF whose financial gain doesn’t exceed 5 100000 rupees and no refund is claimed within the come of income.
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