ITR-1
Income Tax Return (ITR) is a form in which the taxpayers file information about their income earned and tax applicable, to the income tax department.
ITR-1 is a simplified one-page form for individuals receiving income of up to Rs 50 lakh from the following sources : Income from salary/pension. Income from one house property (excluding cases where loss is brought forward from previous years)
ITR-1 OR SAHAJ
This Return Form is for a resident individual whose total income for the AY 2023-24 includes:
- Income from Salary/ Pension; or
- Income from One House Property (excluding cases where loss is brought forward from previous years); or
- Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
- Agricultural income up to Rs 5000.
Who cannot use ITR-1 Form?
- Total income exceeding Rs 50 lakh
- Agricultural income exceeding Rs 5000
- If you have taxable capital gains
- If you have income from business or profession
- Having income from more than one house property
- If you are a Director in a company
- If you have had investments in unlisted equity shares at any time during the financial year
- Owning assets (including financial interest in any entity) outside India, including signing authority in any account located outside India
- If you are a resident not ordinarily resident (RNOR) and non-resident
- Having any foreign income
- If you are assessable in respect of income of another person in respect of which tax is deducted in the hands of the other person.
- If tax has been deducted under Section 194N
- If in case payment or deduction of tax has been deferred on ESOP
- If you have any brought forward loss or loss needs to be carried forward under any income head
Benefits of Income Tax Return (ITR) Filing
- Easy Loan Approval. The income stability of the borrowers is critical for the lenders
- Income Proof
- Quick Visa Processing
- Claim Tax Refund
- Compensate for Losses
- Presumptive Taxation Scheme
- Avoid Penalties
- Medical Insurance
