Income Tax Return Form 1 (ITR-1), also known as Sahaj, is applicable to individuals who have income up to Rs. 50 lakhs and meet certain conditions. Here are the key individuals who should file ITR-1:
Individuals with Income from Salary/Pension:
Salaried individuals or pensioners can use ITR-1 if their total income is up to Rs. 50 lakhs.
Income farom One House Property:
Individuals who own only one house property (excluding cases where loss is brought forward from previous years) can use ITR-1.
Income from Other Sources:
Individuals with income from other sources such as interest income, family pension, etc., can use ITR-1.
Not for Individuals with Business Income:
ITR-1 is not applicable to individuals who have income from business or profession.
Agricultural Income Limitations:
If the individual has agricultural income of more than Rs. 5,000, ITR-1 is not applicable.
Residential Status:
ITR-1 is applicable to residents, non-residents, and not ordinarily residents of India.
It's important to note that the choice of ITR form depends on the nature and quantum of income. If an individual has income from capital gains, more than one house property, or foreign assets, ITR-1 is not suitable, and other forms like ITR-2 may be required.
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