The income tax department of India categorizes taxpayers into different groups counting on their income amount and sources for many reasons. Making tax compliance easier is one of them. We all know that every year a certain category of people file and submit income tax returns. To find your category, you can contact Chandan Agarwal and you would get help. There are seven types of ITR forms and ITR 1 is also called as Sahaj form. A person who earns below fifty lakhs in a year can fill out this form to pay income tax.
To evade mistakes in ITR filing, the Government of India proposed the Updated return. It helps taxpayers to correct mistakes/omissions that they had made earlier in filing an income tax return and pay the correct tax.
Who Can File ITR 1?
ITR 1 is a simple one-page form. It is for individuals who do income up to rupees fifty lakhs in a year from these certain sources,
From salary or pension
Do income from one house property
Earn from various sources but not from lottery or race horsing
Earn from clubbed income sources (from spouse’s job and/or a minor) but the income limit does exceed ₹50 lakh
If your income source is one of these mentioned above then you are eligible to fill ITR 1 form.
Note: All taxpayers must link their Aadhaar card and PAN via the Income Tax Department website.
Who Are Not Eligible to File ITR 1?
Individuals who earn above fifty lakhs are not eligible to file the ITR 1.
A person who is a director of an organization or company, or has any sort of unlisted equity shares at any time of the fiscal year is not eligible for ITR 1
Residents not ordinarily resident or RNOR, and non-residents. Even, individuals who earn from various modes including
More than one house property
Earn via lottery, legal gambling, or horse race
Short-term and long-term taxable capital gains
Income from the agricultural field exceeding rupees five thousand
Via business or any profession
Income from a residential property outside India or you are a signing authority of a property or any account that is outside India
Persons who are claiming relief from double taxation under section 90/90A/91 or relief from foreign tax
A person needs to pay deferred income tax received via ESOP from a start- up.
If you belong to any of the categories mentioned above, then you cannot file ITR1.
How to File ITR 1?
You can file the ITR 1 via the e-Filling portal if you are a registered user. If you have not registered yet and are not enough confident to accomplish all on your own, you can take the help of professionals in this regard. It would be better anyways. Make sure your PAN status is active and you have linked your Aadhaar and PAN successfully.
Conclusion,
Filling an ITR 1 has so many rules and regulations to match. Thus, it is better to contact an experienced person like CA Chandan Agarwal in Kolkata or his team to have a better assessment and evade mistakes.
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