ITR-1 Form Filing

INCOME TAX RETURN FORM ITR-1 WHICH IS ALSO KNOWN AS SAHAJ FORM IS USED BY THE INDIVIDUALS OR HUF’S WHO HAVE ONE OR MORE FROM THE  FOLLOWING GIVEN INCOMES:-

  • SALARY
  • DIVIDEND INCOME UPTO 10 LAKH RUPEES
  • NET WORTH UPTO RS.50 LAKHS RUPEES
  • ONE HOUSE PROPERTY INCOME
  • AGRICULTURAL INCOME THAT DOES NOT EXCEED RS.5000
  • INTEREST ON FD
  • PENSION
  • OTHER SOURCES BUT DOES NOT INCLUDE LOTTERY, LEGAL GAMBLING , HORSE RACES ETC.

 

DUE DATE OF FILING THIS ITR-1 IS ON OR BEFORE 31ST JULY OF EVERY YEAR.

IN CASE ANY INDIVIDUALS OR HUF’S HAS ANY INCOME WHICH IS NOT MENTIONED ABOVE , THEN THEY ARE NOT ELIGIBLE FOR FILING THIS ITR FORM FOR FILING THEIR TAX RETURN..EXAMPLES OF THOSE NOT ELIGIBLE INCOMES ARE:

  • INCOME FROM FOREIGN ASSETS
  • INCOME FROM CAPITAL GAIN
  • INCOME FROM ANY BUSINESS OR PROFESSION
  • INCOME EXCEED RS.50 LAKH
  • AGRICULTURAL INCOME EXCEED RS.5000
  • INCOME FROM LOTTERY,GAMBLING,HORSE RACES
  • INCOME FROM MORE THAN ONE HOUSE PROPERTY.

 

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