Have you filed your income tax returns yet? If not, we suggest you do it now. The Narendra Modi has said it is not considering extending the last date for filing income tax returns, i.e July 31.
The income tax department on Monday said more than three crore returns have been filed through the e-filing portal till date for the financial year 2021-22. In the last fiscal year, about 5.89 crore income tax returns (ITR) were filed by the extended due date of December 31 last year.
There are four forms ITR-1, ITR-2, ITR-3 and ITR-4 available for filing income tax return.Many of you would be wondering which form should you use to file an income tax return if you are a salaried professional with a total income not exceeding ₹50 lakh during the financial year.
ALSO READ: How to file ITR online? Here’s a step-by-step guide
The form prescribed by the income tax department to file ITR is ITR-1 (Sahaj). Here’s all you need to know about this form.
Who are eligible
The IT-R can be filed by salaried individuals whose total income does not exceed ₹50 lakh during the financial year. The individuals whose income is from salary, one house property, family pension income, agriculture income up to ₹5,000 and other sources which include interest from savings account, deposits (bank, post office), interest from income tax refund and on enhanced compensation, the Income Tax website said.
Who are not eligible
The ITR-1 form cannot be filed by an individual who is Resident Not Ordinarily Resident. It refers to an Indian Citizen or a person of Indian origin whose total income (other than income from foreign sources) exceeds Rs. 15 lakhs during the previous year and who has been in India for a period of 120 days or more but less than 182 days. The non-residents can also not fil the ITR-1 form.
The ITR-1 cannot by filled by an individual whose total income exceeding ₹50 lakh and has agricultural income exceeding ₹5,000. The individual earning from lottery, racehorses, legal gambling aren’t supposed to fill this form. The other sources of income include:-
1. Taxable capital gains (short term and long term)
2. Invested in unlisted equity shares
3. Income from business or profession
4. Director in a company
Documents needed
To file this form, you need Form 16, house rent receipt if applicable, investment payment premium receipts (if applicable).
For all the latest business News Click Here
