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The Income Tax Act 1961 lays down rules concerning payment of income tax in India. Therefore those coming under the ambit of taxable bracket should pay taxes within the due date. They should also file income tax return by selecting the appropriate ITR form. Submission of wrong form will mean that you will have to re-file. In this article, we shall discuss about filing form ITR 1 on the income tax portal.
ITR 1 has to be filed by those whose taxable income is up to 50 lakh rupees. The source of such income can be from:
Form ITR 1 is a return form that is filed by majority of salaried professionals in India. In case you have capital gains or have more than one property in India, then you will not be eligible to file this form. Further, in case where your spouse or minor child income is clubbed with yours, then you can file ITR 1 if the clubbed income falls under 50 lakh rupees.
It may be noted that no document should be attached to this form. Moreover, the assessee should file just one copy of the form, and if it was filed physically then, ITR V should also be filed.
The following person cannot use this form:
Form ITR 1 has the following parts:
General Information such as PAN, Date of birth, Name, Contact number, e-mail address etc.
Details of gross total income such as salary, deductions, standard deductions, income from house property and other sources.
Deductions such as Government pension schemes, medical treatment, health insurance, donations to charitable trusts etc.
Computation of Tax payable.
Other information such as details of bank account of the assessee.
The procedure to file this form is as follows:
The following documents should be kept ready while filing this form:
The following are some of the major changes incorporated in the ITR form:
Filing Form ITR 1 within the due date is necessary, which will help you to avoid paying late fees and penalties. To remind you again, ITR 1 has to be filed by those whose taxable income is up to 50 lakh rupees.
Read our article:A Complete guide on filling ITR‐4 SUGAM
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
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