PERSONAL FINANCE
ITR: Know whether you qualify for the ITR-1 form if you plan to file an income tax return with it.
Income Tax Return: The deadline for submitting the income tax return form is July 31, 2023. After this date, filing the ITR will incur a penalty. Salaried and single individuals have the option to file their ITR using the ITR-1 form, which is considered the simplest form by the Income Tax Department. Unlike other forms, it requires minimal information to be filled in. However, it's important to note that not all salaried individuals are eligible to file their tax returns using the ITR-1 form.
If an individual has engaged in certain transactions during the financial year 2022-23, they may be ineligible for filing ITR-1. Here is a breakdown of who can and cannot use the ITR-1 form to file their income tax return.
Who can use ITR-1:
1. Residents of India with an income of less than Rs 50 lakh during the financial year 2022-23.
2. Individuals with income from salary, pension, family pension, house property (with income up to Rs. 5000), post office savings, interest, and dividends.
Who cannot file ITR-1:
1. Individuals with income from mutual funds, gold, equity shares, multiple house properties, or other sources.
2. Those who have gained from speculative activities like horse races, lotteries, legalized gambling, etc.
3. NRIs (Non-Resident Indians) and individuals charged TDS u/s 194N while withdrawing cash from the bank.
4. Hindu Undivided Families (HUFs).
If someone mistakenly files ITR-1 when they are not eligible, they may receive a notice from the Income Tax Department. In such cases, a revised ITR must be filed within 15 days of receiving the notice. Failure to do so will render the originally filed ITR invalid. It is important to be cautious and file the correct form to avoid any complications or penalties.
Read more: Income Tax Return: What are AIS and Form 26AS? Know here
Watch: Australia star inquires Rishabh Pant about his next IPL team, gets 2-word reply
Shah Rukh Khan’s house Mannat was first offered to his industry rival…, but he refused because...
The Visionary Who Promises a Blue Sky for India: Holger Thorsten Schubart’s G20 Climate Speech
The Surge of High-End Living: Luxury Residential Market to Outpace Other Segments
FeFCon 2024 to be Held in Bangalore: A Premier Event on Fever Management
London Airport evacuates passengers over security threat, thousands stranded
The World’s First Innovative Iron Supplement to Combat Iron Deficiency and Anaemia
Meet grandmother who became fashion icon after trying on her granddaughter’s clothes
IND vs AUS: Rishabh Pant joins Virat Kohli, Rohit Sharma in elite WTC list, becomes 3rd Indian to...
'All scripted drama...': Puneet Superstar allegedly assaulted by influencers in viral video, watch
Actress Ana de Armas caught kissing Cuban President Miguel Díaz-Canel’s son in viral photos
Oreshnik's Shadow: Will Russia's hypersonic missile force west to back down?
‘You’re So Beautiful’: World’s tallest woman meets world’s shortest woman over tea, pics go viral
Delhi-NCR Air Pollution: Consequences of GRAP-4 are drastic, may have adverse effects, says SC
Delhi-NCR Air Pollution: Schools likely to stay closed till..., check city-wise update
Maharashtra: 3 killed, 9 hospitalised after gas leak at fertiliser plant in Sangli
THIS farm is selling a cup of coffee for Rs 28000, but there's a twist, it is...
Chhattisgarh: 10 Maoists killed after encounter with security personnel in Sukma
Mukesh Ambani's SUPERHIT plan for Jio users, offers unlimited 5G access for 1 year for just Rs...
IND vs AUS 1st Test: KL Rahul's dismissal sparks DRS controversy in Perth Test
Dense fog, heavy rain predicted in these states till November 25; check here
Oreshnik Hypersonic Missile: Which nations are within its range?
Bihar teacher, principal reach school in drunken state; know what happened next
'I have faced a lot of...': Arjun Kapoor REVEALS his biggest fear amid break up with Malaika Arora
How millions of Indians may get affected due to US indictment of Gautam Adani in bribery case
Amid divorce rumours with Aishwarya Rai, Abhishek Bachchan says 'missing someone is okay but...'
After Bibles, watches and sneakers, Donald Trump is now selling autographed guitars, price is...
Delhi pollution: Air quality improves to ‘very poor’ category, AQI at...
Vladimir Putin's BIG threat, warns he could strike UK with new ballistic missile if...
Shillong Teer Results TODAY November 22, 2024 Live Updates: Check winning numbers here
Somebody misbehaved with Alia Bhatt on Highway sets then Imtiaz Ali had to...
Zomato CEO Deepinder Goyal reveals twist behind Rs 200000 job fee, closes application window
Days after Ratan Tata's demise, Tata Group's Rs 131000 crore company inks pact with ADB for...
WATCH: Woman makes Biryani with Parle-G biscuits, viral video fumes internet
Only train in India in which passengers can travel for FREE; check route, timings and more
'Justice for biryani': Parle-G biryani takes internet by storm, video goes viral
DNA TV Show: Why Gautam Adani charged with bribery and fraud in US
IND vs AUS: Records Virat Kohli can break during Border-Gavaskar Trophy
Diljit Dosanjh fans get angry over Ananya Panday's birthday post for her grandmother, here's why
Reddit suffers outage with ‘upstream connect error’ message, says 'currently investigating...'
Border-Gavaskar Trophy: How has Jasprit Bumrah fared in Tests in Australia?