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
