What is ITR Filing ?
ITR, also known as Income Tax Return, is a form which an assessee or a taxpayer has to file mentioning his income earned and the tax which is applicable to him to the Income Tax Department.
Introduction to ITR-1 or SAHAJ (For salaried class Including for Goverment employees).
The ITR -1, also known by the name of Sahaj Form, is a simplified form for those who have their income up to Rs. 50 lacs. The sources of income can be the following for these people:
- By Salary or pension
- From the income of the One House Property
- Income from sources other than these such as lottery, racehorses etc.
Who cannot file ITR 1
Many people are not allowed to file ITR 1. These are the people who cannot apply for the ITR 1 FORM:
A person who has an income of more than 50 lacs.
If a person is a director of any Company along with the unlisted equity shares during the financial year
Those who are Residents not ordinarily resident (RNOR) or if Non-residents, then they cannot file the ITR 1 Return.
