INCOME TAX FILING

ITR-1 is a Income tax return Form, is applicable for salaried individuals with a total income of less than or up to Rs.50 lakh.The ITR-1 Sahaj Form, as its name implies, serves as a simplified means for individual taxpayers to file their income tax returns. This form is specifically tailored for resident individuals in India whose total income falls below the Rs. 50 Lakhs threshold

Who Can File ITR 1

(i). Income Threshold: The individual's total income for the financial year must not exceed Rs. 50 lakh.

(ii).Permissible Income Sources: ITR-1 is suitable for individuals whose income comes from the following sources:

(iii).Income from a single-house property

(iv).Family pension income

(v). Agricultural income (up to Rs. 5,000)

(vi).Other sources include:

(a).Interest from Savings Accounts

(b).Interest from Deposits (Bank / Post Office / Cooperative Society)

(c).Interest received on Enhanced Compensation

(d).Any other interest income