You can not go for ITR 1 beneath these circumstances

Taxpayers have to decide on amongst 7 revenue tax return (ITR) types to file their revenue tax returns (ITR) foundation the quantity and nature of their revenue. ITR-1 or Sahaj is the least advanced of all of the types meant for salaried people with less complicated funds. You can go for ITR-1 if you’re an Indian resident particular person taxpayer with…

-total revenue lower than ₹50 lakh

-income from wage or pension

-income from one home property or beneath the ‘income from other sources head’ (IFOS)

ITR-1 isn’t meant for Hindu Undivided Family (HUF). Over and above this standards, there are particular circumstances which make a taxpayer ineligible for ITR-1 even when their revenue is beneath ₹50 lakh they usually have revenue solely from the above sources. You can not use ITR-1 if…

– revenue tax on the ESOPs (worker inventory choices) you’ve exercised has been deferred. This is relevant solely to folks working in a startup as outlined by the revenue tax division

-you personal a couple of home even when it’s not rented out

-have investments in shares of an unlisted firm

-you have freelance revenue. Freelance revenue, no matter the quantity and period for which you’ve freelanced, can solely be reported in ITR-3 or ITR-4. If you’ve labored a job for almost all a part of the monetary yr and freelanced in between, or earned freelance revenue alongside a job, you continue to can’t go for ITR-1.

-hold directorship in any firm

-you have earned revenue from successful a lottery, puzzles, card video games, horse races or every other recreation that entails betting or playing. These incomes fall beneath IFOS head however can’t be declared in ITR-1

Subscribe to Mint Newsletters * Enter a legitimate electronic mail * Thank you for subscribing to our publication.

Never miss a narrative! Stay related and knowledgeable with Mint.
Download
our App Now!!