Friday, August 19, 2022

Know Who Can File Income Tax Return Using ITR Form-1 In Assessment Year…

Income Tax Return: Taxpayers have started filing income tax returns for the financial year 2021-22 and assessment year 2022-23. Most of the taxpayers file income tax return through ITR Form-1. Especially salaried taxpayers. ITR Form-1 (ITR-1) is also known as Sahaj. Taxpayers whose source of income is only salary, or house property, they have to use ITR Form No-1 to file income tax return.

Let us tell you that if a taxpayer files income tax return using ITR Form No-1, then all the information is pre-filled in the form on the e-filing website. However, it is necessary for the taxpayers to verify whatever information has been given in the pre-field and correct the wrong information.

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Information to be given in ITR-1
Income from salary, income from a house property and income from interest and income from dividend has to be declared while filing income tax return. Therefore, if there is any other source of income other than these, then taxpayers cannot use ITR Form-1 to file income tax return.

What happens if you fill the wrong ITR form?
If a taxpayer is filing a return using a wrong ITR form, the tax department will issue a notice to the taxpayer declaring him as a defective return and to file the tax return by choosing the correct form. The processing of returns will be done only after filling the correct ITR form.

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Who cannot use ITR-1 form?
As per the notified rules of income tax return, there are categories of many such taxpayers who cannot use ITR Form-1 to file income tax return. The Gatory of such taxpayers is as follows.

1. If the annual income is more than Rs 50 lakh.

2. If short term or long term capital gain has been achieved by selling shares, mutual funds, land or property.

3. If you have more than one house property

4. If the income from agriculture is more than Rs.5,000.

5. If income is received from both business and profession.

Under 6.194N, TDS has been deducted for withdrawing money from the bank or post office in excess of the limit.

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7. If the taxpayer comes under Hindu Undivided Family (HUF).

8. Having overseas assets in foreign company.

9. People who have invested in unlisted shares.

10. If you are the director of a company.

11. Signs in a foreign bank account.

12. If income is earned from lottery, horse race or betting.

read this also

Income Tax Return: Before this date, fill the income tax return for the assessment year 2022-23, otherwise you will have to pay penalty

Income Tax Filing: Whether work done in more than one company in 2021-22, then know how to file income tax return

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