Earnings Tax Return Submitting 2024: The present monetary yr (FY 2023-24) ends in one other 50 days. Typically, based on the Earnings Tax Guidelines, time is given until thirty first July yearly to file the return. When you file ITR after this deadline, you’ll have to pay a penalty.
ITR-1 is probably the most most well-liked type for revenue tax submitting. Typically, salaried revenue earners go for it. ITR-1 type is also referred to as Sahaj type.
Who’s eligible to file ITR-1 type? (Who’s eligible to file ITR-1 type?)
Common taxpayers declare their revenue and tax legal responsibility via ITR-1 type. Annual revenue from wage, dividend, financial institution curiosity, one home property, agriculture Rs. 5000 (particular person) ought to choose this way whereas submitting ITR. Annual revenue Rs. Tax payers upto 50 lakhs can submit return via this way.
Who’s ITR-1 type not for? (Who will not be eligible to file ITR-1 type?)
A taxpayer whose taxable revenue is Rs. Whether it is greater than 50 lakhs, he mustn’t file return via ITR-1 type.
If an individual earns revenue from mutual funds, gold, fairness shares, different sources, he mustn’t choose for ITR-1.
If an individual earns revenue from property or companies like horse racing, lotteries, authorized playing, he’s additionally not eligible to file ITR-1.
If a person receives revenue from a couple of home property, he additionally can not file ITR-1.
NRI (Non-Resident Indian) can also be not eligible to file ITR-1.
Whereas withdrawing money from the financial institution, if TDS (Tax Deducted at Supply) has been deducted beneath Part 194N of the Earnings Tax Act, such taxpayer mustn’t use ITR-1 type.
Hindu Undivided Household (HUF), Establishments/Corporations must also not file ITR-1.
What occurs if ITR-1 is filed regardless of not being eligible?
If an individual who will not be eligible to file ITR-1 mistakenly declares his revenue particulars via the identical type, he could obtain a discover from the Earnings Tax Division. Nonetheless, there isn’t a have to panic. The discover solely states that the mistaken type has been filed. Then, the assessee has to file the proper type once more inside 15 days from the date of receipt of IT discover. In any other case, the ITR initially despatched shall be invalid. After that, the Earnings Tax Division is more likely to take motion as per regulation.
One other fascinating article: Is Outdated Technique Higher, New Technique Higher in Return Submitting? It may be determined merely
Mandava Sai Kumar is Film Director and Actor and Producer and Youtuber and Film Pro and Founder of MSK Films and Times of Andhra 2016 All Rights Reserved Times of Andhra is Telugu News Websites Founded in 2016 in India Hyderabad
