ITR-1 Return
Income tax return form itr-1 which is also known as sahaj form is used by the individuals or huf’s who have one or more from the following given incomes:-
- Salary
- Dividend income upto 10 lakh rupees
- Net worth upto rs.50 lakhs rupees
- One house property income
- Agricultural income that is not exceed rs.5000
- Interest on fd
- Pension
- Other sources but does not include lottery, legal gambling , horse races etc.
Due date of filing this itr-1 is on or before 31st july of every year.
In case any individuals or huf’s has any income which is not mentioned above so they are not eligible for filing this itr form for filing their tax return..examples of those not eligible incomes are:
- Income from foreign assets
- Income from capital gain
- Income from any business or profession
- Income exceed rs.50 lakh
- Agricultural income exceed rs.5000
- Income from lottery,gambling,horse races
- Income from more than one house property.
