Hi Guy’s
This is Ravi Verma, in this article I will tell you about the ITR-01.
Lat’s start,
Any person in India, whether he runs a business or receives a salary, the government has fixed a limit for all. Any person who earns income more than this limit has to tell all types of sources of getting his income to the government.
And if his income exceeds the limit set by the government, then tax is deducted on that income, and that tax is paid to the government.
And when a person files his income tax return last, the tax levied on all his income is deducted from the tax paid earlier, and the balance amount is calculated on that tax.
- There are 7 types of tax in India
- ITR – 01
- ITR – 02
- ITR – 03
- ITR – 04
- ITR – 05
- ITR – 06
- ITR – 07
- ITR-1 (Sahaj form)
The person who is an individual and is paid a salary can fill this form
In this, if that person’s income is from salary or pension, then he can fill this form.
Income from one house property (except in cases where losses of previous years are brought forward)
Income from other sources (excluding lottery winnings and horse racing income, Interest, commission, family pension, etc)
He must be a resident of India having a total income up to INR 50 Lakhs if the income is from salary?
Agricultural income up to Rs.5 thousand.
- Who cannot file ITR 01 Form?
A person exceeding its limit cannot fill this form.
Director in a company.
Unlisted equity shares held for the previous year.
Income from outside India.
Agricultural income More than Rs.5 thousand.
Income from more than one house property.
the person who is a non-resident in India.
Thanks.