ITR: If you are going to file income tax return under ITR-1 form, then know whether you are eligible for it. Here you have been given complete information.
The last date for filling the income tax return form is 31 July 2023. After this, permission to file ITR will be given with penalty. Allows salaried and single individuals to file their ITR under ITR-1. This is also called the simplest form by the Income Tax Department.
In this, there is no need to fill more information as compared to other forms. However, not all salaried individuals can file their tax return using ITR-1 form.
If someone has done some transaction during the financial year 2022-23 then he may be ineligible for ITR-1. Here is information on who can file income tax return using ITR-1.
Who can use ITR-1
Such a person can fill ITR-1 form, who is a resident of India. Also, his income should be less than Rs 50 lakh during the financial year 2022-23. There is income from salary, pension and family pension.
Income from house property and agricultural income up to Rs.5000. Apart from this, persons having income from post office, interest, income and dividend can fill ITR-1 form.
Who cannot file ITR-1
If a person earns income from mutual funds, gold, equity shares, house property and other sources then he cannot fill ITR-1. Further, if a person has gained from speculative property or services such as horse races, lotteries, legalized gambling or others, they are also not eligible to file ITR-1.
If a person has income from more than one house property, he cannot file ITR-1. Apart from this, NRI or Non-Resident of this country is also ineligible to file ITR-1. Also, if you have been charged TDS u/s 194N while withdrawing cash from the bank, you will also be ineligible to use ITR-1 form. Moreover, Hindu Undivided Families (HUFs) also cannot file ITR-1.
What if I filed ITR-1 by mistake?
If someone files ITR One by mistake, then a notice can also come from the Income Tax Department. Revised ITR has to be filed within 15 days from the date of notice. If this is not done, this ITR filled by you will be considered invalid.
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