Monday, August 22, 2016

What is Income Tax Return Form 1 (ITR 1)

Income tax calculation differs in many ways for different individuals, entities and sources of income as per the regulations put forth by the Income Tax Department of India. Sahaj or ITR-1 is aptly named so, because it is the simplest of the forms available for filing tax returns. This form is to be used by an individual only whose income source is from either one of among -
.Salary or pension
.Income from house property (exclusive of case where loss is brought forward from previous year)
.Other sources (not including winnings from lottery and income from horse races)

It is worthwhile to note that income from business or profession or capital gains can’t make use of ITR-1 and have to resort to another applicable form.

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