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Filling the ITR-1 form: The deadline for filing income tax returns for the financial year 2023-24 (assessment year 2024-25) is approaching. Complete these tasks before July 31, otherwise you may be deprived of benefits. Capital Gain Tax Statement, Form 16, Form 26 AS, Annual Information Statement (AIS), Salary Slip, last year's ITR etc. should be collected and filled in the return so that there is no difficulty while filing the return.
ITR-1 form is not for everyone
If you are a salaried or pensioner, or you are not earning income through any business. Then you have to fill ITR-1 and ITR-2 form. This is important to note, as using the wrong form can cause problems with your returns and refund.
In such a case, Form ITR-1 should not be filled
, If you are a resident but not ordinarily resident or a non-resident individual.
, Your income is more than Rs 50 lakh
, You must have a business or profession
, You have more than one home
, Agricultural income Rs. 5000 or more
, You are a director in a company
, You have unlisted shares and ESOPs
, You earn income from abroad, and have assets and bank accounts outside India
, Capital gains or losses arising from the sale of your shares, mutual fund units and other securities
, As per Income Tax rules, tax deduction is applicable under Section 194(n) of the Income Tax Act, if you withdraw Rs. 20 lakh in cash in a financial year.
, Should have filed returns in last three financial years and cash withdrawal limit is Rs. 1 crore
Salaried persons and pensioners should file ITR-2 form
ITR-2 form should be used for salaried people and pensioners. Which is complicated because, it requires furnishing details of income, financial transactions, assets and liabilities. Form ITR-2 cannot be filled if you are earning income from business or profession.
