Income Tax Return: The deadline for submitting the revenue tax return kind is July 31, 2023. After this date, submitting the ITR will incur a penalty. Salaried and single people have the choice to file their ITR utilizing the ITR-1 kind, which is taken into account the best kind by the Income Tax Department. Unlike different types, it requires minimal info to be crammed in. However, it is necessary to notice that not all salaried people are eligible to file their tax returns utilizing the ITR-1 kind.
If a person has engaged in sure transactions in the course of the monetary yr 2022-23, they could be ineligible for submitting ITR-1. Here is a breakdown of who can and can not use the ITR-1 kind to file their revenue tax return.
Who can use ITR-1:
1. Residents of India with an revenue of lower than Rs 50 lakh in the course of the monetary yr 2022-23.
2. Individuals with revenue from wage, pension, household pension, home property (with revenue as much as Rs. 5000), submit workplace financial savings, curiosity, and dividends.
Who can not file ITR-1:
1. Individuals with revenue from mutual funds, gold, fairness shares, a number of home properties, or different sources.
2. Those who have gained from speculative actions like horse races, lotteries, legalized playing, and many others.
3. NRIs (Non-Resident Indians) and people charged TDS u/s 194N whereas withdrawing money from the financial institution.
4. Hindu Undivided Families (HUFs).
If somebody mistakenly information ITR-1 when they aren’t eligible, they could obtain a discover from the Income Tax Department. In such instances, a revised ITR have to be filed inside 15 days of receiving the discover. Failure to take action will render the initially filed ITR invalid. It is necessary to be cautious and file the proper kind to keep away from any problems or penalties.
Read extra: Income Tax Return: What are AIS and Form 26AS? Know right here
