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kanakkiyal · 4 months
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Who is not eligible to submit Form ITR-1?
Form ITR-1 cannot be filed in the following cases:
Income exceeds INR 50 lacs
Agricultural income exceeds INR 5,000
Taxable capital gains have been made
There is income from business or profession
There is income from more than one house property
The individual is a Director of a company
Investment in unlisted equity shares has been made
The individual owns assets or has financial interest outside India or is the signing authority of an account located outside India
The individual is a non-resident or not ordinarily resident
Income of the individual is taxable in hands of another person
The individual has claimed relief of foreign tax paid or double taxation under Section 90/90A/91 of the Income Tax Act, 1961
If the taxpayer is joint-owner of a property, he/she cannot file Form ITR-1. In this case, the individual will have to file ITR-2.
Form ITR-1 cannot be filed by individuals who have deposited over INR 1 crore in their bank accounts, have made expenditure of INR 2 lakhs on foreign travel, or paid electricity bill of over INR 1 lakh.
In these cases, the taxpayer would be required to file Form ITR-4. In these cases, the taxpayer shall be required to file Form ITR-4.
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kanakkiyal · 2 years
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kanakkiyal · 2 years
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kanakkiyal · 2 years
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kanakkiyal · 2 years
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kanakkiyal · 2 years
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kanakkiyal · 2 years
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kanakkiyal · 2 years
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kanakkiyal · 2 years
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kanakkiyal · 2 years
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kanakkiyal · 2 years
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kanakkiyal · 2 years
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kanakkiyal · 2 years
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kanakkiyal · 2 years
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kanakkiyal · 2 years
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kanakkiyal · 2 years
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kanakkiyal · 2 years
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