Last date to file ITR for Individuals is 31 August 2019

Income Tax Return for Salaries Employees

Income Tax Return for Salaries Employees

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Income Tax Department collects taxes from a different category of people based on their income, profession and business.

The ITR-1 is the simplest one-page form which should be filed by individuals having an income up to Rs 50 lakhs. This income can be from the following sources:

Income from salary or pension
Income from one house property (except the cases where loss has been brought forward from the previous years)
Income from other sources (except income from race horses and amount received on winning a lottery)

Who is not eligible to file ITR 1?

If you have income above Rs 50 lakhs, then you cannot file ITR-1. The form will not find applicability if, your income includes the following:

  • Income from more than one house property; or
  • Income from winnings from lottery or income from race horses; or
  • Dividend income taxable under section 115BBDA; or
  • Income of the nature referred to in section 115BBE; or
  • Income under the head ‘Capital Gains’ e.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
  • Agricultural income exceeding Rs 5,000; or
  • Income from Business or Profession; or
  • Loss under the head ‘Income from other sources’; or
  • Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or
  • Person claiming relief under section 90 and/or 91; or
  • Any resident having income from any source outside India