ITR: Are you employed? You must use this form for the tax return

Have you ever filed your tax returns but? If not, we suggest you do it now. Narendra Modi said he was not considering extending the deadline for filing tax returns to July 31.

The Income Tax Department said on Monday that more than three crore returns had been filed through the e-filing portal till the date of the monetary year 2021-22. In the past 12 months, approximately 5.89 million income tax returns (ITRs) were filed by the extended due date of December 31 in the past 12 months.

There are 4 types ITR-1, ITR-2, ITR-3 and ITR-4 that can be obtained to submit a tax return. Many of you will wonder which type should you use to file a tax return in case you are a qualified wage earner whose total income does not exceed 50 lakh in the 12 monetary months.

READ ALSO : Find out how to file an RTI online? Here is a step by step information

The form prescribed by the Income Tax Division for filing ITR is ITR-1 (Sahaj). Here’s everything you need to know about this genre.

Who is eligible

The IT-R will be filed by salaried persons whose total income does not exceed 50 lakh in the 12 monetary months. People whose income comes from wages, property, household retirement income, farm income as much as 5,000 and other sources which include financial savings account interest, deposits (financial institution, workplace), income tax refund interest and enhanced compensation, said income tax website.

Who are generally not eligible

The ITR-1 type cannot be filed by a person who is a non-habitually resident resident. It refers to an Indian citizen or a person of Indian origin whose full income (excluding income from foreign sources) exceeds Rs. 15 lakhs in the first 12 months and who has been in India for a period of 120 days or more but less than 182 days. Non-residents also may not file Form ITR-1.

The ITR-1 cannot be stuffed by a person whose full income exceeds 50 lakh and has agricultural income exceeding 5,000. Individual income from lottery, horse racing, licensed games are not meant to fill this genre. Other sources of income include:-

1. Taxable Capital Asset Points (Quick Period and Long Term)

2. Invested in unlisted stocks

3. Earnings from business or profession

4. Director in an organization

Asked documents
To file this type, you want type 16, housing lease receipt, if applicable, finance bonus receipts (if applicable).


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