![]() ![]() ![]() The Indian Government announced income tax filing due date extension on May 13, 2020. Consult a tax professional to understand what is ITR 1 before you use this form.įAQs About ITR 1 Form Q. Often, people looking for the meaning of ITR 1 form get confused while going through these exclusions. 5,000 makes an individual non-eligible to use ITR 1 form.ĩ. Income from multiple house properties or any loss under ‘Income from house property’ carried forward from the previous financial year cannot be related to Sahaj form. 50 Lakhs cannot use ITR 1 form.Ģ. An individual with investments in unlisted equity shares cannot file ITR Form 1.ģ. Non-residents or Residents Not Ordinarily Resident (RNOR) cannot file returns using Sahaj form.Ĥ. Individuals who have taxable capital gains, both short-term and long-term, are not eligible for filling ITR 1 form.ĥ. People having income from business and professional fees cannot use this form.Ħ. Indian residents who have signing authority in any account or assets outside India are not eligible to use this form.ħ. ITR 1 Form is not for those individuals who claim double taxation relief or relief of foreign tax paid.Ĩ. Agricultural income above Rs. These are as follows:ġ. Indian taxpayers having income above Rs. There are many instances in which an individual cannot file ITR Form 1 for the FY 2019-20 & AY 2020-21. Who is Not Eligible to File ITR 1 Form for AY 2020-21? If the taxpayer’s income is clubbed with the income of spouse, the total income must also adhere to these specifications while learning how to file ITR 1 form. ![]()
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