Learn How to File ITR - 1

Description

This webinar is open to taxpayers those want to file their ITR themselves and also met the following eligibility criteria for filing ITR 1 :

ITR-1 can be filed by a Resident Individual whose:

1. Total income does not exceed  50 lakh during the FY

2. Income of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above)

3. Income is from salary, one house property, family pension income, agricultural income (up to 5000/-), and other sources, which include:

• • Interest from Savings Accounts

  • Interest from Deposits (Bank / Post Office / Cooperative Society)

  • Interest from Income Tax Refund

  • Interest received on Enhanced Compensation

  • Any other Interest Income

  • Family Pension
    
    Who is not eligible to file Form ITR-1 for AY 2023-24?

    ITR-1 cannot be filed by any individual who:

    • • is a Resident Not Ordinarily Resident (RNOR), and Non-Resident Indian (NRI)

      • has total income exceeding  50 lakh

      • has agricultural income exceeding 5000/-

      • has income from lottery, racehorses, legal gambling etc.

      • has taxable capital gains (short term and long term)

      • has invested in unlisted equity shares

      • has income from business or profession

      • is a Director in a company

      • has tax deduction under section 194N (TDS on cash withdrawal) of Income Tax Act

      • has deferred income tax on ESOP received from employer being an eligible start-up

      • owns and has income from more than one house property

      • is not covered under the eligibility conditions for Form ITR-1

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