Skip to main content

Let's Know Who Eligibility For Filing ITR-1 Sahaj Form

Image
By Arpit Kulshrestha
Eligibility For Filing ITR Sahaj Form

Recently, The Income Tax Department has issued notification for various Income Tax Return(ITR) forms that are to be used by different types/categories of taxpayers. Without such changes,  the Central Board of Direct Taxes(CBDT) has notified all the 7 ITR. However, some changes that have been made in ITR-1 and ITR-2 Forms have made it complicated to ascertain which taxpayer shall use ITR-1 that is also called Income Tax Sahaj. So putting the criteria of ITR-1 in simple words, those individuals having income from salary, pension, house property, and other income (not from the lottery, business race, and so on) up to Rs 50 lakhs are eligible for ITR-1 or ITR Sahaj Form.

While speaking on the deciding criteria for ITR-1 Sahaj Form, Mumbai based Tax expert Balwant Jain voiced his opinion that "An earning individual whose income falls under the three heads — salary, income from house property and income from other sources — and the income doesn’t exceed ₹50 lakh, is eligible for ITR Sahaj. The taxpayer is eligible for ITR-1 Form filing provided the income from other sources doesn't include capital gain and profit and gains of business."

He further said that an Individual having income from lottery, race, and business makes him non-eligible for the ITR-1 Sahaj form and eligible for the ITR-2 form although his income is less than Rs 50 lakhs. Moreover, an individual who is earning and having carry forward loss is also ineligible for the ITR Sahaj Form.

As per SEBI registered tax expert, Jitendra Solanki "If a pensioner is working as a consultant, then he or she should be filing ITR-3 or ITR-4 form as their income from consultancy falls under 'Profits and Gains of Business or Profession' though it's income from other sources." 

Moreover, Solanki further added that if the taxpayer has an agricultural income of up to Rs 5,000, he can file the ITR-Sahaj form. However, if the agricultural income is above Rs 5,000 then the taxpayer is ineligible for the ITR-1 Sahaj form.

Comments

Post a Comment

Popular posts from this blog

GST: Assessees Must E-file Their Tax Returns by 30th Nov 2024 to Claim Pending ITC

By Arpit Kulshrestha
If you are a GST-registered assessee you need to consider the due date to avail of any due Input tax credit or revised errors/omissions for the FY 2023-24 is November 30, 2024, via submitting the appropriate GST forms. Missing the due date can produce an outcome of a financial loss as the unclaimed ITC could not be used to offset your output tax obligation. What is the Method to Claim the Due ITC or Revised GST Errors for the FY 2023-24 It was stressed by the tax experts that the GST law specifies the procedure to claim the due ITC via GSTR-3B and amend errors in GSTR-1. Filing GSTR-1: Errors induced in GSTR-1 can be rectified by making amendments in the following GSTR-1 filings. Filing GSTR-3B: Via the GSTR-3B return the obligated ITC can merely be claimed. November 11, 2024, was the due date to submit the GSTR-1, and November 20, 2024, is for GSTR-3B without any penalty. Both the outcomes can be provided till November 30, 2024, as per the late fees. R...
Post a Comment
Read more

How ITR Software Assists Individuals in Filing Tax Returns

By Arpit Kulshrestha
Every assessee's process of income tax return (ITR) filing is significant, as it contributes to Indian's economy. The Income Tax Department has made efforts to facilitate this approach in recent years, but numerous people still see themselves steering a difficult financial system, multiple tax deductions, miscellaneous exemptions, and changing tax laws. This complexity can turn what must be an easy task into a significant challenge. In this context, income tax software evolves into an important partner, presenting a useful variety of accuracy, efficiency, and reassurance. The software enables return filing that permits taxpayers to handle their financial responsibilities when complying with the law. 1. Accurate Tax Calculations An incorrect income tax calculation of taxes could result in messages from the Income Tax Department or missed refunds. The tax software helps in finding taxable income and tax deductions that you may be allowed, like insurance or home loans. The co...
Post a Comment
Read more

Why Small Firms Should Consider Gen Payroll Software?

By Arpit Kulshrestha
Businesses in this competitive era would be required to manage the payroll. Payroll software has multiple operations such as paying employees, following tax laws, managing employee benefits, filing important documents, and keeping accurate records. Businesses that manage tasks manually or with spreadsheets can result in inappropriate compliance and issues, wasting time in doing operations. Gen Payroll software arrives to manage payroll with accuracy and resolve the issues that come therein. The merits and demerits of Gen Payroll software are mentioned below. Gen Payroll Software Gen Payroll is a payroll management software made by SAG Infotech . It eases and automates the process of payroll. The software’s features are tracking employee attendance, calculating salaries, ensuring compliance with laws like PF (Provident Fund), ESI (Employee State Insurance), and TDS (Tax Deducted at Source), as well as generating payslips. Businesses, whether small or large, can use this software. ...
2 comments
Read more