*****Who should use ITR1 form to file ITR in FY 2021-22? | EconomicTimes

Clipped from: https://economictimes.indiatimes.com/wealth/web-stories/who-should-use-itr1-form-to-file-itr-in-fy-2021-22/slideshow/91910212.cms

Who should use ITR1 form to file ITR in FY 2021-22?

ITR forms for FY2022

ITR forms for FY2022

CBDT notified income tax return (ITR) forms for FY 2021-22 on March 30, 2022 and has also enabled the filing option for ITR 1, ITR 2 and ITR 4 form through its website http://www.incometaxgov.in.

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Who can file using ITR1?

Who can file using ITR1?

Many salaried individuals have to use ITR-1 form to file their tax returns.

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Terms

Terms

Individual qualifying as Ordinarily Resident; Having total income of up to Rs 50 lakh; Having income from salaries, one house property, income from other sources (interest etc.) and agricultural income up to Rs 5,000.

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In case of clubbing of income

In case of clubbing of income

Here, an individual can file ITR-1 if the income of the other person (whose income the individual is reporting in his ITR) is from sources as mentioned before. For example, Mr. A will file his ITR after clubbing of income earned by his spouse. In such a case, Mr. A would be able to file the ITR-1 form only if the income of the spouse is from the sources specified above.

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Who cannot file using ITR1

Who cannot file using ITR1

Non-residents/ Resident but Not Ordinarily Residents, HUF, Ordinarily Residents having total income of more than Rs 50 lakh, Director in a company, Holding investments in unlisted equity shares, Having brought forward losses or losses to be carried forward under the head ‘income from house property’, Having income from any other source, e.g., more than one house property, capital gains, profits or gains of business or profession, winning from lottery, Holding assets outside India; Where provisions of Section 194N of the Act are applicable i.e. TDS deducted on cash withdrawals exceeding Rs 1 crore (Rs 20 lakh in certain cases); Covered under the tax deferral relief for income from Employees Stock Options (ESOP) available to employees of ‘eligible start-ups’.

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