What is ITR 1 Sahaj Form? Who is Eligible to File ITR 1 for AY 2021-22?

Описание: ITR-1 is used by the Individual who is Resident and Ordinary Resident and whose Total Income has not to exceed Rs 50 lakh and who has Income under any of the following heads- In the case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income is limited to the above specifications. Who cannot file ITR 1 for AY 2020-21? An individual having income above Rs 50 lakh cannot use this form. An individual who is either a director in a company and has held any unlisted equity shares at any time during the financial year cannot use this form. Residents not ordinarily resident RNOR and non-residents cannot file returns using ITR1 form Also, individuals who have earned income through the following means are not eligible to file form ITR 1:

a. More than one House Property
b. Lottery, Racehorses, Legal Gambling etc.
c. Taxable capital gains - Short term and Long term
d. Agricultural income exceeding Rs. 5,000
e. Business and Profession
f. Individual who is a Resident and has assets - including financial interest in any entity - outside India or signing authority in any account located outside India.

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Timestamp

00:00 - Introduction
00:30 – What is ITR 1?
00:38 – Who is eligible to file ITR 1?
00:47 – Income sources eligible for consideration for ITR 1
00:55 – Who is not eligible to file ITR 1?