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The Income Tax Department has classified taxpayers into groups to ease tax compliance, this classification is done on the basis of income and sources of income. ITR 1 return filing in India is for people with income up to Rs 50 lakh.
Who can file ITR 1 Return?
ITR 1 Return is for individuals whose income is up to Rs 50 lakhs. Individuals earning income from the following sources can file ITR 1 Return:
- Salaried Person- Salary refers to the remuneration or consideration that a person receives for the service which he is to render under the contract of employment. The Income Tax Act, 1961 includes the following under salary income:
- Advance salary paid
- Leave Encashment
- Fee, prerequisites, commission, profits besides or in lieu id the salary or wages
- Transferred balance in recognized provident fund
- Annual accretion to the recognized provident fund
- Central Government contribution or employer's contribution to the pension account is referred to in section 80CCD of the Income Tax Act.
- One house property: If the taxpayer is the owner of a property from which he or she is earning rent, the rent proceeds become taxable.
- However, if the taxpayer is using the property owner from which he is earning rent, then the rental income becomes taxable. However, if the taxpayer is using the property for carrying on any business or profession, it will be taxable under the head "Income from business or profession".
- Other sources (not including income earned from winning the lottery or racehorses)
- Agricultural income (Upto to Rs. 5000)
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How Company is Different?
Diverse Platforms, Systems & Tools Expertise
Company’s IT specialists are adept at both legacy and new-age platforms, systems and tools. We, thereby, comprehend client requirements easily and swiftly devise tools and strategies to mitigate client problems
Huge Technical Proficiency
Company employs IT professionals with specialties across languages and technologies. We are, therefore, in a constant state of readiness to deploy suitable IT experts to specific client needs
Wide Industry Base
We have clients across a wide range of industries and regions around the globe. This has given us the experience and insights into the unique considerations of different organization, thereby building our best practices compendium
Swift Design & Implementation
At Company, our team of IT specialists are quick in requirement assessment, design and implementation. Backed by adequate tests and comprehensive documentation, we offer a safe net to enterprises, shortening the time-to-operate and optimizing the resources
Our IT specialists are available for round-the-clock support and maintenance services. With Company, you experience no downtime!
Cost-Arbitrage with Cost-Efficiencies
At Company, we follow flexible pricing models that take into consideration client needs and limitations. Our tailor-made pricing enables our clients to effect cost efficiencies with a huge margin. At the same time, our price-points fit in easily with client’s digital transformation budgets
It is always a pleasure to learn that the work we do has positively impacted our clients and that they are happy to share their experiences.
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