Statutory filings in Selaiyur

Statutory filings in Selaiyur

Form ITR-1

Form ITR-1 (also referred to as SAHAJ popularly) has to be filed by individuals who have an income of not more than INR 50 lakhs from the following sources in a financial year:

- Salary & Wages

- Pension

- Annuity

- Advance Salary Paid

- Leave Encashment

- Fee, Perquisites, Commission, Profits in addition to or in lieu of Salary or wages

- Transferred balance in recognized Provident Fund

- Annual accretion to the recognized Provident Fund

- Central Government Contribution or Employer Contribution to Pension account as mentioned in Section 80CCD of the Income Tax Act, 1961.

- One House Property (does not include those cases in which income has been brough forward from previous years): If the taxpayer I the owner of a property from which he/she is earning rent, the rent proceeds become taxable. However, if the taxpayer is using the property for running some business or profession, the same would be taxable under the heading “Income from Business or Profession.”

- Other sources (does not include income earned from winning lottery or race horses)

- Agricultural Income (Up to INR 5,000)

DUE DATE FOR FILLING ITR FORM

ITR-2 form must be filed by individuals and HUFs on or before 31st July of every year.