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    Question

    What is the maximum income limit within a financial year

    for salaried resident individuals to be eligible to file the ITR 1 form for income tax returns in India?
    A Rs 25 lakh Correct Answer Incorrect Answer
    B Rs 50 lakh Correct Answer Incorrect Answer
    C Rs 75 lakh Correct Answer Incorrect Answer
    D Rs 1 crore Correct Answer Incorrect Answer
    E Rs 1.5 crore Correct Answer Incorrect Answer

    Solution

    Salaried resident individuals with a maximum income of Rs 50 lakh within a financial year are eligible to file the ITR 1 form. • ITR 1 Applicability: o Income source should primarily be salary or pension. o Income may include a single property and other sources (excluding horse racing, gambling, lotteries, etc.). o The taxpayer should not own property outside India. o No foreign income should be received. o Interest income from savings, deposits, and family pension is allowed. 

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