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?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.Â
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