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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. β€’ 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.Β 

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