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Team Studycafe | Jun 16, 2022 | Views 2

Who is eligible to file ITR-1 for Financial Year 2021-22 | Assessment Year 2022-23

Who is eligible to file ITR-1 for Financial Year 2021-22 | Assessment Year 2022-23

Income tax Return Filing Due date is approaching for the F.Y 2021-22. The last date to file the ITR for the F.Y 2021-22 (A.Y 2022-23) is 31st July 2022. One needs to Check which ITR Form is Applicable for Filing ITRs. Those who are Filing the ITRs need to check which ITR form is applicable for Filing the Income Tax Returns as per the provisions of the Income Tax Act.

ITR-1 can be filed by a Resident Individual whose:

  • During the financial year, the total income does not exceed 50 lakh.
  • Salary, one-house property, family pension income, agricultural revenue (up to 5000/-), and other forms of income are used to supplement income.
    • Deposit Interest (Bank, Post Office, Cooperative Society)
    • Interest from Savings Accounts
    • Interest on Refunds of Income Taxes
    • Interest on Enhanced Compensation has been received.
    • Any other sources of interest income
    • Family Pension
  • The earnings of the spouse (other than those covered by the Portuguese Civil Code) and the minor are combined (only if the source of income is within the specified limits as mentioned above).

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