Income Tax Mitra

ITR Filing 2024 for Individuals | Salaried Persons | Pensioners | Income from One House Property etc (ITR-1)

With increasing complexities of tax calculations and dynamic changing the tax slabs by the Income tax authorities added with the busy and hectic schedule of personal life, an individual finds it much difficult to take necessary steps for tax saving and filing of income-tax returns efficiently and on time. Thus, a very requirement is of a good tax consultant who may guide and advise you the proper ways for tax saving and can take necessary steps in filing income tax returns on time.

Best Income tax lawyers and chartered Accountants for Income tax filing for individuals

At Incometaxmitra, a team of highly experienced Tax professionals, Tax lawyers and chartered accountants help our clients in tax consultancy, tax saving and filing of income tax returns on time. We help our clients in better tax saving and easier tax refunds.

Tax Lawyers and consultants for individual Tax saving

Our team consists of industry’s best tax consultants and professionals who help our clients in appropriate and proper tax consultations, Income Tax filing and Tax refunds. We also help our individual clients in TDS filing and other tax related works along with legal services and litigation of Income taxes. Our Legal services in income tax include litigations and appeals of income taxes, departmental appearances and responding to income tax notices.

There are few things one should be known before filing ITR-1. 

Any individual person residing in India who has salary income, home ownership income, income from other sources, income from agriculture up to Rs 5,000 and their gross annual income is not more than Rs 50,000.00(excluding agriculture income up to Rs. 5,000) after all necessary deductions is eligible to file ITR-1 Form.

Major heads of Income for filing ITR-1

Income under the head Salary

The fixed amount one gets for his/her service or work every month or week is considered as Salary. In other words, one is getting paid regularly after every particular fixed interval against the delivery of his/her services and the fixed remuneration or amounts he or she gets is called salary which includes pension, commission, fees, wages, annuity and others.

Income under the head House Property

If the income has been generating through rent from tenant, rent from warehouse, rent from office, building or from any kind of property that a person owns is liable to pay tax and eligible to file the Form ITR-1.

Income under head Other Sources

If a person is having or generating income from the dividend, lotteries, royalties,winnings,  interest on time deposits or savings and many other sources and even if it is irregular then a person is liable to pay tax and can file ITR form 1.

ITR Form

Category

Income from Salary

Income from House Property

Income from Other sources

Income from Business or Profession

Income from Capital gains

Exemption/ Limitation

ITR 1

Individual person

Yes

Only 1 House property

Yes

No

No 

Up to Rs. 50 lakhs

 

 

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