What are the types of income that shall not form part of ITR 1 form? Posted on July 28, 2024January 21, 2025 By admin Getting your Trinity Audio player ready... Spread the love The Income Tax Return (ITR) form ITR-1, also known as Sahaj, is meant for individuals with relatively simple income situations. However, certain types of income must not be reported on this form. Below are the types of income that are excluded from ITR-1: Types of Income Not Included in ITR-1 Profits and Gains from Business and Professions: Any income derived from business activities or professional services cannot be reported on ITR-1. Capital Gains: Income from the sale of capital assets, whether short-term or long-term, is not covered under ITR-1. Income from More Than One House Property: If an individual owns and earns income from more than one house property, they cannot use ITR-1 to file their tax returns. Specific Types of Income Under ‘Other Sources’: Winnings from Lottery: Any income from lotteries is excluded from ITR-1. Income from Race Horses: Earnings from owning and maintaining race horses are not to be included. Income Taxable at Special Rates: Income taxable at special rates under sections 115BBDA (dividend income above a certain threshold) and 115BBE (income from other sources, such as unexplained cash credits) must be reported using a different ITR form. Income Apportioned Under Section 5A: Income that needs to be apportioned according to the provisions of Section 5A of the Income Tax Act, applicable to specific cases like community property law, cannot be included in ITR-1. Also Read: What documents do I need to file ITR-1? Conclusion ITR-1 is intended for individuals with straightforward income scenarios, primarily from salary, one house property, and other simple sources. For more complex financial situations, including those listed above, taxpayers should use alternative ITR forms to ensure proper compliance and reporting. Download QR 🡻 Finance
What is Nav in Mutual Fund with Example ? Posted on March 3, 2024January 20, 2025 Spread the love Spread the love Introduction Navigating the world of investments can be daunting, but understanding key concepts like Net Asset Value (NAV) in mutual funds can make the journey smoother. In this guide, we’ll delve into what NAV is, how it’s calculated, and its significance for investors, using clear examples to… Read More
Income Tax Slab for AY 2025-26 Posted on February 1, 2025February 1, 2025 Spread the love Spread the love The Indian government has introduced new income tax slabs for the assessment year (AY) 2025-26, bringing changes aimed at benefiting taxpayers, especially the middle class. The revised tax structure ensures a more progressive taxation system, allowing individuals to maximize savings while fulfilling their tax obligations. Revised Income… Read More
What is AUM in Mutual Fund ? Posted on March 3, 2024January 20, 2025 Spread the love Spread the love Introduction In the realm of mutual funds, investors often come across the term AUM, or Assets Under Management. AUM is a crucial metric that reflects the total market value of assets that a fund manager oversees on behalf of investors. In this blog, we’ll explore what AUM… Read More