15/04/2023 Financial & Legal Services
Any person who earns more than Rs 2.5 lakhs and exceeds this specific exemption level is required to file an income tax return, according to Section 139(1) of the Income Tax Act of 1961. Individuals must file income tax returns if they receive income from any of the following sources:
Income From Salary
Income From Pension
Income from house property (except any case where loss has been brought forward)
Income From Other Sources
Agricultural Income Upto Rs 5000.
Form ITR 1 or SAHAJ is used for filing tax return by taxpayers whose earnings are up to Rs 50 Lakhs.
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