ITR for Salaried Person and Company
ITR 1 Form is for individuals that have income up to Rs.50 lakh lakhs. The individuals earning income from the following sources can file ITR 1 Form:
- Salaried person- Salary refers to the remuneration or consideration that a person receives for the services he or she has to render under the contract of employment. The Income Tax Act,1961 includes the following under the salary income
- Wages
- Pension
- Annuity
- Central Government contribution or an employer contribution to Pension account as mentioned in Section 80 CCD of the Income Tax Act.
- One house property: If the taxpayer is the owner of a property from which he or she is earning rent, the rent proceeds become taxable.
- However, if the taxpayer is using the owner of a property from which he or she is earning rent, the rent proceeds become taxable. However, if the taxpayer is using the property for running some business or profession the same would be taxable under the heading “Income from business or profession”.
- Other sources (does not include income earned from winning lottery or racehorses)
- Agricultural income
