ITR-1 Return Filing in punjab
Income tax return filing for an individual with salary income of less than Rs.5 lakhs.
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ITR-1 Return Filing in Punjab
Income Tax 1961 states that a person falling under the purview of the Tax Act has to pay tax on the income that is earned in a particular financial year. An individual, partnership, Hindu Undivided Family, or any other business entity can be assesses.
Who can file ITR 1 Return filing in Punjab?
ITR 1 return filing in Punjab is to be done by individuals whose income is not more than Rs.50 lakh from the following sources in a financial year.
Salaried person - Salary is the remuneration or consideration that a person receives for the services he or she has to render under an employment contract. The Income Tax Act,1961 has the following under the salary income.
One house property- In case if the Taxpayer is the owner of the property from which he or she is earning rent, then the rent becomes taxable. If the Taxpayer is using the property to run some business or profession then the same is taxable under “Income from business or profession” head.
Other sources(Does include income earned from winning lottery or racehorses)
Agricultural Income (up to Rs.5000)
How IndiaFilings help you in filing the ITR 1 Returns in Punjab?
IndiaFilings can help you in ITR 1 return filing in Punjab in both an online and offline manner.
Online Manner: We make online ITR 1 filing in Punjab wherein we log into the portal and submit the returns on your behalf. Similarly, there is another option of submitting the income returns by uploading XML.
Offline Mode: It involves the submission of ITR 1 in paper form via post to the CPC department, Bangalore. The super senior citizens (80 years and above) are exempted from online filing of the Income-tax return.
What documents are required for ITR 1 return filing in Punjab?
For ITR 1 Form filing in Punjab the following documents are required:
