Deduction while Filing ITR-1

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This discussion clarifies whether all investments need to be reported when filing ITR-1, even if deductions mean you have no tax liability. It highlights that claiming deductions requires adding them to the 80C sheet. The basic income threshold for filing ITRs is also mentioned, with a higher limit for senior citizens.

Aakash Kumar

Aakash Kumar (Querist)
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16 May 2024 Do we have to report all investments when filing ITR-1, even if there is no income tax liability after claiming deductions for investments?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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16 May 2024 how would you claim deduction if you do not add it to the 80C sheet?

Gokul Sharma

Gokul Sharma (Expert)
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17 May 2024 If your annual income is more than ₹2.5 lakhs per annum, you must file Income tax* returns in our country. This limit is stretched to ₹3 lakhs for senior citizens above the age of 60.

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