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Cap of Rs. 50 lacs for filing return in ITR 1 - Is it gross or taxable income

Nand (service) (46 Points)

29 July 2021  

The cap for filing return using ITR 1 is Rs. 50 lacs.  It is mentioned as Total Income. 

Whether it refers to Gross income or taxable income - after allowing exemptions under Section 10.  For example, one's gross receipts are Rs. 54 lacs and after removing - say Rs. 20 lacs received as Gratuity as per Act, the taxable income would be Rs. 34 lacs only. In such case, whether he has to use ITR 1 or ITR 2.  Pl clarify 


 3 Replies

CMA Poornima Madhava (CMA) (13007 Points)
Replied 29 July 2021

As I understand, total income is the taxable income after chapter VIA deductions. So ITR1 would be appropriate here I think.
1 Like

Mahesh Shah (584 Points)
Replied 29 July 2021

As I think act says that income above 50,00,000 /- can not file itr 1 with some other conditions along with it.
it does not specify , it should be after deductions.
it only says income above 50,00,000/-
so I think if income above 50,00,000/- along with other conditions, then itr1 cannot be filed

jagdish chhugani (engineer) (125 Points)
Replied 11 August 2021

For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income up to Rs.50 lakhs, C2 Total Income (B4-C1)  D1 Tax Payable on Total Income(C2) 


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