ITR form 1

Dear Sirs, I am a senior citizen, retired long back. Not receiving pension.   My income consists of through Tution, Geetha classes and miscellaneous help to others. Overall the income per month through this will be Rs.10000 to Rs.15000. Living in my own house. Self occupied. No rental income..

Income through other sources are: Dividend from Mutual Fund, Bank Interest and LIC annuity.  After 80C rebate the taxable income is  Rs. 180,000.   Can I file in ITR 1 ?

Thank you.

vsrajaraja

Replies (10)
Quick Summary
A senior citizen, retired and not receiving a pension, is seeking clarification on whether they can file their Income Tax Return (ITR) using the ITR-1 form. Their income includes tuition fees, Geetha classes, and miscellaneous help, amounting to Rs. 10,000-15,000 per month. They also have income from mutual fund dividends, bank interest, and LIC annuity. After deductions under Section 80C, their taxable income is Rs. 180,000. However, their income before 80C deductions exceeds Rs. 3 lakhs due to a Rs. 1,50,000 investment in SCSS and a Rs. 5,000 TDS on dividends. The consensus from the discussion is that they can indeed file using ITR-1, especially to claim a refund for the TDS.

You need not file if your income before 80c deduction is less than 250000

Thank you Sir.   The income before 80C deduction is more than 3 lakhs ( invested in SCSS of Post office Rs.1,50,000)  and there is TDS of Rs.5000 while dividends are paid.   I have to file ITR.   In that case can I file          in ITR 1?

vsrajaraja

Yes you can file ITR 1
You can file itr if required in any other work. But as per SEC 139(1) not required.

Mr mukherjee ji, sorry for further botheration.   You may know from the data furnished, I have house property (self occupied) and there is TDS of Rs.5000/. Though the income returned is below the Taxable limit, to get the TDS refunded to me,I must file ITR (I believe in ITR 1).  This aspect you may analyse and confirm.

Thank you

vsrajaraja.

Thank you CA Abhilash Krishnan P for your guidance.

God bless you all Sir.

vsrajaraja.

 NEED TO FILE AS U HAVE TDS AS MENTIONED BY YOU. ITR-1 IS OK FOR FOR U.

REGARDS

 

Mr.Alok Goel.   Thank you Sir, for your reply

vsrajaraja

Yes you can file ITR 1

 

Thank you Madam Sanjana Mohanty for your reply

Regards

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