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ITR form 1

vsraj (administration) (136 Points)

09 July 2023

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

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10 Replies

CA. Abhilash Krishnan P (Chartered Accountant) (533 Points)
Replied 10 July 2023

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

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vsraj (administration) (136 Points)
Replied 10 July 2023

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

CA. Abhilash Krishnan P (Chartered Accountant) (533 Points)
Replied 10 July 2023

Yes you can file ITR 1

sabyasachi mukherjee (27579 Points)
Replied 10 July 2023

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

vsraj (administration) (136 Points)
Replied 10 July 2023

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.