Colonel Sanjeev Govila (retd) is the founder of Hum Fauji Initiatives, a financial planning company dedicated to armed forces officers and their families.
He has over 12 years of experience in financial planning and is a SEBI certified registered investment advisor; he is also accredited with AMFI and IRDA.... more
I am a PSU employee. Owns a house and rented. Annual income is approx 54 Lakhs. Which form is to be filled up for Income Tax Returns. Please guide. Thank you.
Ans: Based on your income and the fact that you are a PSU employee, you will need to file your income tax returns using ITR FORM 1.
The conditions to file ITR 1 (SAHAJ):
• The individual must be a resident of India (other than not ordinarily resident).
• The individual's total income from all sources must be less than Rs 50 lakh.
• The individual's income from salary/pension, one house property, and other sources must be less than Rs 50 lakh each.
• The individual's agricultural income must be less than Rs.5,000.
The due date for filing your income tax returns for the current financial year 2022-23 is 31st July 2023.
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