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Sanjeev Govila |192 Answers |Ask -Follow

Financial Planner - Answered on Jul 23, 2023

Question by C on Jul 20, 2023

Money

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.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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