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If Electricity Bill Is More Than 1 Lakh Then ‘Sahaj’ Income Tax Is Not For You
If your home electricity bill is more than 1 lakh, then you can no longer fill the existing income tax form. Even 2 lakhs spent in joint ownership and foreign travel outside the scope of ITR-1
According to the notification, in addition to filling the bill of one lakh, the joint owners of the house and those who have spent more than two lakh rupees on foreign trips have also been excluded from the purview of ITR-1. Such taxpayers will have to fill the return in another form, which will be notified in the coming days.
Those with a deposit of 1 crore will also be in the new income tax category.
The Income Tax Department says that if a person deposits more than one crore rupees in his bank account in the financial year, then he too is now out of the normal income tax category. It will not be valid for them to file returns in ITR-1. Such taxpayers will have to fill a separate form, which will be notified soon.
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