The Income Tax Act, 1961 states that any person falling under the purview of the tax act has to pay tax on the income earned in a particular financial year. The assessee could be an individual, partnership, Hindu Undivided Family, or any other business entity.
The taxpayers have been categorized to ease the compliances. Each category of the taxpayer has to compute the taxable income in the manner as it is laid down in the Income Tax Act,1961. Post computation the Income-tax returns are filed on the for applicable to the taxpayer.
This article is a comprehensive guide to understand the ITR Sahaj Form 1. As the income tax department has categorized the taxpayers into many groups based on the income and the sources the returns need to be filed accordingly.
ITR-1 is for people with an income of up to Rs. 50 lakhs.