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Title: Choosing the Right ITR Form for Salaried Employees: Only Salary Income vs. Salary with Share, Interest, and Mutual Fund Income

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Introduction:   Filing income tax returns (ITR) is an important responsibility for all taxpayers, including salaried employees. The Income Tax Department of India has different ITR forms to cater to the varying sources of income and financial situations of individuals. For salaried employees, the choice of the appropriate ITR form depends on whether they have only salary income or if they also earn additional income from shares, saving bank & Fixed deposit interest, or mutual funds. In this blog, we will explore the ITR forms relevant to these scenarios and help you understand which form to select based on your specific income sources. ITR Form 1 (SAHAJ):   ITR Form 1, commonly known as SAHAJ, is the most basic ITR form applicable to salaried individuals with income from salary/pension, one house property, and other sources (except lottery winnings and racehorse income). This form is suitable for salaried employees who do not have any income from shares, interest, or ...
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Title: Common Mistakes in Filing ITR-1 for Salaried Individuals: Overlooking Additional Sources of Income

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Introduction: Filing an accurate Income Tax Return (ITR) is crucial for salaried individuals to comply with the tax regulations and avoid potential income tax notices or penalties. However, many individuals, either due to lack of awareness or with unprofessional assistance, often overlook additional sources of income while filing their ITR-1, such as interest from savings accounts, fixed deposits, or gains from the sale of shares and mutual funds . In this blog post, we will explore the repercussions of neglecting these sources of income and provide guidance on avoiding such errors.   Understanding ITR-1 and Additional Sources of Income: ITR-1 , also known as Sahaj , is the most commonly used form for filing income tax returns by salaried individuals. However, ITR-1 is applicable only to individuals whose income includes salary, one house property, and other income sources like interest income from savings accounts (up to a certain limit) and agricultural income.   ...
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Location: Mumbai, Maharashtra, India
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