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    What is the maximum income limit within a financial year for salaried resident individuals to be eligible to file the ITR 1 form for income tax return
    Question

    What is the maximum income limit within a financial year for salaried resident individuals to be eligible to file the ITR 1 form for income tax returns in India?

    A.

    Rs 25 lakh

    B.

    Rs 50 lakh

    C.

    Rs 75 lakh

    D.

    Rs 1 crore

    Correct option is B

    Salaried resident individuals with a maximum income of Rs 50 lakh within a financial year are eligible to file the ITR 1 form.
    · ITR 1 Applicability:
    · Income source should primarily be salary or pension.
    · Income may include a single property and other sources (excluding horse racing, gambling, lotteries, etc.).
    · The taxpayer should not own property outside India.
    · No foreign income should be received.
    · Interest income from savings, deposits, and family pension is allowed.

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