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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

E.

Rs 1.5 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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