i. Tax payers whose total income does not exceed Rs.50 lakh during the F.Y, and income assessed under the head Salary
ii. Income tax from Salary, one house property, family pension, agriculture income upto Rs.5000 can be filed
iii. ITR-1 cannot be filed by any individual who has income from business or profession.
iv. ITR -1 Sahaj is also called as ITR -1 Sugam
Understanding Income Tax Return - 1 (Sahaj) Features
The Income Tax Return - 1, commonly known as 'Sahaj', is a simplified tax return form designed for resident individuals. It has specific eligibility criteria and covers certain types of income. Let's break down the features mentioned:
Feature i: Income Limit and Salary Assessment
Eligibility based on Total Income: This statement correctly points out that taxpayers whose total income does not exceed $50$ lakh during the financial year are generally eligible to use ITR-1. While the form accommodates various income sources, income assessed under the head Salary is one of the primary types covered.
Feature ii: Permitted Income Sources
ITR-1 Sahaj can be used by individuals who have income from the following sources:
- Salary
- One House Property (This excludes situations with more than one house property or income from house property being carried forward or set off)
- Income from Other Sources (including family pension)
- Agricultural Income up to $5000$
This statement accurately lists the eligible income types for ITR-1 Sahaj filers.
Feature iii: Restriction on Business/Profession Income
A crucial aspect of ITR-1 Sahaj is its limitation. It cannot be filed by individuals who have income from Business or Profession. This restriction ensures that ITR-1 is used only for simpler tax scenarios.
Feature iv: Alternative Name - ITR-1 Sugam
The ITR-1 Sahaj form is designed for ease of filing, hence the name 'Sahaj' (meaning easy). It is sometimes referred to using terms like 'Sugam', emphasizing its user-friendly nature. Thus, the statement that ITR-1 Sahaj is also called ITR-1 Sugam is considered a characteristic associated with the form.
Summary of ITR-1 Sahaj Features
Based on the analysis, all the statements provided (i, ii, iii, and iv) describe key features or characteristics of the Income Tax Return - 1 (Sahaj). It is intended for resident individuals with total income up to $50$ lakh, including income from salary, one house property, family pension, and limited agricultural income, while explicitly excluding those with business or professional income. The alternative name 'Sugam' also highlights its intended simplicity.
Important Questions from Indian Contract Act, 1872
- Which statements are correct about the provisions of Sec 40 (B) Remuneration to partners ?
i. Remuneration is allowed to working and non working partners
ii. Must be authorised by partnership deed
iii. Maximum limit
a. If book profit is negative, in case of loss Rs.1,50,000
b. In case of book profit on the first Rs.3,00,000 of book profit-1,50,000 Or 90% book profit, whichever is higher. On the balance of the book profit - 60%
iv. Maximum rate of interest is 15% - "Active concealment of fact" is associated with which one of the following?
1. Misrepresentation
2. Undue influence
3. Fraud
4. Mistake - Read Assertion (A) and Reason (R) and give the correct answer by using the code given below :
Assertion (A) : A proposal may be revoked at any time before the communication of its acceptance is complete as against the proposer, But not afterwards.
Reason (R) : Section 5 of the Indian contract Act 1872, deals with the revocation of proposals and acceptances.
Code : - Which of the following statement/s is/are correct ?
Consideration is :
(a) a price for any promise.
(b) only a moral obligation.
(c) a motive for any promise.
(d) something of value in the eye of law.
Code : - Consider the following statements and give correct answer with the help of code given below :
The case of Mohori Bibee Vs Dharmodas Ghose :
(a) has laid down that a minor's contract becomes valid when he attains majority.
(b) is the decision of the Supreme Court of India regarding minor's contract.
(c) is the decision of Privy Council regarding voidness of minor's contract.
(d) has laid down that contract without consideration is void.
Code :
