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
Given below are two statements: One is labelled as Assertion A and the other is labelled as Reason R.
Assertion A : A, the owner of a ship by fraudulently representing her to be seaworthy induces B, on underwriter to insure the ship.
Reason R : B can obtain cancellation of the policy, as it is a fraud on account of fraudulent misrepresentation under the contract act.
In the light of the above statements, choose the correct answer from the options given below:
In which of the following cases, the Doctrine of Supervening impossibility will apply?
Which one is False as per the relevant provisions of the Indian Contract Act. 1872?
Which one is the correct sequence implied in the Indian Contract Act 1872?
(A) Offer of proposal
(B) Contract
(C) Promise
(D) Agreement
(E) Acceptance
Choose the correct answer from the options given below:
Statement I: Contracts whose objects or consideration are unlawful are void.
Statement II: Contracts in restraint of legal proceedings are void.
