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Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
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Based on income and its sources, taxpayers are categorized into multiple groups as per the Income Tax (IT) Department. The department offers different types of forms and you need to choose the accurate one to file your returns.
Of the multiple income tax return (ITR) forms, the ITR 1 form is an important form, which is used by taxpayers whose income is less than INR 50 lakh per annum to file their income tax returns. Also known as the ITR Sahaj, below is an overview of what this form comprises.
The form comprises of the following parts:
The ITR Sahaj is a single-page form used by individual taxpayers whose income is below INR 50 lakh, which is earned as salary or pension, earnings from a single house property, and other sources excluding racehorse wins or lotteries.If an individual taxpayer clubs the income of his spouse or minor child, it is allowed only if his earnings adhere to the aforementioned conditions.
The following taxpayers are not allowed to use ITR 1 for filing tax returns:
A taxpayer can follow two primary ways to file the ITR 1 form. These include:
Frequently asked questions
1. Can ITR 1 be filed for agricultural income exempt from tax?
Yes, if agricultural income is less than INR 5,000 then returns may be filed using this form. However, if it exceeds INR 5000, returns must be filed in ITR 2.
2. How to report bank accounts in the form?
It is important to include details of all savings and current accounts held during the financial year. However, if an account has been dormant for over three years, details of the same may be excluded.
3. Should dividend income from mutual funds be included?
Yes. Income earned as dividends from mutual fund investments is exempt under section 10(35). However, it must be reflected in Part D under ‘Exempt Income (others)’.
Now that you are aware of the things that are included in ITR Form 1 as well as the eligibility criteria, you must use this form to file your income tax returns if you are eligible for the same.
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