![]() ![]() Likewise, all those who own and maintain racehorses are not eligible to file ITR-1. In case you have won any lottery during the year, you cannot use this ITR form. In case you have agricultural income over ₹5,000, you are ineligible to use this form though this is exempt. If you have any signing authority in respect of any account outside India or have a beneficial interest in asset or have income from outside India you cannot use this form. Likewise, in case you own more than one property, whether self-occupied or let out, you cannot use ITR-1.ĪLSO READ: ITR filing 2023: Over three crore income tax returns filed so far, says income tax departmentĪll the individuals who hold directorship in any company or have investments in shares of any unlisted Company also cannot use ITR-1. In case you are a non-resident you cannot use ITR-1. Assuming that more commonly used deductions are eliminated, the tax burden could shift dramatically to the lower and middle classes.Though Individual and HUF are generally treated on par under tax laws still HUFs cannot use ITR-1. ![]() Tax rates range from 10% to 37%, depending on income. Shift tax burden to lower and middle classes: A flat tax system could greatly reduce taxes on the richest Americans.A flat tax could also eliminate altogether some taxes that wealthier individuals tend to pay, such as capital gains, dividends, and interest income taxes. ![]() The rate could end up being higher than is politically acceptable if a flat-rate tax system were to replace that revenue. Federal revenue totaled $1.52 trillion in the first four months of the fiscal year 2022, and more than two-thirds of that came from personal income taxes, including taxes on capital gains, dividends, and interest.
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