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Given below are two statements: One is labelled as Assertion A and the other is labelled as Reason R. Assertion A : ITR - 1 can be used by an individual whose total income does not exceed Rs. 1 Crore. Reason R : ITR - 1 cannot be used by an individual who is a director in a company. In the light of the above statements, choose the most appropriate answer from the options given below:

Given below are two statements: One is labelled as Assertion A and the other is labelled as Reason R. Assertion A : ITR - 1 can be used by an individual whose total income does not exceed Rs. 1 Crore. Reason R : ITR - 1 cannot be used by an individual who is a director in a company. In the light of the above statements, choose the most appropriate answer from the options given below: Correct Answer A is not correct but R is correct

The correct answer is A is not correct but R is correct

Important Points 

Assertion A : ITR - 1 can be used by an individual whose total income does not exceed Rs. 1 Crore.

The Assertion is incorrect as the ITR-1, commonly known as the Sahaj Form, is for individuals earning up to Rs.50 lakh.

Reason R : ITR - 1 cannot be used by an individual who is a director in a company.

Reason is true as an individual who is either a director of a company or has held any unlisted equity shares at any time during the financial year cannot file ITR - 1

 

Related Questions

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