ITR-1 (Sahaj) can be filed if your income is below Rs 50 lakh; Check if you are eligible or not However if you even have Re 1 of capital gains or loss you won't be able to file ITR-1
If you are a salaried individual with a total income below Rs 50 lakh then you might be eligible to file, the simpler ITR-1 form abbreviated as Sahaj. This form does not require much information to be filled in as compared to other income tax return (ITR) forms like 2, 3, etc. You can file it conveniently if you have a basic understanding of the various types of income sources. However, not all salaried individuals can file their tax returns using the ITR-1 form. If you had conducted certain transactions in FY 2023-24 (AY 2024-25), then you might be ineligible to use ITR-1.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
Are you eligible to file ITR-1 (Sahaj) for FY 2023-24 (AY 2024-25)?
Shreya Jaiswal, a chartered accountant, says you can file ITR-1 only if your total income does not exceed Rs 50 lakh during FY 2023-24 (AY 2024-25), including income clubbed from your spouse or minor children and provided also that your income comprises of one or more of the following incomes:Income is from salary, one house property, family pension income, agricultural income (up to Rs 5000), and other sources like:
Interest from Savings AccountsInterest from Deposits (Bank / Post Office / Cooperative Society)Interest from Income Tax RefundInterest received on Enhanced CompensationAny other Interest IncomeFamily Pension
Who cannot file ITR-1 for FY 2023-24 (AY 2024-25)
According to Yogesh Kale, Executive Director, Nangia Andersen India, the following taxpayers are not eligible to file ITR-1:Individuals who are Resident but Not Ordinarily Resident (RNOR) or Non-Resident (NR)Individuals earning agricultural income surpassing Rs 5,000.Individuals having income from more than one house propertiesIndividuals having losses brought forward / to be carried forward under the heads of income- 'House Property'Individuals having losses under the heads of income- 'Other Sources'Individuals who wish to claim deductions under the heads of income- 'Income from Other Sources' (other than a deduction from family pension)Individuals having income from business or profession, capital gains (even for minuscule gains or losses)Individuals having assets abroad including financial interests in entities located outside IndiaIndividuals having income from foreign sourcesIndividuals holding directorship in any company,Individuals holding unlisted equity shares,Individuals claiming foreign tax credits,Individuals in whose case TDS under section 194N is deducted (cash withdrawal exceeding Rs 1 crore in a financial year)Individuals having deferred income tax on ESOPs received from eligible start-upsAlso, if you need to claim tax exemption on long-term capital gains arising from the sale of a house then you need to file an ITR-2 form, you cannot use ITR-1 in this case.
Also read: How to file ITR-2 for FY 2023-24 (AY 2024-25)
Changes introduced for FY 2023-24 (AY 2024-25) in ITR-1 income tax form
For filing ITR-1 you need to indicate your preferred tax regime-old or new. Further, a new section 80 CCH has been introduced in the Finance Act 2023. This section provides a tax deducted for the amount deposited in the Agniveer Corpus Fund. To accommodate this change, ITR form- 1 has been updated to incorporate a new column about the same.As per Manikandan S, Tax expert, Clear (formerly Cleartax), "Under the schedule 'Salary', you can disclose income from retirement benefit accounts maintained in the notified country under section 89A and claim relief for the same. Pensioners must now select the 'nature of employment' (central government, state government, public sector unit and others)."
Some aspects to know about filing ITR-1
According to Kale, here's what you need to know about filing ITR-1ITR-1 requires no attachments: No attachments are required with ITR-1 but one should compile all necessary documents essential for filing ITR, such as bank statements, interest certificates, Form 16, Forms 16A, Form 26AS, Annual Information Statement (AIS) and investment proofs. ITR-1 cannot be filed even if there is Re 1 of capital gains or losses: Even if you have miniscule capital gains or losses, whether short-term or long-term, ITR-1 would not be applicable; hence, correctly identify the suitable return form. #sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
This story originally appeared on: India Times - Author:Faqs of Insurances
