ELIGIBILITY CRITERIA FOR FILING OF FORM ITR-1 (SAHAJ)

Form ITR-1 SAHAJ is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year. Information filed in ITR should pertain to a particular financial year (FY), i.e. starting on 1st April and ending on 31st March of the next year.

Who is eligible to file Form ITR-1 for AY 2024-25?

Form ITR-1 can be filed by a Resident Individual whose

• Total income does not exceed ₹ 50 lakh during the Financial Year (FY)
• Income is from salary, one house property, family pension income, agricultural income (up to ₹5000/-), and other sources, which include
• Interest from Savings Accounts
• Interest from Deposits (Bank /Post Office/Cooperative Society)
• Interest from Income Tax Refund
• Interest received on Enhanced Compensation
• Any other Interest Income
• Family Pension
• Income of Spouse (other than those covered under Portuguese Civil Code) or Minor is clubbed (only if the source of income is within the specified limits as mentioned above).

Who is not eligible to file Form ITR-1 for AY 2023-24?

ITR-1 cannot be filed by any individual who

• is a Resident Not Ordinarily Resident (RNOR), and Non-Resident Indian (NRI)
• has total income exceeding ₹ 50 lakh
• has agricultural income exceeding ₹ 5000/-
• has income from lottery, racehorses, legal gambling etc.
• has taxable capital gains (short term and long term)
• has invested in unlisted equity shares
• has income from business or profession
• is a Director in a company
• has tax deduction under section 194N (TDS on cash withdrawal) of Income Tax Act
• has deferred income tax on ESOP received from employer being an eligible start-up
• owns and has income from more than one house property
• is not covered under the eligibility conditions for Form ITR-1.

What are the types of income that shall not form part of ITR 1 form ?

Following are the types of income that shall not form part of ITR 1 form

• Profits and gains from business and professions
• Capital gains
• Income from more than one house property
• Income under the head other sources which is of following nature-
  • winnings from lottery
  • Activity of owning and maintaining race horses
  • Income taxable at special rates under section 115BBDA or section 115BBE
  • Income to be apportioned in accordance with provisions of section 5A.