Income tax return filing 2023: Which ITR form to use? Types of ITR forms for FY 2022-23

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ITR filing season is in full swing. Taxpayers are confused as to which ITR form to use. In this article, I will explain which ITR form you should use.

This is the most popular, simple, and most used ITR form so a major portion of the discussion is focussed on who can and who cannot use this form. ITR-1 can be used by an individual who is a resident of India and has income only from salaries, income from other sources, and does not own more than one house property and his total income does not exceed fifty lakhs for the year. In case some other person's income is required to be clubbed in your income, you can use this form only if the nature of the income to be clubbed falls under any of the three heads of income enumerated above.

Though Individual and HUF are generally treated on par under tax laws still HUFs cannot use ITR-1. In case you are a non-resident you cannot use ITR-1. Likewise, in case you own more than one property, whether self-occupied or let out, you cannot use ITR-1.

All the individuals who hold directorship in any company or have investments in shares of any unlisted Company also cannot use ITR-1. 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. In case you have agricultural income over ₹5,000, you are ineligible to use this form though this is exempt.

In case you have won any lottery during the year, you cannot use this ITR form. Likewise, all those who own and maintain racehorses are not eligible to file ITR-1. In case you have income under the head “Income from other sources" and wish to claim any deduction against such income, you cannot avail of the facility to use this simple