ITR-1 (Sahaj) can be filed if your income is below Rs 50 lakh; Check if you are eligible or not
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.
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 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
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
