The ITR AY2023-24 filing season is going on with the last date being July 31. It is necessary to choose the correct form for filing income tax return as there are multiple forms available for different taxpayers. Individual salaried taxpayers are required to file ITR-1. However, there are conditions that need to be fulfilled to be eligible to file ITR-1 (Sahaj).
ITR-1 can be filed by an individual having income up to Rs 50 lakh and who receives income from salary, one house property and other sources (interest, etc). ITR-4 can be filed by individuals, Hindu Undivided Families (HUFs) and firms with total income up to Rs 50 lakh and having income from business and profession.
Who is eligible to file ITR-1 Sahaj?
According to the IT department, ITR-1 can be filed by a resident individual whose:
1) Total income does not exceed Rs 50 lakh during the FY
2) Income is from salary, one house property, family pension income, agricultural income (up to Rs 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 Are Not Eligible To File ITR-1 (Sahaj) For AY 2023-24?
1) There are cases where individuals are not eligible to file ITR-1. They need to file other forms as applicable. The individuals are:
2) Those earning incomes from capital gains including from mutual funds, equity shares, house property, and other similar assets.
3) Those earning from more than one house property.
4) Those whose residency status is resident not ordinarily resident or non-resident Indian.
5) Those who want to claim exemption on LTCG arising from the sale of house property.
6) Hindu Undivided Family
7) Those who have foreign assets.