look news india
Filing Income Tax Return 2024: The Indian Income Tax Department offers various Income Tax Return (ITR) forms customized for different taxpayers. Choosing the right form ensures accurate and streamlined reporting of your income. The Central Board of Direct Taxes (CBDT) has released seven ITR forms for the financial year 2023-24 (income year 2024-25). Determining which ITR form to use depends on factors such as personal income sources, taxable income and taxpayer categories such as individuals, Hindu Undivided Family (HUF), companies, etc. Today we will talk about ITR-1 form i.e. Sahaj. Let's know who can file ITR-1.
Who can file ITR-1 (Sahaj)?
Residents and ordinarily resident individuals can file ITR-1. Their total income from all sources should not exceed ₹50 lakh and their income should be from the following sources:
- Salary or pension
- One house property (with exception for jointly owned properties)
- Other sources such as interest, dividend or family pension (with a limit of ₹5,000 on agricultural income)
These individuals cannot file ITR-1:
- Non-Resident Indians (NRIs)
- Resident but not ordinarily resident (RNOR) taxpayers
- Individuals having income above Rs 50 lakh
- Individuals deriving income from business or profession
- Individuals with agricultural income of more than ₹5,000
- Individuals having income from capital gains (short term or long term)
- Individuals investing in unlisted equity shares
- Directors of companies
- Individuals claiming tax deduction under section 194N of the Income Tax Act