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Are you filing ITR-1 ? Don’t file without reading this post !!

Taxation in India

Are you filing ITR-1 ? Don’t file without reading this post !!

Who not eligible for using ITR-1: The last date for filing ITR for the financial year 2022-23 is 31 July. Who can file Income Tax Return using ITR-1 and who cannot? It is very important for taxpayers to know this.

The Income Tax Department allows salaried individuals to file their ITR easily using Income Tax Return Form ITR-1. This is because ITR-1 does not require much information to be filled in comparison to other ITR forms. That is why it is also called Sahaj Form. However, not all salaried individuals can file their tax return using ITR-1 form. If someone has made some major transactions in the financial year 2022-23 (AY 2023-24), then they may be ineligible to use ITR-1.

Who is eligible to file ITR-1 (SAHAJ) in FY 2022-23?

ITR-1 i.e. Sahaj form can be filed by such taxpayers who-

  • Be an Indian resident.
  • The total income in the financial year 2022-23 (AY 2023-24) should be less than Rs 50 lakh.
  • Income source should be salary, pension or family pension.
  • You have income from a house property.
  • Agricultural income up to Rs.5,000.
  • Earning from interest and dividend from bank, post office.

Who is not eligible to file ITR-1 Sahaj Form for FY 2022-23?

If a person earns income from any of the sources mentioned below then he cannot file ITR using ITR-1 form. People in the list given below cannot file ITR from ITR-1.

    • Individuals with an annual income of more than Rs.50 lakh.
    • RNOR cannot file ITR-1.
    • People who have more than one house cannot fill ITR-1.
    • Income from horse race, lottery or legal gambling cannot fill ITR-1.
    • If you have short term or long term capital gains from the sale of shares, mutual funds, land, you cannot file ITR-1.
    • Earning more than Rs 5,000 through agriculture.
    • People who are getting income from both business and job.
    • If TDS has been deducted for withdrawing money from bank or post office in excess of the prescribed limit, then ITR-1 cannot be filed.
    • Individuals who have any asset in a foreign company.
    • People who have invested in non-listed stocks.
    • Be a director of a company or have a bank account abroad. Such persons cannot file ITR-1.

 

  • Disclaimer: This tax consultancy article is for educational purposes only. It does not constitute personalized tax advice. For specific tax situations, consult a qualified tax professional or contact Qualified Munim Team at qualifiedmunim@gmail.com or +91-74199-00446. Visit qualifiedmunim.com. We are not liable for any actions taken based on this information.

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Are you filing ITR-1 ?,RNOR and NARI cannot file ITR-1.,Who is eligible to file ITR-1 (SAHAJ) in FY 2022-23?,Who is not eligible to file ITR-1 Sahaj Form for FY 2022-23?
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