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Who is Eligible to File ITR-1 for AY 2024-25?

Posted on July 28, 2024January 21, 2025 By admin
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For the Assessment Year (AY) 2024-25, the Income Tax Return (ITR) form ITR-1, also known as Sahaj, is available for specific individuals. Here’s a concise guide on who qualifies to file ITR-1:

Eligibility Criteria for Filing ITR-1

  1. Resident Individual: The taxpayer must be a resident individual in India for tax purposes.
  2. Income Limit: The total income for the Financial Year (FY) should not exceed ₹50 lakh.
  3. Sources of Income:
    • Salary: Income from employment.
    • One House Property: Income from a single house property, excluding cases where losses are carried forward.
    • Family Pension Income: Pension received by the family of a deceased employee.
    • Agricultural Income: Agricultural income up to ₹5,000.
    • Other Sources: Includes various forms of interest and certain other income types, such as:
      • Interest from Savings Accounts.
      • Interest from Deposits (Bank, Post Office, Cooperative Society).
      • Interest from Income Tax Refunds.
      • Interest received on Enhanced Compensation.
      • Any other interest income.
      • Family Pension.
  4. Clubbed Income:
    • The income of a spouse (not covered under the Portuguese Civil Code) or a minor child can be clubbed with the taxpayer’s income, provided the combined income is within the specified limits mentioned above.

Also Read: What documents do I need to file ITR-1?

Conclusion

ITR-1 is designed for resident individuals with relatively simple income sources and a total income not exceeding ₹50 lakh. This form simplifies the tax filing process for eligible individuals, ensuring they meet their tax obligations efficiently.

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