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

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.