ITR Filing 2024: Who Is Not Eligible To File ITR-1 For AY 2024-25? Check Details

Taxpayers can file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (Financial Year 2023-24) from 1st April, 2024 onwards on income tax filing portal.

New Delhi: ITR-1 (Sahaj), is the most commonly used form for filing Income Tax Returns by taxpayers whose annual  total income does not exceed Rs 50 lakh during the Financial Year.

However the form ITR-1 cannot be filed by the following individual who:

1. is a Resident Not Ordinarily Resident (RNOR), and Non-Resident Indian (NRI)

2. has total income exceeding Rs 50 lakh

3. has agricultural income exceeding Rs 5000

4. has income from lottery, racehorses, legal gambling etc.

5. has taxable capital gains (short term and long term)

6. has invested in unlisted equity shares

7. has income from business or profession

8. is a Director in a company

9. has tax deduction under section 194N of Income Tax Act

10. has deferred income tax on ESOP received from employer being an eligible start-up

11. owns and has income from more than one house property

12. is not covered under the eligibility conditions for ITR-1

ITR Filing: Types Of Income That Shall Not Form Part Of ITR 1 Form?

Following are the types of income that shall not form part of ITR 1 form:- 

(a) Profits and gains from business and professions;                                                                                       

(b) Capital gains;

(c) Income from more than one house property;

(d) Income under the head other sources which is of following nature:-

     (i) winnings from lottery; 

     (ii) Activity of owning and maintaining race horses;

     (iii) Income taxable at special rates under section 115BBDA or section 115BBE;

(e) Income to be apportioned in accordance with provisions of section 5A   

Central Board of Direct Taxes (CBDT) had facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (Financial Year 2023-24) from 1st April, 2024 onwards.

The ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their returns. Similarly, companies have also been able to file their ITRs through ITR-6 from April 1 onwards.