ITR-1 Form Filing

ITR-1, also known as "Sahaj," is a simplified income tax return form that can be used by resident individuals whose total income does not exceed ₹50 lakh and who have income from the following sources:

• Salary or Pension
• One House Property (excluding cases where loss is brought forward from previous years)
• Other Sources (excluding winnings from lottery and income from racehorses). This includes interest from savings accounts, deposits, income tax refunds, enhanced compensation, and family pension.  
• Agricultural income up to ₹5,000.
• Long-term capital gains income up to ₹1.25 lakhs (having no brought-forward or carry-forward capital loss).
• Income of a spouse or minor child that is to be clubbed (provided it falls within the above categories and income limits).

Who Cannot Use ITR-1?

You cannot file ITR-1 if:

• Your total income exceeds ₹50 lakh.
• Your agricultural income is more than ₹5,000.
• You have income from more than one house property.
• You have any taxable capital gains (other than the specific long-term capital gains mentioned above with no brought-forward/carry-forward loss).
• You have income from business or profession.
• You are a Director in a company.
• You have invested in unlisted equity shares at any time during the financial year.  
• You own assets (including financial interest in any entity) outside India or have signing authority in any account located outside India.
• You are a resident not ordinarily resident (RNOR) or a non-resident.
• You have any foreign income.
• You are assessable in respect of the income of another person for whom tax has been deducted at source.
• Tax has been deducted under Section 194N (cash withdrawals exceeding a certain limit).
• In case of deferred tax on Employee Stock Options (ESOPs).