ITR-1 AY 2024-25: Eligibility, Ineligibility, and Required Details
Eligibility to File ITR-1 Sahaj AY 2024-25:
ITR-1 Sahaj is a simplified Income Tax Return form primarily meant for individual taxpayers with straightforward income sources. For the Assessment Year 2024-25 (AY 2024-25), individuals meeting the following criteria are eligible to file ITR-1 Sahaj:
(a) Resident Individuals (Other than Not Ordinarily Resident): The taxpayer should be a resident of India during the relevant financial year.
(b) Total Income Up to Rs. 50 Lakh: The total income of the individual should not exceed Rs. 50 lakh.
Income Sources:
Income from One House Property
Income from Other Sources (e.g., Interest Income)
Agricultural Income up to Rs. 5,000
Ineligibility to File ITR-1 Sahaj AY 2024-25:
Individuals falling under the following categories are not eligible to file ITR-1 Sahaj for AY 2024-25:
Total Income Exceeds Rs. 50 Lakh:
Individuals with total income exceeding Rs. 50 lakh cannot use ITR-1 Sahaj.
- Director in a Company:
Individuals who are directors in a company during the financial year.
- Invested in Unlisted Equity Shares:
Those who have invested in unlisted equity shares.
- TDS Deducted u/s 194N:
Individuals for whom tax has been deducted at source (TDS) under section 194N.
- Deferred Income Tax on ESOP:
Individuals for whom income tax is deferred on Employee Stock Ownership Plan (ESOP).
Details Required to File ITR-1 Sahaj AY 2024-25:
ITR-1 Sahaj for AY 2024-25 is divided into several parts. Here are the key details required in each part:
Part A – General Information:
- PAN
- Name (First, Middle, Last)
- Date of Birth
- Aadhaar Number (if eligible)
- Contact Details (Mobile No., Email)
- Address Details
- Filing Status (Original, Revised, Belated, etc.)
- Nature of Employment
How to read Notice under section 139(9), 142(1), 148, 153C
ITR Filing Sections 139(1), 139(4), 139(5), and 119(2)(b)
Part B – Gross Total Income:
- Gross Salary Details
- House Property Details (Self-Occupied, Let Out, Deemed Let Out)
- Income from Other Sources (Interest, etc.)
- Deductions under Section 16
- Gross Total Income Calculation
Part C – Deductions and Taxable Total Income:
Deductions under Section 80C to 80U
- Calculation of Taxable Total Income
Benefits of Home Loans in India
Part D – Computation of Tax Payable:
- Tax Calculation
- Rebates under Sections 87A
- Relief under Sections 89
- Health and Education Cess
- Total Tax and Cess Calculation
Explanation of Sections 234A, 234B, and 234C
Explanation of Sections 234F and 234E
Part E – Other Information:
- Details of Bank Accounts
- Schedule-IT (Advance Tax and Self-Assessment Tax)
- Schedule-TDS (Details of TDS/TCS)
- Verification
Verification:
- Declaration of Correctness
- Verification by the taxpayer
Additional Considerations:
- Option under Section 115BAC(6) – Opting out of the new tax regime
- Seventh proviso to section 139(1) – Details for those not required but filing under this proviso
- TRP Details (if applicable)
Linking Aadhaar on the Income Tax Website
Conclusion:
Filing ITR-1 Sahaj for AY 2024-25 requires careful consideration of eligibility criteria, inclusion/exclusion factors, and accurate reporting of income and deductions. Taxpayers should ensure they have all the necessary documents and details to facilitate a smooth filing process. Consulting with a tax professional can also provide valuable guidance for accurate filing and adherence to income tax regulations.