ITR 1 Means for AY 2023-24
Every year ITR forms are notified by Income Tax department . ITR 1 is an Income Tax Return form that is used by individual taxpayers to file their income tax returns with the Income Tax Department of India. It is also known as Sahaj form, and is the most commonly used ITR form by salaried individuals.
ITR 1 form is applicable for individuals who have income from salaries or pensions, one house property, and other sources such as interest income, and whose total income for the financial year does not exceed Rs. 50 lakhs. The ITR 1 form is not applicable to individuals who have income from business or profession, or who have capital gains to report.
Who can file ITR 1 for AY 2023-24
[For individuals being a resident (other than not ordinarily resident) having total income up to Rs.50 lakh, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income up to Rs.5 thousand]
Who can not File ITR 1 for AY 2023-24
It is Not for an individual who is either Director in a company or has invested in unlisted equity shares or in cases where TDS has been deducted u/s 194N or if income-tax is deferred on ESOP
ITR 1 form can be filed both online and offline ( in special case like senior citizens above 80 years of age) . Online filing can be done on the Income Tax e-filing portal, while offline filing can be done by submitting a physical copy of the form at the designated Income Tax Office. It is important to ensure that all details provided in the ITR 1 form are accurate and complete, and that all necessary supporting documents are attached before filing the return.
Here are the new ITR forms (ITR 1 to ITR 6 ) and ITR V Acknowledgement Notified Notified for AY 2023-24