Must-read Eligibility Criteria of Filing ITR 1 Sahaj Form

Form ITR-1 is used to furnish the ITR also for FY 2021-22; half of the ITR has been filed through it. Most of the salaried assessee use the same ITR form also known as Sahaj, therefore, taxpayers can easily online file ITR 1 Sahaj form for assessment years 2021-22. ITR-1 would be furnished when:

The assessee is a Resident Individual
The income does not exceed Rs 50 lakh.
Salary, one house property, agricultural income up to Rs 5,000 and additional sources such as interest from a savings account, deposits, income tax refund, family pension are his income sources.
Joining of the income within spouse or minor.

You must note that the ITR-1 would be practiced to furnish the ITR even if you own one property mutually with your spouse. But there are various cases in which an assessee would not use ITR-1 to furnish the tax returns for the FY 2020-21 even while holding the mentioned income sources.

When The ITR-1 Cannot Be Used by You

As per the tax compliance, a person would not be able to furnish the ITR-1 if any of the below-mentioned standards meets:

Investments in unlisted equity shares
Director if a company
Hindu Undivided Family (HUF)
Holding foreign assets such as stocks of a foreign company and others.
Deferred income tax on ESOP (Employees' Stock Ownership Plan) obtained via an employer as a qualified start-up.
Acknowledges and poses exceeding one house property (either owned as single or jointly)
Agriculture income in a financial year exceeds Rs 5,000
Is a Resident Not Ordinarily Resident (RNOR) and Non-resident Indian (NRI)
Have taxable capital gains (short term and long term)
Total income from all sources exceeds Rs 50 lakh
Income from the lottery, racehorses, legal gambling, and others.
Losses that have been carried along or to be carried ahead for next year beneath the head 'Income from house property.
Business or professional income
The tax has been deducted beneath section 194N of the income tax act. The TDS is being deducted beneath section 194N on the cash withdrawals surpassing a specific limit given that particular conditions are determined.

What Would One Do If They Lose to Furnish The ITR-1

A person who does not get fit in the eligibility criteria of ITR-1 must not fear. These people would practice different ITR forms to furnish their tax returns. For example, people who get the capital gains (either short-term and/or long-term), have the unlisted equity shares, or is a director of a company would practice ITR-2 to furnish their ITR.

Also identical to that, the individuals/HUF who have the income from business or professional income would practice ITR-3 to furnish their ITR.

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