ITR 1 (SAHAJ) is the simplest ITR form for individuals having income from Salary, Pension, one-house property and interest.
Individuals cannot file form ITR 1 (SAHAJ) if :
- The individual is a director in a company
- Held shares in an unlisted company during the financial year. If the employee receives ESOPs (Employee Stock ownership plan), they cannot file ITR 1.
- Total income is more than INR 50 Lakh
- Earns income from more than 1 house property
- Earned Capital Gains Income from the sale of house property, land, shares, other assets during the financial year. This includes both Long Term (LTCG) and Short Term (STCG) Capital Gains.
- Agricultural income exceeding INR 5,000 in a financial year
- Received dividend income that is taxable at a special rate i.e.dividend income of more than INR 10 Lakh in a financial year
- Earned income from winnings from lottery or income from race horses
- Earns Income from Business and Profession
- Any non-resident individuals (including RNOR i.e resident but not ordinary resident and NRIs i.e. Non-resident India) cannot file ITR 1
- A resident individual having
- any asset outside India
- financial interest in any entity outside India
- Signing authority in any account located outside India
- Individual claiming relief of Foreign Tax paid or Double Taxation Relief under section 90/90A/91