New Delhi: As taxpayers are all geared to filing their ITR for AY 2024-25 or FY 2023-2024, knowing the correct form, suitable for them is the most fundamental aspect of it.
ITR-1 (Sahaj), is the most commonly used form for filing Income Tax Returns by taxpayers whose annual total income does not exceed Rs 50 lakh during the Financial Year.
However there are certain types of income that shall not be considered. Check out 5 types of income that shall not form part of ITR 1 form.
(1) Profits and gains from business and professions;
(2) Capital gains;
(3) Income from more than one house property;
(4) Income under the head other sources which is of following nature:-
(i) winnings from lottery;
(ii) Activity of owning and maintaining race horses;
(iii) Income taxable at special rates under section 115BBDA or section 115BBE;
(5) Income to be apportioned in accordance with provisions of section 5A
Central Board of Direct Taxes (CBDT) had facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (Financial Year 2023-24) from 1st April, 2024 onwards.
The ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their returns. Similarly, companies have also been able to file their ITRs through ITR-6 from April 1 onwards.