Not everybody can file ITR-1 (Sahaj) especially if they have any income from capital gains or income from cryptocurrencies or virtual digital assets (VDA), multiple house property incomes. Apart from this, there are other transactions which might make someone ineligible for filing ITR-1. Read on to find more about this.
The Income Tax department gives a choice of seven forms when a person is filing their tax returns at the end of a financial year. One of the simpler ones is ITR-1 (Sahaj), which is applicable for a large number of small and medium taxpayers. Sahaj is required to be filled by people who have an income up to Rs 50 lakh and who receive income from salary, one house property/other sources such as interest etc. Learn about the requirements and process of filing an ITR in this Business Today Visual Story.