Income tax return filing FY2022-23 (AY2023-24): Who can use ITR 1, who cannot?

a) Individuals who meet the criteria for Ordinarily Resident status and have a gross income of up to Rs 50 lakh.

b) Those who have income from the following sources: wages, a single-family residence, family pension, and other sources of income up to Rs 5,000.

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Further, in case of clubbing of income, an individual can file ITR-1 if the income of the other person whose income the individual is reporting in his or her ITR is from sources as mentioned above.

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1) Non-residents, Hindu Undivided Family (HUF), Hindu Undivided Family (HUF), Hindu Undivided Family (HUF), Hindu Undivided Family (HUF), Hindu Undivided Family (HUF), Hindu Undivided

2) Residents with a net income of more than Rs 50 lakh regularly

3) A company’s director
4) Holding unlisted equity investments; bringing losses forward under the heading of “profits from house property”

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The last date for income tax return (ITR) for FY2022-23 (AY2023-24) will be July 31, 2023.

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