You must Sign In to post a response.
  • Category: Miscellaneous

    Important: Who will use ITR-1 ('Sahaj') form for filing IT return?

    The month of July has arrived. The salaried people are nowadays very busy to file Income Tax (IT) returns for the year 2015-16. The IT authorities have time and again cautioned the tax-payers to file return in appropriate forms. In this thread I am going to mention which tax-payers will use ITR-1 ('Sahaj') form for filing IT returns.

    This 'Sahaj' form is to be used by an individual whose total income for the financial year includes any one or all of the following income:-
    (a) Income from salary/ pension
    (b) Income from only one house property
    (c) Income from other sources
    (d) Any exempted income

    However, in the following cases, 'Sahaj' form CANNOT be used:-
    (i) If an individual has any foreign assets located outside India. Foreign assets include foreign bank accounts, immovable property located outside India, financial interest in any entity located outside India and other assets held abroad for investment purposes.
    (ii) If he/she has agricultural income exceeding Rs. 5,000/-
    (iii) If the individual has income from Capital Gains (except for those which are exempted from tax. Capital gains from sale of equity shares or units of mutual fund which are sold after one year from date of purchase and on which Securities transaction tax is charged on sale are exempted)
    (iv)If the individual has income from business or profession.
    (v) If he/she has lottery income or winning from race horses.
    (vi) If the individual has income from more than one house property.
    (vii) If he/she has any brought forward loss under house property.
    (vii) If he/she wants to carry forward any losses from previous years.

    P.S.:- I will also raise similar threads on ITR-2 and ITR-2A forms very soon.
  • #570299
    This is the great information shared by the author. In fact I advise him to make a article on this as this kind of information often referred by needed persons on the internet and therefore a detailed resource would be solicited.
    K Mohan
    I consider myself as the learner everyday

  • #570304
    1. The due date of filing the ITR-1 form for the Financial Year 2015-16 is 31 July, 2016.
    2. No document (including TDS certificatel) should be attached to this Return Form.
    3. Deduction in respect of interest on deposits in savings account can be claimed under section 80TTA. Maximum deduction allowed is Rs. 10,000.
    4. Details of all the savings and current accounts held at any time during the previous year is required to be furnished.
    5. The Return Form can be filed by furnishing the return electronically under digital signature or by transmitting the data in the return electronically under electronic verification code also.
    6. Self assessment tax can be paid through e-pay option also using internet banking facility.
    7. Remember to verify that the TDS mentioned in Form 16 matches the TDS in Part A of your Form 26AS.

    Let us encourage each other in sharing knowledge.

  • #570332
    I request every member to read the information given in this thread and add relevant additional information, if omitted by me, for the benefit of Members and other tax-payers.
    “Whenever I feel the need to exercise, I lie down until it goes away.” - Paul Terry

  • #571052
    [Response removed by Admin. Read forum policies.]

  • #571061
    #571052: I request the Editor to take note of this irrelevant response in this important thread.
    “Whenever I feel the need to exercise, I lie down until it goes away.” - Paul Terry


Sign In to post your comments