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.