Income Tax department has released the Income tax notification 41/2015 dated 15/04/2015 regarding new ITR forms and who can use these forms for assessment year 2015-16 .In this post , we have provided a brief details about who can use form ITR-1 (also known as Sahaj) and who cannot use ITR-1.
Who can use ITR-1 Return Form: This Return Form is to be used by an individual whose total income for the Assessment Year 2015-16 (F.Y 2014-15) includes:
- Income from Salary
- Income from Pension
- Income from one house property (Excluding if loss is brought forward from previous years)
- Income from other sources (Excluding Income from winning from Lottery and horse race)
Who cannot use ITR-1 Return Form: This Return Form should not be used by an Individual whose total income for the Assessment Year 2015-16 (F.Y.2014-15) includes:
- Income from more than one house property
- Income from winning from Lottery and horse race
- Income from capital gains
- Agriculture Income
- Exempt Income more than Rupee five thousands
- Income from Business or Profession
- Loss under the head of Income from other sources
- Claiming relief U/S 90 or 91
- Any resident having Income from any source outside India
- Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.
Before making any decisions do consult the experts. Author does not take any responsibility for misrepresentation or interpretation of act or rules. Neither the author nor the firm accepts any liability for the loss or damage of any kind arising out of information in this document or for any action taken in reliance there on.
ABHISHEK RANJAN SINGH