Who can use ITR-1 form for filing income tax return?

41303itr_1Income Tax department has specified the various income tax return forms like ITR-1, ITR-2, ITR-3, ITR-4, ITR-4S, ITR-5, ITR-6 and ITR-7 & applicability of these forms depends on assessee’s source of income. It is thus important to know more about the ITR–1 now which is also known as SAHAJ. ITR-1 Form SAHAJ or the newly ITR–1, has replaced SARAL Income tax return. The main motive behind this is to simplify the existing return forms to reduce return filing burden on the Individuals. Who can use the ITR-1 Form ITR–1 Form is to be used by an Individual having income from following sources:

  • Income from Salary/ Pension
  • Income from One House Property (not being brought forward losses from previous years)
  • Income from Other Sources (not being income from lottery or race horses)

Moreover, in case any income of spouse, minor child, etc. gets clubbed with the income of the assessee, then ITR–1 can be used only if the clubbed income falls into the above income source. Who cannot use the ITR–1 Form ITR–1 Form should not be used by an Individual if his total income consists of:

  • Income from more than one house property
  • Income from Winnings from lottery or income from Race horses
  • Income ( not exempt from tax) under Capital Gains
  • Income exceeding Rs. 5,000 from agricultural business
  • Income from Business or Profession
  • Income from stock & equity mutual funds
  • Losses which has to be carried forward
  • Person claiming relief of foreign tax paid under section 90, 90A or 91
  • An individual who is a resident having assets (including financial interest in any entity) located outside India or signing authority in any account located outside India.

Points to be noted:

  • No documents are required to be affixed with any ITR Forms.
  • ITR Forms can be filed either manually or electronically, with or without digital signature, with the Income Tax Department.

We at Taxmantra.com would be able to help you in filing of tax returns and also other tax related issues. Please feel free to check this page – Income tax return Filing  OR call us at +91 88 208208 11, +919230033070  OR email us at ‘info@taxmantra.com’