ITR-1 SAHAJ – Who can & who cannot file & Manner of Filing for A.Y. 2015-16

1. Who can use Form ITR-1 SAHAJ for Assessment Year 2015-16 i.e. Financial year 2014-15?

This Return Form is to be used by an individual whose total income for the assessment year 2015-16 includes:

(a) Income from Salary/ Pension; or

(b) Income from One House Property (excluding cases where loss is brought forward from precious years); or

(b) Income from Other Sources (excluding Winning from Lottery and Income from Rose Horses)

Note:- Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only it the income being clubbed lolls into the above income categories.

2. Who cannot use Form ITR-1 SAHAJ for Assessment Year 2015-16 i.e. Financial year 2014-15?

This Return Form should not be used by an individual whose total Income for the Assessment year 2015-16 includes, –

(a) Income from more than one house property; or

(b)Income from Winnings from lottery or income from Race horses; or

(c)Income under the head “Capital Gains”, e.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or

(d) Income from agriculture/exempt income in excess of Rs. 5,000; or

(e)Income from Business or Profession or

(f) Loss under the head ‘Income From Other Sources’; or

(g) Person Claiming relief Under Section 90 and/or 91

(h) Any individual, who is a resident and has

(i) assets (including financial interest in any entity) located outside India; or

(ii) signing authority in any account located outside India.

(i) Any Resident Having Income from Any Source Outside India

3. Manner of filing  Form ITR-1 SAHAJ for Assessment Year 2015-16 i.e. Financial year 2014-15

This Return Form can be filed with the Income Tax Department in any of the following ways,-

3(i)         By furnishing the return in a paper form;

3(ii)        by furnishing the return electronically under digital signature;

3(iii)       by transmitting the data in the return electronically under electronic verification code;

3(iv)       by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;

Where the Return Form is furnished in the manner mentioned at 3(iii),the assessee should print out two copies of Form ITR-V.

NOTE.  One copy of ITR-V, duly signed by the assessee, has to be sent post to Post Bag No.1, Electronic City Post Office, Bengaluru, Karnataka-560100. The other copy may be retained by the Assessee for his record.

(Compiled by Taxguru Team based on inputs from Income Tax Department Website)