Tuesday 30 June 2015

ITR Form 1- Sahaj: For Salaried Individuals


ITR Form 1 (Sahaj) can be used by the following class of Individuals for the Financial Year 2014-15 i.e. Assessment Year 2015-16 who’s Total Income includes

  1. Income from Salary/Pension or
  2. Income from 1 House Property (excluding cases where loss is brought forward from previous year)
  3. Income from Other Sources (excluding Winning from Lottery and Income from Horse Race)

This Income Tax Form (ITR Form) shall not be used by the following class of Individuals whose Total Income includes

  1. Income from more than 1 House Property, or
  2. Income from Winning from Lottery or Income from Horse Race, or
  3. Income from Capital Gains which are not exempt from Tax. For eg: Short Term Capital Gains from Sale of Shares, Short Term or Long Term Capital Gains from the sale of House, Plot etc.,or
  4. Income from Agriculture in excess of Rs 5000, or
  5. Any exempted income in excess of Rs. 5000, or
  6. Income from Business or Profession, or
  7. Loss under head Other Sources

This ITR 1 Form can also not be used by a taxpayer who is claiming any double taxation relief under Section 90/ 90A/ 91.

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Recommended Read:-

Computation of Tax on Salary Income

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