Hi I am the CA student. May I know, Who cannot use ITR - 1 (SAHAJ)?
0
0
Answer Now
Comment
Report
6
Answers
This Return Form is to be used by an individual whose total income for the assessment year 2015-16 includes:-
Income from Salary/ Pension; or
Income from One House Property (excluding cases where loss is brought forward from previous years); or
Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
Who cannot use this Return Form
This Return Form cannot be used by any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.
If you have foreign assets, you cannot use ITR-1.
If you have exempt income which is more than Rs. 5,000, you cannot use ITR-1.
Important Note โ Preparing for CA Final?
CAKART provides Indias top faculty each subject video classes and lectures โ online & in Pen Drive/ DVD โ at very cost effective rates. Get video classes from CAKART.in. Quality is much better than local tuition, so results are much better.
Watch Sample Video Now by clicking on the link(s) below โ
For any questions Request A Call Back
(a) Income from more than one house property;
(b) Income from Winnings from lottery or income from Race horses; or
(c) Income under the head โCapital Gain e.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
(d) Agricultural income in excess of 5,000; or
(e) Income from Business or Profession; or
(f) Loss under the head โIncome from other sourcesโ ;or
(g) Person claiming relief Under section 90 and/or91; or
(h) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India
(a) Income from more than one house property;
(b) Income from Winnings from lottery or income from Race horses; or
(c) Income under the head โCapital Gain e.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
(d) Agricultural income in excess of 5,000; or
(e) Income from Business or Profession; or
(f) Loss under the head โIncome from other sourcesโ ;or
(g) Person claiming relief Under section 90 and/or91
(a) Income from more than one house property;
(b) Income from Winnings from lottery or income from Race horses; or
(c) Income under the head โCapital Gain e.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
(d) Agricultural income in excess of 5,000; or
(e) Income from Business or Profession; or
(f) Loss under the head โIncome from other sourcesโ
1) Persons who have income other than salary income cannot use ITR 1 But if the person is a salaried employee and have loan against self occupied house property and claiming the interest on the loan taken u/s 24 (b) can also file ITR 1
2) Persons Having income only from income from other sources can also use ITR 1
other than that no one can use the ITR 1 every one has to other ITR Forms for there respective inocme sources
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;
(b) Income from Winnings from lottery or income from Race horses; or
(c) Income under the head โCapital Gain e.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
(d) Agricultural income in excess of 5,000; or
(e) Income from Business or Profession; or
(f) Loss under the head โIncome from other sourcesโ ;or
(g) Person claiming relief Under section 90 and/or91; or
(h) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India or
(i) Any resident having income from any source outside India.