ITR FORMS

About:

• As per the notification, returns in ITR-1 Sahaj can be filed by an ordinary resident individual whose total income does not exceed ₹50 lakh, while form ITR-4 Sugam is meant for resident individuals, HUFs and firms (other than LLP) having a total income of up to ₹50 lakh and having presumptive income from business and profession.
  
  
• According to the new notification, an individual taxpayer cannot file return either in ITR-1 or ITR-4 if he is a joint-owner in house property.
  
  
• Also, the ITR-1 form is not valid for those individuals who have deposited more than ₹1 crore in bank account or have incurred ₹2 lakh or ₹1 lakh on foreign travel or electricity respectively. Such taxpayers will have to use different forms, which will be notified in due course.
  
  
• An individual who “owns a house property in joint ownership with two or more persons” is required to furnish a return of income.