CA CS CIMA Prakash Somani (Landmark Group) (23502 Points)
25 June 2015Can you let me know which ITR form for AY15-16 (FY14-15) should we use if a person has salary income + he has bought a under constructed property of >50 lacs hence deducted tds @ 1%?
Nikhil Kaushik
(Fellow CA)
(85085 Points)
Replied 25 June 2015
form will remain ITR-1 unless exempted income exceeds Rs 5000. Refer Rule 12
CMA Poornima Madhava
(CMA)
(13097 Points)
Replied 25 June 2015
@ Nikhil: I think this requirement (exempt income exceeding Rs.5000) has been substitued by (agricultural income exceeding Rs.5000) w.e.f 1/4/15 vide notification, /news/files/40_14953_notification_49_2015.pdf
CMA Ashutosh Kumar Gupta
(Unit Financial Controller)
(1015 Points)
Replied 25 June 2015
Please refer to Instructions for ITR1:
. Who can use this Return Form
This Return Form is tobe used by an individual whose total income for the
assessmentyear 2015-16 includes:-
(a) Income from Salary/ Pension; or
(b) Income from One House Property (excluding cases where loss is brought
forward from previous years); or
(c) Income from Other Sources (excluding Winning from Lottery and Income
from Race Horses)
NOTE Further, in acase 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 ifthe income being clubbed falls into the above income
categories.
Who cannot use this Return Form
This Return Form should not be used by an individual whose total income for
the assessmentyear 2015-16 includes:-
(a) Income from morethanone 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) Agricultural income in excess of ~ 5,000; or
(e) Income from Business or Profession; or
(Q Loss under the head 'Income from other sources';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
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