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Obligation to file Income Tax Return

Every individual whose total income before allowing deductions under Chapter VI-A of the Income-tax Act 1961, exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of income. For AY 2015-16 Maximum Amount not Chargeable to Tax is:

Rs 2,50,000/- (General)

Rs 3,00,000/- (Senior Citizen – Age between 60 to 79 Years)

Rs 5,00,000/- (Super Senior Citizen – Age 80 or Above)

All taxpayers having Income more than Rs. 5 Lakhs are now mandatorily required to submit their Income Tax Return online using appropriate ITR. Those taxpayers with Income below Rs. 5 Lakhs can either submit their Income Tax Return online or can submit the physical forms as well.

Due date of filing Income Tax Return for the AY 2015-16 has been extended by CBDT from 31st July 2015 to 31st August 2015. If you can not file the return within the due date, you can still file the belated return u/s 139(4) upto 31.03.2016 without any penalty. Return can also be filed online till 31.03.2017 but subject to a maximum penalty of Rs 5000/- u/s 271F.

Filing of Income Tax Return Simplified

Filing Income Tax Return has become very easy. CBDT has introduced simplified ITR for Salaried persons in “ITR-1 (SAHAJ)”. To make it more convenient CBDT has introduced Quick E-file option. This option is only for “ITR-1 (SAHAJ)” and “ITR-4S (SUGAM)”.

Return can be filed online @ https://incometaxindiaefiling.gov.in/

To file online return you need to Register your PAN.  Registration of PAN is a simple process. Always give your own Email ID and Mobile No. during registration and remember your password. Never allow your tax Consultant to give their Email ID and Mobile No.

Maintain your Income Tax File Properly by filing your Income Tax Return regularly and keeping a record of Income and Investment declared by you in the Income Tax Return.

Know your ITR

ITR-1 (SAHAJ)

Who can use this Return Form?

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 previous years); or

(c) Income from Other Sources (excluding Winning from Lottery and Income from Race 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 if the income being clubbed falls into the above income categories. So if any Income is not falling in the above category then ITR1-SAHAJ can not be used.

ITR-1 (SAHAJ)

Who can not use this Return Form?

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”; or

(d) Agricultural income in excess of 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; 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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Category Income Tax, Other Articles by - CMA. CS. Sanjay Gupta 



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