14 June 2010
i would like to differ with above experts. instructions for ITR-1 says
---Who can use this Return Form This Return Form is to be used by an individual whose total income for the assessment year 2010-11 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). 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
Above clearly states that ITR-1 doesn't distinguish b/w intt income & income from other sources. Rather it distinguish b/w IOS & income from winnings/ lotteries. Hence if you hav only income from other sources not being winning from lotteries, you should file ITR-1.
15 June 2010
I still stand on my view. the criteria clearly says that where total income of the individual includes...it's an inclusive & not exhaustve definition.Also in the points it uses or & no where and for salary income.
Please refer the notification in official gazzette too.
CAclubindia
