The government of India has prescribed four Income Tax Return forms to be used by HUF’S and individuals.
Form No.ITR.1: This form is also known as Sahaj (easy) form and can be used by individuals who wish to file their returns. However, only salaried individuals who have salary as their only source of income are free to file their returns using this form. People having various source of income from any Business, Profession or Capital Gains are not allowed to file their returns using this form.
This form is the simplest of all the forms available for the purpose of filing one’s IT Returns. However, people belonging to the below mentioned category may file their returns with the help of this form:
- Salaried Individuals or Pensioners
- Individuals who have earned income from a house property. This, however, does not include cases where losses have been registered and carried forward from the preceding year.
- Individual having other sources of income. Earnings in the form of lottery winnings or horse race winnings are not applicable.
Read More A Detailed Guide to Income Tax