Loss under the head “ Income from other sources”.Income includes any income chargeable to tax under the head “Capital Gains”.Income from winnings from lottery or income from race horses.Income from more than one House Property.The Individuals having income from any of the following sources has been specifically excluded from using the ITR Form 1: However, in case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income too is limited to the above specifications. Income from other sources (excluding winnings from lottery and income from race horses).Income from one house property (excluding cases where loss is brought forward from previous years) or.ITR 1 (SAHAJ) can be used by the Individuals having the following incomes: The New ITR 1 (SAHAJ) – Calls for Net wealth Disclosure for the following applicable taxpayers : Applicability of ITR 1 (SAHAJ) As the forms are released with the start of the Assessment Year 2016-17, this time the extension of the above due date is not likely to be made by the department, so it’s time to get the returns filed at the earliest. The Form has already been released by the Department, so the taxpayers should get prepared with their documents and start filing their returns within the stipulated time (31 st July, 2016).

This change in the ITR shall require the taxpayers to maintain their Books of Accounts too, so as to declare the correct value of their assets and liabilities.

The new ITR-1 (SAHAJ) appeals to be challenging for the individual taxpayers as it requires the disclosure of net wealth by high earners. With the onset of new Financial Year i.e., 1 st April, 2016, it’s now high time to get the returns filed for FY 15-16 as the Finance Ministry has notified the new ITR forms with certain mandatory disclosures for ultra-rich to be complied with.

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