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Income tax return filing

Supriya Raj (Student) (52 Points)

26 June 2016

If a person has filed ITR 4 in last financial year i.e 2014-15, so can he file ITR 1 in the financial year 2015-16 if his total income includes salary income and not business income this year?

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3 Replies

Harshit Kabra (INVESTOR) (Student CA final) (1113 Points)
Replied 27 June 2016

yahh he can file, but a main think to know in mind that the exempt income should not exceeds rs.5000
and u should not have any foreign assets including the financial intrest in foreign entity.
further more, u should not to have any income declaration from lottery or gamblimg activity.
otherwise u can fully use it.
hope this will help u in completely understanding
thnks n regards :)

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Udgam Koomar (Tax Technologist) (1949 Points)
Replied 27 June 2016

yes you can use, but I differ from harshit reards exempt income from last 2 years rules has changed u can use above 5000 also but NOT for agricultural income.

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