Dear All,
Income Tax Department has released the new Income Tax Return Form Saral II which is taking the place of ITR-1 .The new Form as promised by the Finance Minister is actually a Saral(simple) form and lay man can also fill this form easily.
The new Saral II can be used if person has any or all types of income from following incomes List
Persons Elligible to use ITR-1 (saral II)
- For Individuals having Income from Salary / Pension
- Income from One House Property (excluding loss brought forward from previous years)
- Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses)
Persons Not eligible to use ITR-I(saral II)
- ITR-1 (saral II) form can be used only by Individuals so HUF is not eligible to use the Saral II benefit.
- If a Individual has a more than one house income then he can not use ITR-1(saral II)
- If a Individual has a one house but has a Brought forward loss from house property ,then he can not use ITR-1(in my view the above rule is also applicable where loss from house property is to be carried forwarded in 2010-11AY ,but same has not been defined in saral II)
- If person has a Income from capital gain or Income from business and profession then also he can not use new saral II ,not for businessmen
- Not for individuals earning from lottery and horse races .
But even after so many person disqualifies to take the benefit of new Saral -II,yet eligible persons are more. The New saral II has not imposed any total income Limit ,so if you have crore of income from salary or other sources,in that case also you can go for ITR-1(saral II).So Go for it and start filing yourincome tax return for ay 2010-11 Now.
CAclubindia
