2019-07-13_Corporate_Professional_Today

535

July 13 To July 19, 2019 u Taxmann’s Corporate Professionals Today u Vol. 45 u 9

Other Assessees

Status of Assessee ITR 4 ITR 5 ITR 6 ITR 7

Firm (excluding LLPs) opting for presumptive taxation scheme of

section 44AD, 44ADA or 44AE



Firm (including LLPs) 

Association of Persons (AOPs) 

Body of Individuals (BOI) 

Local Authority 

Artificial Juridical Person 

Companies other than companies claiming exemption under Section 11 

Persons including companies required to furnish return under:

u Section 139(4A);

u Section 139(4B);

u Section 139(4C);

u Section 139(4D);



Business Trust 

Investment Fund as referred to in Section 115UB 

Q 2. I have some unexplained income.
Whether I can choose ITR-1 to file my
income-tax return?

Taxpayers having unexplained incomes cannot
opt for ITR-1 Sahaj. You will have to file ITR-
2 or ITR-3 on criteria given in FAQ No. 1.

Q 3. I have received dividend income of ` 15
lakhs from an Indian Company. Whether
I can choose ITR-1 to file my income-tax
return?

Taxpayers who have received dividend in-
come above ` 10 lakhs during the relevant
previous year cannot opt for ITR-1 Sahaj. You
will have to file ITR-2 or ITR-3 on criteria
given in FAQ No. 1.

Q 4. Whether all taxpayers who are earning
income from salary only can choose ITR-
for filing income-tax returns?

Yes, all taxpayers who are earning income
only from salary can choose ITR-1 for filing
tax returns. However, salaried taxpayers
cannot choose ITR-1 if:

(a) Their salary income exceeds `50 lakhs

(b) Their salary income is earned from outside

India

(c) They are non-resident or not-ordinarily

resident in India

(d) They have any asset or signing authority

in any account located outside India

(e) Taxpayer is director in any company

(f) They have held unlisted equity share at

any time during the previous year.

Q 5. Whether individuals are required to

mention details of assets and liabilities in

ITR-1 (Sahaj)?

Individuals/HUFs are required to furnish

details of assets and liabilities at year-end

only when their taxable income exceeds ` 50

lakhs. The Schedule AL wherein the details

of assets and liabilities are to be furnished is

available only in ITR-2 and ITR-3. Thus, the

individual or an HUF who has to report the

details of assets and liabilities has to opt for

filing of return in ITR-2 or ITR-3 on criteria

given in FAQ No. 1.

FAQs ON INCOME-TAX RETURNS FOR ASSESSMENT YEAR 2019-