ITR-1 (Sahaj): For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh, having Income from Salaries, one house property (single ownership), interest income, family pension income etc. and agricultural income upto Rs.5 thousand.
- deposited more than Rs 1 crore in a current bank account or
- have spent Rs 2 lakh on foreign travel or Rs 1 lakh on electric bills in the relevant financial year
ITR-4 (Sugam): For Individuals, HUFs and Firms (other than LLP) being a resident having total income upto Rs.50 lakh, one house property (single ownership), having income from business and profession which is computed under sections 44AD, 44ADA or 44AE or Interest Income, Family pension etc. and agricultural income upto Rs.5 thousand
Note: ITR Forms 1 and 4 are not for an individual who is:
- either a Director in a company or has invested in unlisted equity shares or
- has any brought forward / carry forward loss under the head
‘Income from House Property’
- owns a house jointly with someone else
Changes to ITR Forms
- Both ITR forms requires to provide the passport number if you have one.
- ITR 4 form seeks details of your expenditure of Rs 2 lakh in foreign travel and asks you to specify the amount you spent. ITR 4 form also wants to know whether you spent over Rs 1 lakh during the year on electric bills.
New Disclosures
- Valid Passport number has to be provided in both ITR-1 & ITR-4.
- Amount or aggregate of amounts exceeding Rs 1 Crore in one or more current account, deposited during the previous year has to be disclosed in ITR-4
- Amount or aggregate of amount exceeding Rs 2 lakhs for travel to a foreign country for yourself or for any other person
has to be disclosed in ITR-4.
- Expenditure incurred of amount or aggregate of amount exceeding Rs 1 lakh on consumption of electricity during the previous year has to be disclosed in ITR-4.