Form No ITR 1: This is also known as Sahaj meaning easy. This form can only be filed by an Individual and no other assessee can use this form for filing of their return of income. It is not that every individual can use this form. This form can only be used by a person whose source of income is salary and not business. Even a pensioners can use this form. Moreover you can also use this form in case you have any income under the head income from other sources which generally includes interest from various investment products like saving bank account, recurring bank account, fixed deposits with bank and post offices. This form can be used by you even if you have any exempt income in addition to the taxable income from two of the sources discussed above. You can not use this form in case your agricultural income exceeds Rs. 5,000/- in the previous year as the same need to be added to your regular income for the purpose of determining the average rate of tax on which your other income shall be taxed. So you can use this form even if your other exempt income exceeds the threshold of Rs. 5,000/- earlier there was a cap of Rs. 5,000/- of exempt income for using this form.
Please note that if you have won any lottery or have any income from house race in the last year, you can not use this form. Moreover you can use this form only if you own one house property, so in case you own more than one house, you can not use this form. This can also not be used in case you have any asset outside India or any income from a source outside India.
In my opinion this is the forms which would be applicable to majority of the tax payers as most of the tax payers are salaried and do not own more than one house property and have only income taxable under the head “Income from other sources” in addition to receiving either salaries or pension.