Which ITR to file
One biggest mistake Salaried Tax Payers do is filing wrong ITR
Salaried payers - Know which Income Tax Return Form to use for filing his income tax return
ITR-1 or ITR-2 based on following
You can file ITR-1 in only following 3 cases
1) Resident India Income from Salary / Pension < 50 Lakhs
2) Income or loss from only one house property - (excluding brought forward losses & losses to be carried forward)
3) Income from Other Sources like interest, pension, etc
You need to Compulsory file ITR-2 in following 16 cases
1) Not ordinarily resident and Non-resident receiving Salary
2) Salary or Total Income > 50 Lakhs
3) Individual who is a Director in any company
4) ESOPs allotted by eligible start-up
5) Income or loss from more than one house
property
6) Individual has brought forward loss or losses to
be carried forward under the head House
Property
7) Holding unlisted equity shares or Directorship in Company
8) Capital gains/loss on sale of investments/property
9) Dividend income exceeding Rs. 10 lakhs taxable
under Section
10) Claiming deduction under Section 80QQB or 80RRB or 10AA oror Part-C of Chapter VI-A
11) Agricultural income exceeding Rs. 5,000
12) Any brought forward losses or
losses to be carried forward
13) Any income is Clubbed
14) Income from Foreign Source / Foreign Asset
15) Signing authority in any account outside India
16) If the tax has been deducted on cash withdrawal
under Section 194N
In all above 16 cases ITR-2 is mandatory to file, else taxpayer may receive notice of defective returns or your return may be consider as invalid.
Better check all 16 condition before filing Salaried ITR to avoid notice from Income Tax Department more
Salaried payers - Know which Income Tax Return Form to use for filing his income tax return
ITR-1 or ITR-2 based on following
You can file ITR-1 in only following 3 cases
1) Resident India Income from Salary / Pension < 50 Lakhs
2) Income or loss from only one house property - (excluding brought forward losses & losses to be carried forward)
3) Income from Other Sources like interest, pension, etc
You need to Compulsory file ITR-2 in following 16 cases
1) Not ordinarily resident and Non-resident receiving Salary
2) Salary or Total Income > 50 Lakhs
3) Individual who is a Director in any company
4) ESOPs allotted by eligible start-up
5) Income or loss from more than one house
property
6) Individual has brought forward loss or losses to
be carried forward under the head House
Property
7) Holding unlisted equity shares or Directorship in Company
8) Capital gains/loss on sale of investments/property
9) Dividend income exceeding Rs. 10 lakhs taxable
under Section
10) Claiming deduction under Section 80QQB or 80RRB or 10AA oror Part-C of Chapter VI-A
11) Agricultural income exceeding Rs. 5,000
12) Any brought forward losses or
losses to be carried forward
13) Any income is Clubbed
14) Income from Foreign Source / Foreign Asset
15) Signing authority in any account outside India
16) If the tax has been deducted on cash withdrawal
under Section 194N
In all above 16 cases ITR-2 is mandatory to file, else taxpayer may receive notice of defective returns or your return may be consider as invalid.
Better check all 16 condition before filing Salaried ITR to avoid notice from Income Tax Department more
Viewed by 551
All TDS deductions by any Bank are duly recorded with the Income Tax Department PAN wise. Simply you start filling up of ITR 1 giving the required data and if your total income is found less than the minimum income attracting payment of income tax, at the end of the return itself the total amount of TDS deductions will be automatically shown as refundable and be refunded in due course. more
Jul 23
One simple question...if a house wife got TDS cut on bank interest (due to non filing of form 15g) and has no other income ...which itr form needs to be filled so that she should get that money back....earlier itr1 automatically giving it back...but now not showing any refund....pl. help.. more
Jul 23
