Here is a quick overview of how these forms are different. Major Differences Between ITR 1 and ITR 2 If you have brought forward losses or earn income from sources like gambling, lotteries, etc., ITR 2 would be the correct form for filing tax returns. 5,000, ITR 2 should be used for filing tax returns. Even in case if the taxpayer earns income from more than one house property or their exempt income, like agricultural income, is above Rs. ITR 2 is for individuals and HUFs (Hindu Undivided Families) who have earned any kind of income from selling an asset or a property with the total income in the financial year above Rs. 50 lakhs for using this form.Ĭheck Your Home Loan Eligibility In Less Than A Minute But note that the total income for the financial year should not be above Rs. 5,000 in a financial year.Įven in case if a taxpayer has other income sources, apart from gambling, lotteries, etc., he/she should use ITR 1 for filing tax returns. It can also be used by taxpayers who earn any kind of income from single house property or earn exempt income, like agricultural income, up to Rs. If you are confused between the two, here is how these two forms are different from each other-Īlso known as ‘Sahaj’, ITR 1 should be filed by individual taxpayers who are salaried employees or receive a pension. ITR 1 and ITR 2 are probably the most common as they are used by most individual taxpayers and HUFs. The IT department has introduced as many as seven different forms for all the different types of taxpayers. Even people who fall under the 0% tax slab should file tax returns as it brings in a host of advantages.īut a common problem among people filing tax returns for the first time, is selecting the right form to file their returns successfully. Under the Indian IT laws, taxpayers must file tax returns every year.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |