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July 22, 2022

Salaried taxpayers – Know which Income Tax Return Form to use for filing tax return ITR-1 or ITR-2

by CA Shivam Jaiswal in Income Tax

Salaried taxpayers – Know which Income Tax Return Form to use for filing tax return ITR-1 or ITR-2

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.

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