Article

Know Which ITR Form to Fill- Salaried Individuals
February 11 , 2013

Income tax returns are filed once every year to check if there is shortfall in income tax paid by you in that year or if you have ended up paying more. I-T Returns have to be filed using appropriate ITR forms and the acknowledgement form- ITR V is to be returned to the I-T office. So to start with, it is important to choose the correct ITR form for filing income tax returns.

Various ITR forms

At incometaxindia.gov.in you would find 10 different ITR forms in excel format and pdf format to be downloaded, filled and submitted. Of these only 3 viz- ITR 1, ITR 2 and ITR V are relevant for salaried individuals. ITR 3 to ITR 7 are for individuals in business or proprietary business, firms and companies. ITR 8 is for filing return on fringe benefits. We will deal with how to choose between ITR 1 and ITR 2 for salaried individuals.

ITR 1

Who should use ITR-1

Individuals whose only income source is

1. Salary/Pension

2. One house (no loss from house to be carried forward)

3. Other sources like interest from FDs, bonds (excluding casual sources like lottery, horse race etc and no loss for carrying forward from other sources)

If income of your spouse or minor child is being clubbed with yours, such income should also be from one of the sources above.

Who should not use ITR-1

If have income from any other source except the ones listed above, including income from your investments in shares, mutual funds, real estate, you cannot fill ITR 1.

If you own financial assets or real estate abroad you cannot use ITR-1.

If you have losses from house or other sources, which you would like to carry forward to the next assessment year, you must use ITR-2.

If your total exempted income (excluding salary exemptions like HRA) is over Rs 5,000 you must use ITR-2.

ITR 2

Who should use ITR-2

Individuals and HUFs whose only income source is

1. Salary/Pension

2. House/s

3. Capital gains or profits (or losses) on investments

4. Other sources like interest from FDs, bonds and also casual income from winning lottery, horse race, card games, etc

If income of your spouse or minor child is being clubbed with yours, such income should also be from one of the sources above.

Who should not use ITR-2

If you have income from a profession or business you cannot fill ITR-2.

ITR V

ITR-V is an acknowledgement form that is sent from the Income Tax department to you once you submit your relevant ITR form. If you are filing returns online, duly filled ITR V would be generated and sent to you automatically once your ITR form has been transmitted. It would have the acknowledgement number and date of transmission.

If you use digital signature your job ends there. If not, you have to download the ITR V, print 2 copies of it, fill them both, keep 1 for your record and have to mail the other one to Income Tax Office at Post Bag No. 1, Electronic City Office, Bengaluru- 560100 Karnataka.

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