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Itr selection

29 July 2014

Please tell how to select ITR for e filing as per new rules? Previously I was using ITR-1 as I am a salaried person and I am not having any other source of income like rent but I have come to know that as per new rule a tax payer need to select the ITR as per his Tax Exempt Income.

Also I have saving in terms of FDs, Recurring, NSCs, PPF etc.

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5 Replies

CA Saloni (Manager-Accounts & GST Consultant) (5124 Points)
Replied 29 July 2014

Pinkesh ji if you are a salaried person & you are having exempt income upto Rs 5000/- then you need to file ITR-1

If you have exempt income more than 5000/- then you need to file ITR-2

CA Saloni (Manager-Accounts & GST Consultant) (5124 Points)
Replied 29 July 2014

Interest from FD, RD & NSC are taxable, while interest from PPF is exempt

Pinkesh Kothawale (Others) (42 Points)
Replied 29 July 2014

Dear Saloni,

Thank you fr your reply. but how I need to calculate it. as NSCs are for 6 years so I need to calculate it for each year??? please help as I am very much confused. and whether PF is included in this or not???

Shivani Sharma (CA FINAL) (587 Points)
Replied 30 July 2014

The Interest Rate on NSC is compounded half yearly and is announced by the Govt every year before 1st April and they keep on changing every year.

There are 2 issues of National Savings Certificate (NSC) currently in operation and the Interest Rate on these National Savings Certificate is as follows:-