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Difference Between ITR 1 and ITR 2


Can some one please explain the difference between ITR 1 and ITR 2.

 

And when to use ITR 1and ITR 2

 

Kumar.

 
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Chartered Accountant in Practice

Dear Kumar,

ITR-1 (Saral-II) is For Individuals having Income from Salary / Pension / Income from One House Property (excluding loss brought forward from previous years) / Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses.

ITR-2 is For Individuals and HUFs not having Income from Business or Profession

Regards

Kanti Jain

 
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Originally posted by : kantijain


Dear Kumar,

ITR-1 (Saral-II) is For Individuals having Income from Salary / Pension / Income from One House Property (excluding loss brought forward from previous years) / Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses.

ITR-2 is For Individuals and HUFs not having Income from Business or Profession

Regards

Kanti Jain

 

U mean to say a person having Income from other sources and from house property can fill in either of the form. Then why they made two forms for same purpose.

 

 

 
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U mean to say a person having Income from other sources and from house property can fill in either of the form. Then why they made two forms for same purpose.



 

Because, person having more than one house property and having a brought forward Loss  from previous years or having income of  Winnings from Lottery and Race Horses cannot file ITR-1. He has to mandatorily file his return in ITR-2
Further HUF cannot file ITR-1.
 

 
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In addition to above replies, ITR 1 can be filed in respect of one property only.

 
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