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Difference Between ITR 1 and ITR 2

Kumar (Article) (922 Points)

24 May 2010

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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4 Replies

kantijain (Chartered Accountant in Practice) (385 Points)
Replied 24 May 2010

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

Kumar (Article) (922 Points)
Replied 25 May 2010

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.

Rachit (Analyst) (913 Points)
Replied 25 May 2010


	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.