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Discussion > Income Tax > ITR >

Difference Between ITR 1 and ITR 2

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Article


[ Scorecard : 917]
Posted On 24 May 2010 at 18:09 Report Abuse

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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kantijain
Chartered Accountant in Practice


[ Scorecard : 375]
Posted On 24 May 2010 at 18:25

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


[ Scorecard : 917]
Posted On 25 May 2010 at 03:47

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


[ Scorecard : 873]
Posted On 25 May 2010 at 11:17

 



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.
 




Pankaj Gulati
Tax Advisor


[ Scorecard : 81]
Posted On 19 August 2010 at 17:12

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



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