Itr 2 related

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jinesh (Querist)

10 December 2014 My client is having income from other sources like Tuition fees,FD interest and Bank Interest etc.and she has also Dividend income.she's having dividend Income which is more than Rs.5000. Should i have to file ITR-2 for that.because in filing ITR- 2 i have to show only two figures first Other Income which comprises of aforesaid Income(like FD interest,Tuition fess) and second Exempt Income. what should i do?

if i will not show dividend income and Go ITR1 Sahaj. then is it Ok? shall we file ITR 1 in that by avoiding dividend Income?

Please let me know for the Both ITR forms.

Which form should i use for the same?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)

10 December 2014 ITR 1 CANNOT be used to declare exempt income. Since you have dividend income you should file ITR 2.

jinesh

jinesh (Querist)

10 December 2014
She is lady. she is having only Dividend Income which is exempt. Another Source of Income is FD interest and Tuition Fees which comes around Rs.180000/-.Wich ITR is more beneficial to her?

Is it right to have exempt Income( Like Dividend Income,PPF.) more than Rs.5000/-then we have to file ITR 2.If we go for ITR 1 and not showing exempt Income Then can this return be considered valid?

i m filing for the A.y.13-14 and A.Y.14-15. is it make any difference..

Let me know.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)

10 December 2014 1. ITR 2 shold be filed.

2. There is no problem in having exempt income more than Rs. 5,000/-.

3. If you file ITR 1 (in which case you will not be able to how dividend income), then there will not be any major problem. However it is better to disclose the dividend income because if the share are sold in future then capital gain will arise.

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