21 July 2019
A resident Sr Citizen has income only from pension and interest from bank fd and savings bank account. He has no other source of income excepting a very small amount of LTCG from redemption of ELSS units invested more than 3 years ago to save tax. This small amount is not subjected to tax as it is much below the thresh hold of Rs.1 lakh beyond which LTCG is to be taxed. Can he efile return in ITR1 or has to use much more complicated ITR2?
21 July 2019
Thank you for prompt reply. However, I would like to know if there is any provision for penalty/fine if return is filed in a wrong form but income tax department is not deprived of any bit of tax for it as intention is not at all malafide to avoid even a rupee of tax?
CAclubindia
