Itr selection
This query is : Resolved
15 July 2015
In the previous year i received replay but i have filed ITR2 last year, because I was told that ITR1 can not be filed if exempt income under section 10 is more than Rs. 5000. Since Conveyance allowance (Rs. 800 * 12 = Rs. 9600 and hra 15000 ) comes under section 10 and is obviously more than Rs. 5000, I was convinced to file ITR2.�
Hence which form to fill up this year - ITR1 or ITR2?
15 July 2015
From the past two years, the Tax Payers were using ITR 2 if the exempt income was more than Rs. 5000. This created a lot of debate and dilemma among Tax payers, whether to file ITR 2, even they receive exempt HRA allowance, which is normally more than Rs.5000.
This year, it brought a great sigh of relief. From now onwards, any Tax Payer enjoying any amount of exempt income such as PPF Interest , House Rent Allowance etc. can file ITR-1.
However, Payers who are enjoying the Agricultural income above Rs.5000 are still required to file ITR 2.
This year, it brought a great sigh of relief. From now onwards, any Tax Payer enjoying any amount of exempt income such as PPF Interest , House Rent Allowance etc. can file ITR-1.
However, Payers who are enjoying the Agricultural income above Rs.5000 are still required to file ITR 2.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Copyright software
- LC charges in relation to Asset purchased should be Capitalised ?
- Regarding TDS Applicability For Director Remuneration
- Transporter Declaration form
- Multiple trade mark
- Value of property in capital gain
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- RULE 86B APPLICABILITY IN QRMP TAX PAYER
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
