Penalty/fine for using wrong itr form
22 July 2019
If one uses ITR1 instead of ITR2 to efile income tax return, will there be any penalty/fine? Kindly note, that there is no difference in tax obligation in both the forms and full tax has been paid.
The fault is only technical in nature as amount of LTCG from redemption of ELSS units
is much below the thresh hold of Rs. 1 Lakh and therefore ont taxable.
31 May 2020
If you file with wrong ITR it can be declared as defective return