which form is applicable to interest income and other income
This query is : Resolved
13 June 2010
plz reply wich income tax return form is applicable for interest income and other income covered under income from other sources
13 June 2010
if only interest income then ITR 1, other income ITR 2
13 June 2010
AGREE
14 June 2010
i would like to differ with above experts.
instructions for ITR-1 says
---Who can use this Return Form
This Return Form is to be used by an individual whose total income for the assessment year 2010-11 includes:-
(a) Income from Salary/ Pension; or
(b) Income from One House Property (excluding cases where loss is brought forward from previous years); or
(c) Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses).
Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories
Above clearly states that ITR-1 doesn't distinguish b/w intt income & income from other sources. Rather it distinguish b/w IOS & income from winnings/ lotteries.
Hence if you hav only income from other sources not being winning from lotteries, you should file ITR-1.
instructions for ITR-1 says
---Who can use this Return Form
This Return Form is to be used by an individual whose total income for the assessment year 2010-11 includes:-
(a) Income from Salary/ Pension; or
(b) Income from One House Property (excluding cases where loss is brought forward from previous years); or
(c) Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses).
Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories
Above clearly states that ITR-1 doesn't distinguish b/w intt income & income from other sources. Rather it distinguish b/w IOS & income from winnings/ lotteries.
Hence if you hav only income from other sources not being winning from lotteries, you should file ITR-1.
14 June 2010
Hi,
I have different opinion as compared to pujah. ITR - 1 comes into picture only when person is having salary income.
If an individual is having income other than salary i.e.income from other sources then in that case ITR-2 will come in picture.
However, if an individual is having salary as well as other sources income then he/she can opt ITR-1.
I hope this will clarify the doubt.
Thanks.
I have different opinion as compared to pujah. ITR - 1 comes into picture only when person is having salary income.
If an individual is having income other than salary i.e.income from other sources then in that case ITR-2 will come in picture.
However, if an individual is having salary as well as other sources income then he/she can opt ITR-1.
I hope this will clarify the doubt.
Thanks.
15 June 2010
I still stand on my view. the criteria clearly says that where total income of the individual includes...it's an inclusive & not exhaustve definition.Also in the points it uses or & no where and for salary income.
Please refer the notification in official gazzette too.
Please refer the notification in official gazzette too.
15 June 2010
ITR 1 IS FOR SALARY INCOME & OTHER INCOME
IF THEREIS ANY HOUSE PROPERTY INCOME THEN ITR 2 WILL BE APPLICABLE.
iF ANY CONFUSION PLEASE GO THROUGH
https://incometaxindiaefiling.gov.in/portal/individual_huf.do
IF THEREIS ANY HOUSE PROPERTY INCOME THEN ITR 2 WILL BE APPLICABLE.
iF ANY CONFUSION PLEASE GO THROUGH
https://incometaxindiaefiling.gov.in/portal/individual_huf.do
15 June 2010
If there is House property income still u can file ITR-1 unless there's any brought forward HP losses.
15 June 2010
good expert views are on.. if salary income is not there ITR 2 is better...for income from other source.
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