Which itr form to fill from this year
This query is : Resolved
07 April 2017
Dear Sir / Madam,
I am retired teacher and my husband too has retired from private service. Both of us now have our income sources only from Bank FD's, pension, post office savings and some dividend from Equity based Mutual funds, and 8% Taxable GOI Bonds-2003, we do not have any business or professional income or any income from property. We have been filing our tax returns for past 30 years regularly each year.
For past 2 years we were e-filing our returns in ITR2A. For AY 2017-18 I am told that for retired people like us we can now file ITR1. Is this correct? What is the correct procedure and form for us? My annual gross income is less than 6 Lakhs and my husbands gross income is less than 10 lakhs.
Request your kind clarification on our request. We both have our aadhar card which we have linked to our PAN as required for e-filing IT returns from this year.
Thanks
Sherryl
I am retired teacher and my husband too has retired from private service. Both of us now have our income sources only from Bank FD's, pension, post office savings and some dividend from Equity based Mutual funds, and 8% Taxable GOI Bonds-2003, we do not have any business or professional income or any income from property. We have been filing our tax returns for past 30 years regularly each year.
For past 2 years we were e-filing our returns in ITR2A. For AY 2017-18 I am told that for retired people like us we can now file ITR1. Is this correct? What is the correct procedure and form for us? My annual gross income is less than 6 Lakhs and my husbands gross income is less than 10 lakhs.
Request your kind clarification on our request. We both have our aadhar card which we have linked to our PAN as required for e-filing IT returns from this year.
Thanks
Sherryl
07 April 2017
You can file ITR 1 only if your exempt income is not exceeding 5000. Exempt income is Long Term Capital Gain on Shares sold through exchange, Interest from PPF Accounts or EPF Account that are tax free, dividends from shares or mutual fund if exempt u/s 10. If total of all this is more than 5000 then fill ITR 2 even if you have no tax liability. Even maturity of Insurance Policy where you get your sum assured +bonus is exempt u/s 10D and receipt of such proceeds will also compel you to file ITR 2 in future.
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