Choose the right itr

Personal loan cannot claim deduction in any section. as salaried person ITR-1 can be filed

Incase you have any other repayment for housing loan principal payment can be claimed under sec.80C

Can i know ,What is the purpose of showing the Personal loan in ITR?  There is no requirement in Income tax also to show the same.

Incase your friend is doing business then  he can show the loan in the balance sheet. but as salaried person there is no requirement of balance sheet also.

Hey Ramesh,

Well Thanks for Clarifying about the Personal Loan, Just one more thing query..

Confued between what ITR to file, He is Salaried, SB interest is less than 10K & Also has some income of 15K from odd TUTIONS he took for one month... Should we File ITR1 or ITR2 ?

Thanks Once Again.

He can file ITR-1 Only

Show  the salary income as Income from Salary

Interest Income & Tuition income (since the small amount ) as income from other source

You can claim the SB interest deduction u/s.80TTA up to Rs.10000/- 

Mr Krishnan,
 

Couldnt thank you enough... For Clarifying our Doubts.

Keep up the Good Work !!