ITR

HELLO FRIENDS, PLS. ANYBODY TELL ME IF A PERSON HAS OWN PENSION INCOME PLUS FAMILY PENSION INCOME AND INTEREST INCOME. WHICH ITR FORM IS TO BE USED ITR-1 OR ITR-2.

SOFTWARE SAYS ITR-2 BECAUSE WE HAVE EXEMPT INCOME I.E FAMILY PENSION INCOME.

PLS. HELP ME.

Replies (10)

Yes

In  case an assessee has own pension+family pension+Interest Income he has to file ITR-2. For more info visit the page https://incometaxindiaefiling.gov.in/portal/individual_huf.do

 

Thanks & Regards

Saurabh Aggarwal

I reckon ITR-1 should be ok.While personal Pension would come under Salaries/Pension,Family Pension and interest would be under IOS(Income from other Sources).Please note that Family Pension is not  exempt.You get a deduction u/s 57(iia) of Rs.15,000/- or 1/3rd of the Family Pension amount,whichever is lower.

As per ur case (own pension+family pension) ITR-1 is to be filed...

 

and @ Saurabh Aggarwal, u r saying ITR-2 and also showing the link... please check the linked page, it is also showing ITR-1

 

Furthur, if an assessee is having house property (RENTAL) income from more than one property only than ITR 1 is to be relpaced by ITR-2

BUT SOFTWARE SAYS ITR-2 RATHER THAN ITR-1.

PLS. HELP ME.

Raj Kumar,which software are you talking of?We have to be guided by the directions issued by the Department.

I AM TALKING OF SPECTRUM SOFTWARE WHEN I ENTER THE DETAILS OF FAMILY PENSION IT TAKES ITR-2.

These are softwares developed by private enterprises and susceptible to errors.Please use "incometaxindiaefiling.gov.in" which is the official one and quite user-friendly.

If filing ITR2 under which schedule should "Own Pension" income (which is directly deposited in bank account) be accounted? Should it be Under "Salaries" or "Income from Other Sources". If under "Salaries",  what details are to be filled regarding Employer Name, PAN, Address etc.

Please can someone guide me on this matter.

1) To be accounted under "Salaries".

2) The details of the ex-employer (from whom the Pension is received) are to be entered.

Balaji, thanks for your reply. Will this also apply in the case of pension received under Employee Provident Fund scheme as well? Is it a general rule for all pension scheme.

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