ITR Form

Tax queries 682 views 2 replies

VIVEK

TRADER

58 Points Posted on 14 May 2010

Hi, I understand that an assessee having only Salary income and claming Housing loan Interest deduction will have to use ITR 2 form.

However, this financial year, the Income Tax Dept has come out with Naya Saral Form, for individulas having Salary Income and one House property income.

So, I was wondering, which ITR form should be used for only Salary income and home loan deduction.

Regards,

Capriura

Replies (2)

Ajay Kumar Mourya

C.A.

37 Points Posted on 14 May 2010

Hi, Vivek

Don't confused regarding ITR 2 and New Saral form. I am clarifying the matter.

Actually, ITR-1 has been renamed to Saral - II (ITR-1). But new addition to the format of ITR-1 is that, assessee can show “Income from House Property”.

But, this House Property income can be of maximum ONE property. If more, use ITR-2.
Also, assessee can show the loss under House Property (interest paid) as negative figure over here. This should be arithmetically deducted to obtain “Total income”.

I hope, now you have clear the topit.

C.Balaji

Learner

1867 Points Posted on 15 May 2010

Dear Sir....

A.Y. 2010-11.....

SARAL - II....i.e ITR - 1...

- For Individuals having Income from salary / pension / Income from ONE house property (excluding loss brought forward from previous years) / Income from other sources (excluding winning from Lottery and Income from Race Horses).....