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ITR to be used

Ganesan B (EXECUTIVE IN NBFC) (100 Points)

10 August 2021

Which ITR should I use for an individual (59) with Salary, Dividend and other incomes. Total income above Rs,50 lakhs.

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7 Replies

prasad Nilugal ( GST Practitioner & Accounts ) (14165 Points)
Replied 10 August 2021

Salary , Dividend and Other income ? . what type of Other income ?. please clarify .

Ganesan B (EXECUTIVE IN NBFC) (100 Points)
Replied 10 August 2021

Interest on deposits with banks and companies.

prasad Nilugal (3914 Points)
Replied 10 August 2021

You can file ITR 2 . show dividend and internet income under Income from other sources .

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 10 August 2021

ITR 2

prasanth (ipcc) (209 Points)
Replied 10 August 2021

Why not ITR 1 , salary and other sources also vailable in ITR 1 ,

prasad Nilugal ( GST Practitioner & Accounts ) (14165 Points)
Replied 10 August 2021

His Income is above 50 lac , so ITR 1 is not available , who's income is more than 50 Lac .

debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 10 August 2021

Assuming that you have income only from salary and dividends, you may continue to declare income in ITR-1. Disclosure may be made under head 'Salary” and “other sources”. Notably, TDS has not been deducted on dividends because the same is less than Rs 5,000. However, you have to disclose the dividend income in the ITR.