Who should use ITR 1

1264 views

Save Share

S.A.Krishnan

President (Retired)

21 Points Posted on 06 June 2009

I have a query as to who should file ITR1. A reading of income tax deptt website indicates that it is applicable only to those having pension/salary and interest incomes. It is my belief that any one who has an income of say 2lakhs will have at least one investment in a share or MF thereby having a minimal dividend income. Does it mean that virtually no one is entitled to use ITR1. Alternatively, if one has some dividend income (which are in any case exempt from tax) is he/she entitled to use ITR 1 instead of ITR2. Advice would be appreciated. Thanks.

Replies (2)

BALASUBRAMANYA B N

CCI STUDENT....

21935 Points Posted on 06 June 2009

ITR-1 IS FOR SALARY/PENSION..IF U HAVE HOUSE PROPERTY, CAPITAL GAINS THEN ITR-2....

Vivek Tibrewal-Kolkata

Asst. Manager - Taxation

55 Points Posted on 07 June 2009

Originally posted by :S.A.Krishnan
"	I have a query as to who should file ITR1. A reading of income tax deptt website indicates that it is applicable only to those having pension/salary and interest incomes. It is my belief that any one who has an income of say 2lakhs will have at least one investment in a share or MF thereby having a minimal dividend income. Does it mean that virtually no one is entitled to use ITR1. Alternatively, if one has some dividend income (which are in any case exempt from tax) is he/she entitled to use ITR 1 instead of ITR2. Advice would be appreciated. Thanks.	"

Only the persons who has Salary Income(Including Pension) & Interest Income, can use ITR- 1, else ITR -2 will be apply, in your case, if any assesse invested in Shares or MF, there may be additional income through Capital Gain, in that case ITR 2 will come into force, for Dividend Income case you have to use ITR- 2 as becouse there is no separate field to fill the Exempted Income details in ITR-1, as given in ITR -2,