Income tax return query
This query is : Resolved
20 May 2013
I have query that in case in income from other sources head there is bank interest income, fdr interest income and other income(there is no bifercation frome which source other income earned) in income tax computation than which income tax return should filed either itr 1 or itr 2? Pls solve query with reason .
20 May 2013
ITR 1 APPLICABLE,-IF U HAVE ONLY INTEREST INCOME
INTEREST INCOME CAN BE SHOWN IN "3RD" LINE ITEM,
AND IF ANY TDS DEDUCTED ON INTEREST PARTICULARS TO BE FILLED IN "23" DETAILS OF TAX DEDUCTED AT SOURCE" OTHER THAN SALARY
INTEREST INCOME CAN BE SHOWN IN "3RD" LINE ITEM,
AND IF ANY TDS DEDUCTED ON INTEREST PARTICULARS TO BE FILLED IN "23" DETAILS OF TAX DEDUCTED AT SOURCE" OTHER THAN SALARY
20 May 2013
But sir i have seen one return in which there is 'other income' in income from other sources head and in such situation itr 1 filed..sir is it correct..?
20 May 2013
Yes. But in ITR 1 there is no such column. you have to enter total amount.
20 May 2013
But in itr 1 in income from other sources only interest income taxable and if other income than filed itr 2...sir pls help i totally confused...
20 May 2013
But in itr 1 in income from other sources only interest income taxable and if other income than filed itr 2...sir pls help i totally confused...
Guest
Guest
(Expert)
21 May 2013
Dear Neha, don't be so confused.
Following are instructions related to the ITR 1 for the A.Y 2013-14
Who can use this Return Form
This Return Form is to be used by an individual whose total income for the assessment year 2013-14 includes:
(a) Income from Salary/ Pension; or
(b) Income from One House Property (excluding cases where loss is brought forward from previous years); or
(c) Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
NOTE Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.
Who cannot use this Return Form
This Return Form should not be used by an individual whose total income for the assessment year 2013-14 includes:
(a) Income from more than one house property; or
(b) Income from Winnings from lottery or income from Race horses; or
(c) Income under the head “Capital Gains” E.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
(d) Income from agriculture/exempt income in excess of Rs. 5,000; or
(e) Income from Business or Profession; or
(f) Loss under the head ‘Income from other sources’; or
(g) Person claiming relief of foreign tax paid under section 90, 90A or 91; or
(h) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.
Following are instructions related to the ITR 1 for the A.Y 2013-14
Who can use this Return Form
This Return Form is to be used by an individual whose total income for the assessment year 2013-14 includes:
(a) Income from Salary/ Pension; or
(b) Income from One House Property (excluding cases where loss is brought forward from previous years); or
(c) Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
NOTE Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.
Who cannot use this Return Form
This Return Form should not be used by an individual whose total income for the assessment year 2013-14 includes:
(a) Income from more than one house property; or
(b) Income from Winnings from lottery or income from Race horses; or
(c) Income under the head “Capital Gains” E.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
(d) Income from agriculture/exempt income in excess of Rs. 5,000; or
(e) Income from Business or Profession; or
(f) Loss under the head ‘Income from other sources’; or
(g) Person claiming relief of foreign tax paid under section 90, 90A or 91; or
(h) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.
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