Choose the right itr

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My friend is a salaried employee, and has some income from tutions which he took just for 1month. He has a sb intresest of around 9k. Which itr should be filled?
Replies (12)
Take benefit of the newly introduced Sec 80TTA which gives deduction of upto 10000 on SB interest For ITR, wait for other replies

You can use ITR-1 sahaj. 

YOU CAN USE ITR 2

I recently read that SB interest income in excess of 5000 will attract ITR 2 for salaried individuals.

I m confused here, as far as what I have learnt Saving bank interest is a deductible income as per 80TTA, it is not exempt income. The rule is that if exempt income is more than 5000 than we have to file iTR2. so can the professionals here clarify on what itr to fill.

ITR 1.

Thanks,

Hey Guys thanks for the replies. Jus one more query.. I am a Stock Trader (Arbitrager) by profession, n I file ITR4, There is a question which states "Are you liable to maintain accounts as per section 44AA? " Do I select yes or no?

                      I think yes is the answer.But lets see what others say............

Hi Harshit.......................

Your friend is a salaried employee that means he is not in the Teaching Profession.  He earns extra money from Tution which is to be shown in income from other sources .

SB interest is to be shown in income from other sources which is exempt U/s 80TTA.

Hence , ITR -1 would be appropriate for him.

 

Hey Guys, Just a followup question on my friends query, he has taken a personal loan from a relative n made a down payment towards a flat as an investment... now while filing ITR1 there is no option to mention about the loan nor there is ay option to mention about the investment.Should he file ITR2 than..

Harshit,

if your turnover exceeds 25 lakhs then it is mandatory, otherwise pay your tax as per sec 44AD. But if your tax liability is in excess of what it would have been if accounts were maintained, then you should maintain accounts.

@ Aman.. my question is about 44AA, is it same as 44AD.


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