Can some one please explain the difference between ITR 1 and ITR 2.
And when to use ITR 1and ITR 2
Kumar.
4 Replies
kantijain
(Chartered Accountant in Practice)
(385 Points)
Replied 24 May 2010
Dear Kumar,
ITR-1 (Saral-II) is 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.
ITR-2 is For Individuals and HUFs not having Income from Business or Profession
Regards
Kanti Jain
Kumar
(Article)
(922 Points)
Replied 25 May 2010
| Originally posted by : kantijain | ||
 |
U mean to say a person having Income from other sources and from house property can fill in either of the form. Then why they made two forms for same purpose. |
|
Rachit
(Analyst)
(913 Points)
Replied 25 May 2010
|
U mean to say a person having Income from other sources and from house property can fill in either of the form. Then why they made two forms for same purpose. |
 |
Because, person having more than one house property and having a brought forward Loss from previous years or having income of Winnings from Lottery and Race Horses cannot file ITR-1. He has to mandatorily file his return in ITR-2
Further HUF cannot file ITR-1.
Pankaj Gulati
(Tax Advisor)
(81 Points)
Replied 19 August 2010
In addition to above replies, ITR 1 can be filed in respect of one property only.
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