RAJ KUMAR (FINANCE MANAGER) (1393 Points)
25 May 2011HELLO FRIENDS, PLS. ANYBODY TELL ME IF A PERSON HAS OWN PENSION INCOME PLUS FAMILY PENSION INCOME AND INTEREST INCOME. WHICH ITR FORM IS TO BE USED ITR-1 OR ITR-2.
SOFTWARE SAYS ITR-2 BECAUSE WE HAVE EXEMPT INCOME I.E FAMILY PENSION INCOME.
PLS. HELP ME.
Saurabh Aggarwal
(Chartered Accountant)
(371 Points)
Replied 25 May 2011
Yes
In case an assessee has own pension+family pension+Interest Income he has to file ITR-2. For more info visit the page https://incometaxindiaefiling.gov.in/portal/individual_huf.do
Thanks & Regards
Saurabh Aggarwal
Balaji
(Knowledge Seeker)
(317 Points)
Replied 25 May 2011
I reckon ITR-1 should be ok.While personal Pension would come under Salaries/Pension,Family Pension and interest would be under IOS(Income from other Sources).Please note that Family Pension is not exempt.You get a deduction u/s 57(iia) of Rs.15,000/- or 1/3rd of the Family Pension amount,whichever is lower.
Dheeraj
(Learner)
(1100 Points)
Replied 26 May 2011
As per ur case (own pension+family pension) ITR-1 is to be filed...
and @ Saurabh Aggarwal, u r saying ITR-2 and also showing the link... please check the linked page, it is also showing ITR-1
Furthur, if an assessee is having house property (RENTAL) income from more than one property only than ITR 1 is to be relpaced by ITR-2
RAJ KUMAR
(FINANCE MANAGER)
(1393 Points)
Replied 26 May 2011
BUT SOFTWARE SAYS ITR-2 RATHER THAN ITR-1.
PLS. HELP ME.
Balaji
(Knowledge Seeker)
(317 Points)
Replied 26 May 2011
Raj Kumar,which software are you talking of?We have to be guided by the directions issued by the Department.
RAJ KUMAR
(FINANCE MANAGER)
(1393 Points)
Replied 27 May 2011
I AM TALKING OF SPECTRUM SOFTWARE WHEN I ENTER THE DETAILS OF FAMILY PENSION IT TAKES ITR-2.
Balaji
(Knowledge Seeker)
(317 Points)
Replied 27 May 2011
These are softwares developed by private enterprises and susceptible to errors.Please use "incometaxindiaefiling.gov.in" which is the official one and quite user-friendly.
Mitesh Lad
(Security Analysts)
(45 Points)
Replied 27 June 2011
If filing ITR2 under which schedule should "Own Pension" income (which is directly deposited in bank account) be accounted? Should it be Under "Salaries" or "Income from Other Sources". If under "Salaries", what details are to be filled regarding Employer Name, PAN, Address etc.
Please can someone guide me on this matter.
Balaji
(Knowledge Seeker)
(317 Points)
Replied 27 June 2011
1) To be accounted under "Salaries".
2) The details of the ex-employer (from whom the Pension is received) are to be entered.
Mitesh Lad
(Security Analysts)
(45 Points)
Replied 28 June 2011
Balaji, thanks for your reply. Will this also apply in the case of pension received under Employee Provident Fund scheme as well? Is it a general rule for all pension scheme.
CAclubindia
