Itr filing
sanjeev kumar (112 Points)
20 July 2016
WHAT ITR FORM IS USED IF AN INDIVIDUAL HAVING ONLY INTEREST ON DEPOSITS
3 Replies
CA Srujann kumar Reddy
(Asst Manager(Internal audit))
(1679 Points)
Replied 20 July 2016
itr 1 is for individuals having income from salary&Interest&one house property income
itr 2 for individuals &Huf not having business or profession
itr 2A for individuals and HUF not having income from business or profession and capital gains and who do not hold foreign assets....
so for interest income on indian deposits in india, you can use either ITR 1,2A for foreign assets (deposit is also an asset) use ITR 2.
returns get processed even you take itr 1 and show only interest income no problem.
or select itr 2A if indian deposits.
itr 2 for individuals &Huf not having business or profession
itr 2A for individuals and HUF not having income from business or profession and capital gains and who do not hold foreign assets....
so for interest income on indian deposits in india, you can use either ITR 1,2A for foreign assets (deposit is also an asset) use ITR 2.
returns get processed even you take itr 1 and show only interest income no problem.
or select itr 2A if indian deposits.
Mukesh Kumar
(Accounts Manager)
(1466 Points)
Replied 20 July 2016
DO NOT NEED FILE ITR IF INTEREST AMOUNT IS LESS THEN EXEMPT LIMIT OF INCOME TAX
BUT IF CROSS THE EXEMPT LIMIT OF INCOME TAX THAN YOU SHOUL FILE ITR WITH FORM ITR 1 OR 2A
GOOD LOUCK!
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