babugr (dgm) (509 Points)
13 May 2015Dear experts,
Kindly advise me on the following: I have been filing ITR1 for more than 10 years being a salaried employee, however, for AY2014-15 I filed ITR2 as there was capital gain (sold residential property and purchased residential property within the year). for AY2015-16 I have only salaried income with some bank interests on FD, is it ok if I file ITR1.
thanks
GR Babu
Nikhil Kaushik
(Fellow CA)
(85709 Points)
Replied 13 May 2015
you should file ITR -2 only in this case.....
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 13 May 2015
Nikhil Kaushik
(Fellow CA)
(85709 Points)
Replied 13 May 2015
Poornima,
I am suggesting ITR-2 anyways. Most of the people forget that all of their exempted incomes in section 10 are to be considered for determining the return to be filed. On face of the query, one may like to say that ITR-1 should be filed. But if it is a salary return, then even basic HRA, travel allowance etc would make ITR-1 wrong form to use.
babugr
(dgm)
(509 Points)
Replied 13 May 2015
Nikhil Kaushik
(Fellow CA)
(85709 Points)
Replied 14 May 2015
you are welcome Babu gr. in case you have more queries, please feel free to ask
babugr
(dgm)
(509 Points)
Replied 16 July 2015
Dear Nikhil ji,
You suggested me to file ITR2 about 2 months ago, now that we have new forms available is it OK if I consider ITR-2A or should I go only for ITR2 as I have retired in 2014-15 and got significant amounts under exempt income like pf, gratuity, 1/3rd commuted pension, leave encashment etc.
thanks
GR Babu
babugr
(dgm)
(509 Points)
Replied 16 July 2015
Dear Nikhil ji,
As advised earlier by you I should go for ITR2, however with the new forms ITR2A, 2 etc, is it ok for me to choose ITR2A instead of ITR2. I have lot of exempt income on retirement like PF, Gratuity, leave encashment and commuted pension. Kindly advise
thanks for your cooperation.
GR Babu
Nikhil Kaushik
(Fellow CA)
(85709 Points)
Replied 16 July 2015
Dear Sir,
revising my advisory. You may please file even ITR-1 if there are no capital gains and you don't have income from more than 1 house property.
babugr
(dgm)
(509 Points)
Replied 16 July 2015
Thanks Nikhil ji, for your usual prompt response, I have handsome other sources income (intt. on FD & savings) so I will go in for ITR2A
Babu
Nikhil Kaushik
(Fellow CA)
(85709 Points)
Replied 16 July 2015
that is upto you sir. ITR-1 is also sufficient though. regards
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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