New itr 1 for ay 2017-18

"I would like to know that if in case an assessee earns only an income under the head salary and the salary from the employer exceeds Rs. 50 lakhs, then whether he/she would have to fill ITR 1 or is there any other form that he/she can fill."

File ITR 2

Thank You Sir.

 

Most Welcome

Dear Dhirajlal sir,

On plain reading of the text of new ITR Form 2 (for AY 2017-18), it says that:

"This Return Form is to be used by an individual or an Hindu Undivided Family who is not eligible to file Sahaj ITR-1 and whose income chargeable to income-tax under the head “Profits or gains of business or profession” is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm."

As per my query, I would like specify that the assessee who derives income by way of salary exceeding Rs. 50 lakhs, is in employer employee relationship chargeable under the head salary and not as a partner deriving income by way salary and remuneration (chargeable as PGBP Income).

Kindly clarify on above.

Thanks and Regards,

Dhrunil Bhatt

On plain reading of the text of new ITR Form 2 (for AY 2017-18), it says that:

" 1. This Return Form is to be used by an individual or an Hindu Undivided Family who is not eligible to file Sahaj ITR-1

and

2. whose income chargeable to income-tax under the head “Profits or gains of business or profession” is in the nature of interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from a partnership firm."

I hope, you can understand it after the bifurcation.

Sir,

If I have 2 houses, out of which 1 is deemed self-occupied, and the other has a rental income, should I now use ITR-1?  I was filing with ITR - 2A till last year.

Also, the BYLA in the excel utility talks about 'Yellow' fields, but when I downloaded the form, I could not see them and no space to fill the Loss from previous years to be adjusted.  Pls. clarify.

Best regards,

Bala

Dear Balaji Ramani Sir,

ITR 1 would be applicable only in the situation where the assessee individual holds one house property. As per the information provided by you, you hold two house property out of which one is self occupied and other is deemed let out. Therefore you have compulsorily go for ITR 2.

Best Regards,
Dhrunil Bhatt

Dhrunil sir,

Thank you so much for that clarification.

On my second question on BFLA, I am not able to see the Yellow Fields or a cell where I can input the Loss to be adjusted from previous years.  Can you pls. let me know about this aspect?

Best regards,

Balaji Ramani