Query on income tax return filing

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Hi, I am Salaried person and fail in 20% tax bracket. Since I don't have any other income apart from Salary and bank interests, I used to file tax returns using ITR-1(SAHAJ) form. I came to know that if I have exempt income more than Rs. 5000, I should use ITR2 form. I do have exempt income of Rs. 48755 from PPF interest (only). So should I use ITR-1 or ITR-2? (Last year I had used ITR-1 without any issues). Another question is with respect to ITR-1 form (the spreadsheet utility provided by Income Tax Dept) is that it has additional tab for 'Asset Liability' details. (Last year it was not there). I had bought 1-BHK flat for Rs. 19 Lakh in 2012 and also availing the home-loan benefits for taxation against it. The flat is self-occupied. Do I need to show details of that property now? The tab has comment – ‘Applicable in a case where total income exceeds Rs. 50 Lakh’. Do I need to show this asset purchase to IT Department? If 'Yes' then how should I show it and what is the procedure. Appreciate your responses as soon as possible. Thank you.
Replies (5)

you may submit ITR-2

if your exempt income is more than 5000/-
no matter
File ITR-1, is appropriate

 

"Asset and Liability at the end of the year (Applicable in a case where total income exceeds Rs. 50 lakh) "

since your total income is not exceeds Rs. 50 Lakh, above schedule is not applicable

Sorry, I just confused with the response. Should I file ITR-1 or ITR2 ? Thank you.

you should file your return in Form   ITR-1

Appreciate quick response from you. Thank you very much.


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