Check this out on appropriate incometax form to be used for filing tax returns, https://www.bankbazaar.com/tax/difference-uses-of-itr1-itr2a-itr2.html
ITR 1
You need to fill the ITR-1 form if:
- You are an Individual.
- You have an income from Salary / Pension.
- You have income from 1 House Property.
- You earn any Exempt Income (like agricultural income) Up to Rs.5,000.
- You have income from Other Sources (excluding income from lotteries, racehorses, gambling, etc.)
You do not need to fill the ITR-1 form if:
- You are anything but an Individual for taxation purposes.
- You earn an income from more than 1 Property.
- You earn an income from Other Sources through horse races, lotteries, gambling, etc.
- You earn an income through short or long-term Capital Gains that are non-tax-exempted.
- You earn an Exempt Income over Rs.5,000.
- You earn an income through Business or Profession.
- You have reported losses under Income from Other Sources.
ITR-2A:
You need to fill the ITR-2A form if:
- You are an Individual or a HUF.
- You have an income from Salary / Pension.
- You earn income from more than one Property.
- You earn an income from Other Sources (including income from lotteries, racehorses, gambling, etc.)
You do not need to fill the ITR-2A form if:
- You have earned an income through Capital Gains.
- You have earned an income from Business or Profession.
- You have claimed a tax-relief or deduction for taxes paid overseas.
- You have any foreign income.
- You have any assets or financial interests outside India.
ITR-2:
You need to fill the ITR-2 form if:
- You are an Individual or a HUF.
- You have an income from Salary / Pension.
- You earn income from more than one Property.
- You have any brought forward losses.
- You earn an income from Other Sources (including income from lotteries, racehorses, gambling, etc.)
- You’ve earned an income through Capital Gains.
You do not need to fill the ITR-2 form if:
- You have earned an income through business or profession.
ITR-2A and ITR-2:
The ITR-2 form is a much more comprehensive form compared to the ITR-2A form. Basically, anyone who can use the ITR-2A form can alternatively use the ITR-2 form. The only difference between these two is that the ITR-2A form cannot be used in cases where there has been an income from Capital Gains.
In addition to the ITR-1 or ITR-2A or ITR-2 forms, you’ll need to have the following documents with you:
- A copy of the previous year’s tax return.
- A bank statement.
- Your TDS certificates.
- Your Savings Certificates / Deductions.
- An Interest statement that shows the interest paid to you.
- Balance sheets, Profit & Loss account statements, and other requisite Audit Reports, wherever applicable.
Basically, different sources of income depending on their complexity require different ITR forms to be filled.
It is recommended that you consolidate all your incomes and proofs thereof into a single easy-to-understand document, and categorize the various incomes under the different heads of income so that it becomes easier to select the right ITR form, and have a hassle-free Income Tax Returns process.
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