Income Tax Returns for Individuals

Income Tax Returns for Individuals

ITR 1 and ITR 2 form are widely used by individuals to file their returns with the  Income-tax Department of India.

Ø  Who can use ITR 1?                           

Individuals or HUF who have their income within 50 lakhs and have earned income during the financial year in the form of salary or pension, only one house property and other sources income excluding lottery, racehorses, gambling, etc. are eligible to file the return through ITR 1

Also, Assessee who have income from foreign assets, agricultural income exceeding Rs.5000, Income from business and profession and income generated from more than one house property are not eligible to file ITR 1.

This implies that an individual whose source of income is restricted to salary/pension, one house property income and other sources income excluding winning from lottery and racehorses can file the return for the particular financial year through ITR 1 form

Ø  The following individuals are not allowed to file ITR 1?

1)    Individual whose income exceeds Rs.50 lakhs

2)    Assessee have income from capital gains

3)    Assessee having income from foreign assets, agricultural income exceeding Rs. 5000/-

4)    Assessee having income from Business & Profession

5)    Assessee having income from more than   one house property

Ø  The due date for filing ITR 1?

The due date for filing the Income Tax shall be filed on or before 31st July of the end of the relevant assessment year

For e.g.: The Income tax return for the financial year 2018-2019 shall be filed on or before 31st July 2019

Ø  Who can use ITR 2?

ITR 2 form is a form of income tax return form mainly used by residents and Non-Residents to file their return with the Income Tax department of India. Individuals who are not eligible to file ITR 1 can file the return through ITR 2 form.

Ø  Following individuals and HUF are eligible to file ITR 2:

1)    Income exceeding Rs. 50 lakhs

2)    Having Foreign assets/income

3)    Having agricultural income greater than Rs. 5000/-

4)    Having income from capital gains

5)    Having income from business or profession as a partner

6)    Having more than one house property

Ø  Who are not eligible to file ITR 2?

1)    Individuals having income from business or profession which can be a proprietorship firm or an LLP or a company

Ø  The due date for filing ITR 2?

The due date for filing the Income Tax shall be filed on or before 31st July of the end of the relevant assessment year

For e.g.: The Income tax return for the financial year 2018-2019 shall be filed on or before 31st July 2019

Ø  Procedure to file Income tax returns (ITR 1 and ITR 2)

ITR Returns can be filed under three methods through the website: https://www.incometaxindiaefiling.gov.in/home

1)    Filing ITR with digital signature

2)    Transmitting the data and filing the ITR electronically with the help of an Electronic verification code.

3)    Transmitting the data in ITR electronically and then mailing by post the ITR V generated electronically to Income Tax office Bengaluru.

 

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