ITR for Salaried Person
For salaried individuals, the applicable Income Tax Return (ITR) form in India is typically ITR-1 (Sahaj) or ITR-2. The choice between these forms depends on certain factors such as the level of income, the presence of other sources of income, and the eligibility for specific ITR forms.
Here’s a brief description of both forms:
ITR-1 (Sahaj):
This form is suitable for salaried individuals who have income from the following sources:
Salary or pension
One house property (excluding situations where the loss is carried forward from previous years).
Other sources such as interest income, etc. (up to a certain limit)
ITR-2:
This form is applicable to salaried individuals who have income from the following sources:
Salary or pension
More than one house property
Capital gains (both short-term and long-term)
Other sources of income exceeding the limit mentioned in ITR-1
Foreign assets or income (including foreign bank accounts)It’s important to note that the selection of the appropriate ITR form depends on the specific details of your income and deductions. It is recommended to consult with a tax professional or refer to the guidelines provided by the tax authority to determine the correct form for your situation.
For more information visit this site: https://www.incometax.gov.in
