Income Tax Return filing – Download ITR-1 and ITR-2

Income Tax Return filing – Download ITR-1 and ITR-2 – Tips to choose right type – Last Date for filing ITR is 31st July 2013

With the recent clarification of Income Tax Department to the effect that unlike previous years salaried employees with the income of up to Rs.5 lakhs have to file Income Tax Return this financial Year 2012-13 (Assessment Year 2013-14), number of salaried employees who will be filing Income Tax Returns this year is to raise significantly. This article would sum-up the essential information on filing of Income Tax Return

Click here to read Income Tax Department’s clarification for not extending the exemption from Income Tax Return to Salaried Employees this assessment year 2013-14

Click here to download ITR-1 and ITR-2 with instructions

Also Income Tax Department issued Notification dated 01.05.2013 (Click here to read the notification dated 01.05.2013) stipulating that a person having total income in exess of Rs. 5 lakhs shall furnish a Income Tax Return for Assessment year 2013-14 electronically viz., Individuals with income of more than Rs. 5 lakhs have to file ITR online. This condition is applicable to salaried employees also. So all Central Government Employees with total taxable income exceeding Rs.5 lakhs have to file Income Tax Return online.

What is meant by Total income for the purpose of filing Income tax Return online?

Though this aspect was not clarified by Income Tax explicitly, the meaning of Total income can be derived from the Income Tax Department’s guidelines given while exempting salaried employees with income of up to Rs. 5 lakhs from filing Income tax return. As per this guidelines, Total income means Salary Income plus Interest Income less all deductions under Chapter VIA of Income tax Act. The deductions under Chapter VI A are all deductions under Section 80C, CCC, CCD, 80 CCD(2), 80D, 80 DD, 80 DDB, 80 E, and 80 GG.

Click here to read more about the meaning of Total income for the purpose of filing ITR online

If your total taxable income exceeds Rs. 5 lakhs and you have to file Income Tax Return online (electronically only) don’t panic. Income Tax Department has come up with a very user-friendly online tool for filing Income Tax Retun online with Ease

Click here for more details on new online Income Tax Return filing tool launched by Income Tax Department

Need to Manage your Income Tax for this year? Click here to try new GConnect Income Tax Calculator for the year 2013-14 (Assessment year 2014-15)

ITR-1 – Who can use this Income Tax Return?

ITR-1 return is to be used by an individual whose total income for the assessment year 2013-14 includes

(a) Income from Salary / Pension or

(b) Income from One house property (excluding cases where loss is brought forward from previous years); or

(c) Income from other sources (excluding winning from Lottery and Income from Race Horses)

ITR-1 – Who cannot use this Income Tax Return?

ITR-1 return Form should not be used by an individual whose total income for the assessment year 2013-14 includes:-

(a) Income from more than one house property ; or

(b) Income from winnings from lottery or income from Race Horses; or

(c) Income under the head “Captital Gains” E.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc; or

(d) Income from agriculture/exempt income in excess of Rs.5000; or

(e) Income from Business or Profession; or

(f) Loss under the head “Income from other sources” or

(g) Person claiming relief of Foreign Tax paid under Section 90, 90a or 91 or

(h) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.

ITR-2 Who can use this Return Form?

ITR-2 Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 201 3-14 includes:-

(a)     Income from Salary / Pension; or

(b)     Income from House Property; or

(c)      Income from Capital Gains; or

(d)     Income from Other Sources (including Winning from Lottery and Income from Race Horses). Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.

ITR-2 Who cannot use this Return Form?

ITR-2 Return Form should not be used by an individual whose total income for the assessment year 2013-14 includes Income from Business or Profession.