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Jun 5, 2024 · ITR 1 is for salaried individuals with an income up to Rs 50 lakh, while ITR 2 is for a wider range of individuals like NRIs and HUFs. Key differences between the two forms include income thresholds, sources, and property ownership.
Jul 11, 2024 · ITR-1: If the individual has total annual income is less that Rs.50 Lakhs and is deriving income from only onw house property, ITR-1 can be filed. ITR-2: If the individual derives income from more than one house property or has capital gains income, ITR -2 can be filed
Apr 19, 2024 · If your income is from salary, one house property, and any other simple source, then ITR 1 is the best option. In case of income from multiple sources, like capital gains or foreign income, ITR 2 is the best option.
Jul 12, 2024 · Here are a few important FAQs on the difference between ITR-1 and ITR-2. What is ITR 1? The ITR 1 form, also called SAHAJ, is used for filing income tax returns by Indian residents whose total income comprises of salary/pension, one property, other sources of income (such as interest), and agricultural income of up to Rs 5,000. What is ITR 2?
Jul 30, 2022 · It is important to note that ITR-2 is much more complex form then ITR-1; ITR-1 is also known as Sahaj because it is a simple ITR form that does not require much information as compared to ITR-2. An individual can easily file his/her tax return using ITR-1 on the new income tax portal.
Aug 29, 2021 · You can use ITR 2 if you are a non-resident or being a resident have any asset or interest in asset outside India or even have an authority to sign any bank account outside India if there is no...
Blog/ NRI Income Tax/ ITR 1 vs ITR 2: Key Difference, Meaning and Who can File It? Tanishka Singh. June 8, 2024 · 634 views. Understanding ITR-1 and ITR-2 is important for accurate tax filing and compliance, it makes sure that you fill in the documents that align with your eligibility.
The primary difference is in the types of income sources they cater to. ITR 1 is for individuals with income from salary, one house property, and other sources like interest income. ITR 2 is for individuals and HUFs with income from multiple house properties, capital gains, and foreign assets.
While ITR 1 is designed for individuals with simpler financial situations, ITR 2 caters to those with more complex incomes. Ensure you review your income sources and consult with a tax professional if you have any doubts about which form to file. For further assistance and professional tax preparation services, visit Efiletax.in.
Who is eligible to file ITR-2 for AY 2021-22? ITR-2 can be filed by individuals or HUFs who: Are not eligible to file ITR-1 (Sahaj) Do not have income from profit and gains of business or profession and also do not have income from profits and gains of business or profession in the nature of: interest. salary. bonus.
