WHO IS ABLE TO FILE ITR 1,2,3,4,5 FOR AY 2019-20

   2019-08-03       137        Education
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ITR -1 Form is a simplified one-page form for individuals having income up to Rs 50 lakh from the following sources :

ITR-1

Who is Eligible to File ITR 1  for AY 2019-20?

ITR -1   Form is a simplified one-page form for individuals having income up to Rs 50 lakh from the following sources :

  1. Income from Salary/Pension
  2. Income from One House Property (excluding cases where loss is brought forward from previous years)
  3. Income from Other Sources (excluding winning from Lottery and Income from Race Horses)
  4. In the case of clubbed Income Tax Returns, where a spouse or a minor is included, this can be done only if their income is limited to the above specifications.

Who cannot file ITR 1 for AY 2019-20

An individual having income above Rs 50 lakh cannot use this form.

An individual who is either a director in a company and has held any unlisted equity shares at any time during the financial year cannot use this form.

Residents not ordinarily resident (RNOR) and non-residents cannot file returns using ITR -1

Also, Individuals who have earned income through the following means are not eligible to file form ITR 1

  1. More than one House Property
  2. Lottery, Racehorses, Legal Gambling etc.
  3. Taxable capital gains (Short term and Long term)
  4. Agricultural income exceeding Rs. 5,000
  5. Business and Profession
  6. Individual who is a Resident and has assets (including financial interest in any entity) outside India or signing authority in any account located outside India.
  7.  Individual claiming relief of foreign tax paid or double taxation relief under section 90/90A/91.

ITR-2

Who is eligible to file ITR 2 for AY 2019-20?

ITR Form 2 is for Individuals and HUF receiving income other than income from “Profits and Gains from Business or Profession”. Thus persons having income from following sources are eligible to file Form ITR 2:

  1. Income from Salary/Pension
  2. Income from House Property(Income Can be from more than one house property)
  3. Income from Capital Gains/loss on sale of investments/property (Both Short Term and Long Term)
  4. Income from Other Sources (including winning from Lottery, bets on Race Horses and other legal

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