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Salaried Individuals may have to file ITR-1 or ITR-2 based on certain criteria as detailed below:
Form ITR-1 must be used when the source of income is limited to Salary/Pension, One House Property and other sources (Excluding winning from lottery and race horses).
Form ITR-1 should not be filed for below cases:
Form ITR-2 must be filed by individuals who are not eligible to file ITR-1, because of following reasons:
Form ITR-2 should not be filed by any individual who has income under the head of Business or Profession from a proprietorship. ITR-2 form can also not be filed by a company or LLP or other types of legal entity.
Under the Income Tax Act, all individuals below the age of 60 years are required to file income tax return if total income exceeds Rs. 2.5 lakhs. In the case of individuals over the age of 60 years, but below 80 years, income tax filing is mandatory if total income exceeds Rs.3 lakhs. Individuals over the age of 80 years are required to file income tax return if the total income exceeds Rs.5 lakhs.
The income tax return of a salaried individual is due on 31st July.
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