New ITR Forms - ITR1, ITR2 & ITR2A

Introduction

Income Tax filing time is here and tax filers are interested in knowing about the tax forms. The government has notified the new ITR forms applicable from Assessment Year 2015-16. These new forms are to be used for filing Income Tax Returns for AY 2015-16. There are a lot of new details to be entered in the new forms like passport number, bank account numbers, IFS code of bank accounts, email ids etc. These forms have been designed to make tax filing easy for tax filers.

New IT Returns Forms
Summary

Hence we now know what are the main conditions are for applicability of ITR 1, ITR 2 and ITR 2A.
ITR 1 – to be used by tax filers having income from salary, one house property, other sources (except winnings from lottery and race horses) and agricultural income less than Rs. 5,000.
ITR 2A – to be used by tax filers having income from salary, more than one house property and other sources (including winnings from lottery and race horses). Not to be used for persons with income from capital gains, business or profession.
ITR 2 - to be used by tax filers having income from salary, more than one house property, income from other sources (including winnings from lottery and race horses) and capital gains. Not to be used for persons with income from business or profession.

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