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Hardik

Hardik Parikh  | Answer  |Ask -

Tax, Mutual Fund Expert - Answered on Jul 27, 2023

Hardik Parikh is a chartered accountant with over 15 years of experience in taxation, accounting and finance.
He also holds an MBA degree from IIM-Indore.
Hardik, who began his career as an equity research analyst, founded his own advisory firm, Hardik Parikh Associates LLP, which provides a variety of financial services to clients.
He is committed to sharing his knowledge and helping others learn more about finance. He also speaks about valuation at different forums, such as study groups of the Western India Regional Council of Chartered Accountants.... more
Asked by Anonymous - Jul 20, 2023Hindi
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Sir how to choose the right ITR form? Who can use 1 and when to use 2? I am a salaried professional.

Ans: Hello,

Choosing the right ITR form depends on the nature of your income. As a salaried individual, you can use either ITR-1 or ITR-2.

ITR-1, also known as Sahaj, is for individuals who have income from salary, one house property, other sources (like interest), and whose total income does not exceed ₹50 lakh during the financial year.

On the other hand, ITR-2 is used when an individual or a Hindu Undivided Family (HUF) has income from any source except income from profits and gains of business or profession. So, if you have income from salary and also capital gains, for example, from equity shares or mutual funds, then you will be required to file an income tax return using the ITR-2 form.

Remember, the choice of ITR form primarily depends on your sources of income. If you are unsure, it's always a good idea to consult with a tax professional.

I hope this helps!
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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