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!