INCOME TAX RETURNS

1) ITR-1 or SAHAJ

This form must be used by resident Indians who fall under the below-mentioned categories:

Income is generated from a pension or salary
Income is generated from a single house property. However, in case the losses have been brought forward from the previous year, exclusion is allowed.
In case an income of not more than Rs.5,000 is generated from agriculture.
The total income that is generated can be a maximum of Rs.50 lakh.
Income that has been generated from other sources such as winning horse races, lottery, etc.

Who cannot opt for this form?

Individuals who fall under the below-mentioned categories cannot opt for ITR-1:

In case the total income that has been generated is more than Rs.50,000.
In case individuals have capital gains that are taxable.
In case income is generated from more than one house property.
During the financial year, if any investments were present in unlisted equity shares.
In case you are a Non-Resident Indian (NRI) and Resident Not Ordinary Resident (RNOR).
In case income that is generated from agriculture is more than Rs.5,000.
In case income is generated from profession or business.
In case the individual is the director of a company.
In case any income is generated from a property that is located outside India.
In case an individual has foreign assets or foreign income.

2) ITR-2

ITR 2 form must be used by individuals and Hindu Undivided Families (HUFs) who fall under the below-mentioned categories:
Income of the individual must be more than Rs.50 lakh.
Income can be generated via a pension or from salary.
Income that is generated from house property.
Income that is generated from winning a lottery or horse races.
In case the individual is the Director of a company.
Agricultural income of the individual is more than Rs.5,000.
Income has been generated from capital gains.
In case any investments were present in equity shares that were unlisted during the financial year.
Income is generated from foreign income and foreign assets.

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For carrying out secure web-based transactions, or to identify other participants of web-based transactions.
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