Tuesday, May 18, 2010

Who Can Submit New SARAL-II (ITR-1)


                    Income Tax Department has issued new SARAL-II (ITR-1) as Indian Income Tax Return  for the Assessment Year 2010-11.  Earlier only Salaried Persons having Interest Income can submit only ITR-1, but not more categories have been added in it. 

Who can submit New SARAL-II (ITR-1) for Assessment Year 2010-11
1) having salary income
2) having Pension income 
3) having Income from one House Property excluding brought forward losses from previous year. 
4) having Income from Other Sources

Who can not submit New SARAL-II (ITR-1)
1) a H.U.F.
2) a Partnership firm
3) a Company
3) having Income from Business or Profession.
4) having income Capital Gain
5) having income from two houses
6) having income from house property including brought forward losses from previous year. 
7) having income from winning from lottery and income from race Horses. 

To read more regarding New SARAL-II (ITR-1) (Click Here) for Assessment Year 2010-11

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