Difference between Income Tax Forms ITR 1 and ITR 2A?

HUF can not file returns through ITR 1 while both individuals & HUF can use ITR 2A.

1. ITR 1 can be filled by people who have income from only one house while ITR 2A can be filled for income from multiple houses.

2. ITR 1 cannot be used if there is loss from House property brought forward from previous years. They can fill ITR 2A instead of ITR 2.

3. ITR 1 can be used if the income from Agriculture is less than Rs 5,000 else needs to fill ITR 2A

Form 2A – Who benefits?

Introducing a new form ITR 2A makes life easier for following categories that earlier had to fill complicated Form ITR 2

1. Having income from more than one house property

2. Loss from house property brought forward from previous years

3. Income from winning lottery or from race horses

4. Exempted income like from agriculture etc is more than Rs 5,000

5. HUFs with other income like interests on fixed deposit, etc

Additional Informations:

1. No documents or TDS certificate needs to be attached to the form

2. You need to declare your bank account details for all savings and current bank accounts held by you at any time during the previous year (excluding dormant accounts)

3. You also need to furnish Passport Number (If available)

4. You can give your Aadhaar number (optional)

5. Also it has space for providing two email ids (optional)

6. As the forms for income tax return has been delayed, the deadline for filing has been postponed to August 31, 2015 (its July 31 every year). However, it’s advisable to file your returns as soon as possible to get your tax returns at the earliest.

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