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Showing posts from July, 2015

e-Filing Indian Income Tax Return through ITR-1/ITR-2/ITR-2A

This post is for salaried professionals who just have income through salary and bank/FD interest. Also, if you are a DIY person like me :) Tax season is finally here! People are busy scrambling for their Form 16s and figuring out if they have everything they'd need to file their ITRs. Well, I just filed mine so thought I'd share my experience and some knowledge, that I gathered in the process, here. First, some common questions everyone has: Difference between Financial Year and Assessment Year:  Just remember - you are assessing your financials that took place in the last year! So if today is July 25, 2015, the Financial year was 2014-15 while the Assessment year is 2015-16. Difference between ITR-1 (Sahaj) and ITR-2/2A:  For our purpose, we could use either of these forms but the overall differences are listed out  here . Difference between ITR-2 and ITR-2A:  They are almost the same, just that ITR-2A is a simpler version of ITR-2. Also, ITR-2A cannot be f