How to choose the right ITR formAfter gathering all the documents required to file an income tax return, the next step is to choose the right ITR form. Salaried taxpayers have to choose either the ITR-1 or ITR-2 form. The first form is a simple form which can be used only by resident Indians and ordinarily resident Indians whose annual income is less than Rs 50 lakh. This includes income from salary or pension, one house property, agricultural income up to Rs 5,000 and interest received on savings or fixed deposits, dividends and family pension.Other salaried employees, people who do not have income from business or profession to show – will have to use ITR-2. For example, if you are a resident but not ordinarily resident (RNOR) or a non-resident individual or you have to show capital gain or capital loss, are a director in a company or you have unlisted shares or employee stock option (ESOP), or you hold a foreign bank account or any other asset outside India, then you will have to use ITR-2 instead of ITR-1.
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