ITR
Income above ₹50 lakh needs ITR-2
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Facts
ITR-1 is limited to total income up to ₹50 lakh. Above that, salaried people file ITR-2, which also asks for a schedule of assets and liabilities.
Provisions and law
- Rule 12, Income-tax Rules 1962 (now Rule 164, Income-tax Rules 2026)Sets which ITR form applies, its eligibility conditions and how it is verified.
Analysis
The schedule of assets and liabilities needs the cost of immovable property, jewellery, vehicles, bank balances, shares and loans at year end. Gather these before filing. Surcharge also applies above ₹50 lakh, so check your employer's TDS included it.
Conclusion
- Confirm total income after deductions.
- If above ₹50 lakh, use ITR-2.
- Prepare the assets and liabilities schedule.
- Check surcharge in your tax computation.
- File and e-verify.
A Savvy can do this for you
Income tax return for salaried and pensioners, ITR-1 (Sahaj)
₹999
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