Which ITR Form should I use

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  1. n_uma_3

    n_uma_3 New Member

    Could you please tell me which ITR Form should I Use for the following scenario.

    Scenario 1) I Salary income only with Home loan ( Paying EMI), Let out house for rent and staying in rented house.

    Scenario 2) Income only from consultancy and training, Also need to show loss from Stock market trading. No Salary income.

  2. ZED

    ZED Well-Known Member

    ITR-1 would suffice.

    ITR-4 ONLY.
  3. n_uma_3

    n_uma_3 New Member

    Zed, Thank you very much for your quick response.

    My self and my spouse are earning income from training. Both are having Same Bank account E or S account. Both income are credited in the same Bank account.

    How to file the income. Both income should be segregate and submit two separate ITR4 forms or both income should be combine together and submit as single ITR4.

    I am little confuse about it and plan to open two separate Bank account from this FY.
  4. ZED

    ZED Well-Known Member

    You can do that in USA since filing jointly with spouse is allowed there but you can not do this in India.

    You need to segregate the income and fill 2 ITR-4 forms, one for yourself and other for your spouse.

    Yup, you should use 2 separate accounts.
  5. n_uma_3

    n_uma_3 New Member

    Thanks a lot. One more last question.

    If the deposit income is greater than 10000, I think it will be taxable income. Bank will deduct 10% of the interest income.

    But if my taxable income slab is under 30%, do i need to pay tax for above deposit interest balance 20% also or whatever bank is deducted(10%) that is enough.
  6. ZED

    ZED Well-Known Member

    You need to pay the difference and since advance tax is also applicable, don't forget interest u/s 234C (if variance is little then interest might not be levied). [234B can also be applicable in some cases]

    You will know about the amount at the time of filing of the return.
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