Income Tax Returns FY 2017-18: The forms to choose from and their relevance
Updated : July 24, 2018 05:02 PM IST
It is pertinent to note that if an individual having only one residential house property, which is let out and computed a loss exceeding Rs 2 lakhs, wants to carry forward such excess loss to subsequent years; he needs to file ITR-2.
ITR 2 is applicable to any individual having total income exceeding Rs. 50 Lacs or having foreign asset/income or having more than one residential house property or income from capital gain or HUF.
If books of accounts are not required to be maintained then the person has to disclose gross receipts, gross profit, expenses, net profit, cash balance, debtors, creditors and stock in trade instead of reporting entire Balance Sheet and Profit and Loss Account.
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