Archive · 19 Jul 2026
ITR Filing 2026: ITR-2 vs ITR-1 for Salaried Taxpayers
When filing income tax returns in India, salaried taxpayers need to choose between ITR-1 and ITR-2 forms.
ITR-1 is for those with simple income profiles, like salary, pension, and small amounts from other sources.
ITR-2 is for those with more complex financial situations, such as high income, foreign assets, or large financial transactions.
The due date for filing is July 31, 2026, and filing the wrong form can lead to penalties and delays.
It's important to choose the correct form to avoid issues with the tax department.
ITR-1 is for salaried taxpayers with income up to ₹50 lakh and simple income sources.
ITR-2 is mandatory for those with complex income profiles, foreign assets, or large financial transactions.
The due date for filing ITR is July 31, 2026, with penalties for late filing.
Filing the wrong ITR form can result in delays and additional verification by the tax department.
Taxpayers should carefully review their income and financial transactions to choose the correct ITR form.
- Who
- Salaried taxpayers in India
- What
- Choosing between ITR-1 and ITR-2 for income tax filing
- When
- Due date is July 31, 2026
- Where
- India
- Why
- To comply with income tax regulations based on income sources and financial profile
ITR-1 Filing Criteria
ITR-2 Filing Criteria
Income Sources
ITR-1 Filing Criteria
Income from salary, pension, up to two house properties, long-term capital gains up to ₹1.25 lakh, and agricultural income up to ₹5,000.
ITR-2 Filing Criteria
Income over ₹50 lakh, from more than two house properties, short-term capital gains, and foreign income or assets.
Financial Transactions
ITR-1 Filing Criteria
No specific requirements for large financial transactions.
ITR-2 Filing Criteria
Mandatory for deposits over ₹1 crore in current accounts, foreign travel expenses over ₹2 lakhs, and electricity consumption over ₹1 lakh.
Asset Holdings
ITR-1 Filing Criteria
No unlisted equity shares or foreign assets.
ITR-2 Filing Criteria
Mandatory if holding unlisted equity shares or foreign assets.
- Due Date for ITR Filing
- July 31, 2026
- Penalty for Late Filing
- ₹5,000 for income over ₹5 lakh, ₹1,000 for income up to ₹5 lakh
- Belated Return Deadline
- December 31, 2026
- ITR-1 Eligibility
- Income up to ₹50 lakh, simple income profile
- ITR-2 Eligibility
- Complex income profile, foreign income/assets, large financial transactions