The Central Board of Direct Taxes (CBDT) has notified the Income Tax Returns (ITR) for Financial year 2014-15 (Assessment Year 2015-16). The new ITR forms have been released by CBDT for FY 2014-15 Income Tax Returns Filing.
What is Assessment Year & Financial Year?
Financial year (FY) is the year in which you have earned the income. If you are filing a return this year, the financial year will be 2014-15. For example, if you have had an income between 1st April 2014 and 31 March 2015, then 2014-15 will be referred to as FY. Assessment Year (AY) is the year in which you file returns i.e., 2015-16. The last date to file returns for the financial year 2014-2015 is July 31st 2015.
Income Tax Slabs & Rates for FY 2014-15
The below table gives you clear idea about Income tax slabs / rates for all Tax payer categories. (For general category, Senior Citizens & Very Senior Citizens).
- The basic exemption limit for individuals (general category) is Rs 2.5 Lakh.
- The basic exemption limit for Senior citizens is Rs 3 Lakh.
- The basic exemption limit for very Senior Citizens is Rs 5 Lakh.
FY 2014-15 Income Tax Returns Filing – New ITR Forms for AY 2015-16
Below are the details about new ITR forms.
1) ITR-1 (Sahaj form) form for Assessment Year 2015-16
- ITR 1 Form can be downloaded from Income Tax Department website – Click here.
- Who can use the ITR-1 form? – This form can be used by an individual tax assessee whose total income for the FY 2014-2015 includes;
- Income from Salary / Pension; OR
- Income from one House Property (excluding cases where loss is brought forward from Previous years); OR
- Income from other sources (excluding winning from lottery or horse racing).
- For detailed instructions on how to fill ITR-1 (Sahaj), click here (PDF file).
2) ITR-2 form for Assessment Year 2015-16
- ITR 2 Form can be downloaded from Income Tax Department website – Click here.
- Who can use the ITR-2 form? – This form can be used by an individual tax assessee whose total income for the FY 2014-2015 includes;
(a) Income from Salary / Pension; or
(b) Income from House Property; or
(c) Income from Capital Gains; or
(d) Income from Other Sources (including Winning from Lottery and Income from Race Horses). Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories. - For detailed instructions on how to fill ITR-2 & who can not use ITR-2, click here (PDF file).
3) ITR-2A form for Assessment Year 2015-16
- This form can be used by Individuals and HUFs who do not have Income from Business or Profession and Capital Gains and who do not hold foreign assets
- Download ITR 2A form
- For detailed instructions on how to fill ITR-2A, click here (PDF file).
4) ITR-4S form (Sugam form) for Assessment Year 2015-16
- ITR 4S Form can be downloaded from Income Tax Department website – Click here.
- For detailed instructions on how to fill ITR-4s, click here (PDF file).
Download Income Tax Return Utility
Download ITR1, ITR2, ITR2A and ITR 4S excel & Java Utilities (Tax preparation software) for Assessment Year 2015-16 from Income Tax website. Click on the below image to download.
Important changes in new ITR Forms
A brief summary of Changes are as below.
- You can now furnish your Aadhar Id number in ITR forms.
- Introduction of Electronic Verification Code(EVC) as option of sending ITR-V to CPC Banaglore. This would use Aadhaar Number.
- ITR-1 (SAHAJ) & ITR-4S (Sugam) cannot be filed by an individual who has earned any income from source outside India.
- Tax Filers now will have to declare only the total number of savings and current bank accounts held by them at any time during the previous year (excluding dormant accounts).
- As regards bank account details in all these forms, only the IFS code, account number of all the current/savings account which are held at any time during the previous year will be required to be filled-up. The balance in accounts will not be required to be furnished. Details of dormant accounts which are not operational during the last three years are not required to be furnished.
- Tax filers can now provide two email-Ids.
- In the new ITR forms, an expat who is not an Indian citizen and is in India on business, employment or student visa would not mandatorily be required to report the foreign assets acquired by him during the previous years when he was non-resident and if no income was derived from such assets during the relevant previous year.
- In lieu of foreign travel details, it is now proposed that only Passport Number, if available, would be required to be given in Forms ITR-2 and ITR-2A. Details of foreign trips or expenditure thereon are not required to be furnished.
Below are some of the Important points to be kept in mind while filing your Income Tax Return this year;
- Basic Exemption limit has been increased by Rs 50,000 for general category individual tax payers.
- The tax exemption limit under Section 80c is raised to Rs 1.5 Lakh.
- The tax deduction limit for claiming ‘Interest amount’ on home loan (for self-occupied property) raised from Rs 1.5 Lakh to Rs 2 Lakh (under section 24).
- To avail the Long Term Capital Gain Tax benefit in non equity mutual funds such as Debt funds, MIP (Monthly Income Plans), Gold Funds and Global Funds, the holding period has been increased from one year to three years.
- Long Term Capital Gains tax rate on sale of units of non-equity mutual funds is @ 20%.
- Investment only in one residential house in India is allowed for claiming exemption under Section 54 or Section 54F.
- No tax exemption is allowed for investment in Residential House located outside India.
- If your income is more than Rs 5 Lakh and you have income from abroad then it is mandatory to e-file (online) your tax returns.
- Even if your income is below Rs 5 Lakh, and if you have any Refund claim in your ITR then you have to file your taxes online (e-file).
The Last Date of Filing Income Tax Return AY 2015-2016 has been extended from 31st July to 31st August 2015. But do not wait till the last week of August to file your AY 2015-16 Income Tax Return. Try to do it as early as possible. Do not forget to include your ‘income from other sources’ (if any, like interest earned from Fixed Deposits / RDs etc.,) in ITR.
Latest update : E-filing of ITR forms 3, 4 and 7 has been enabled now.
New ITR Forms AY 2015-16 : Which ITR form should you file?
Tax Saving investment options u/s 80c : In whose name can they be invested?
Gifts & Income Tax Implications
Income Tax Department’s New Website
Ihave submmited ITR-2014-15 But system indicate time is over
Dear Balaraj..One can file previous two Financial years ITR only ie as of now, FY 2014-15 (AY 2015-16)
sir, where i have to fill children education in ITR-4 15-16?
Dear rajshekar ..Are you referring to Tuition fees? If so it is under Section 80c…
Read:
List of income tax deductions.
IT declaration & investment proofs.
SIR, CAN I FILE BACK DATE RETURN OF A.Y.2014-2015 OR NOT IN CURRENT YEAR ONLINE OR OFFLINE
DEAR SIR,
CAN I FILL MY INCOME TAX RETURN ON LINE FOR ASSESSMENT YEAR 2014-2015 .
Yes, you can dear Pawan .
SIR, CAN I FILE BACK DATE RETURN OF A.Y.2014-2015 OR NOT IN CURRENT YEAR ONLINE OR OFFLINE
Dear KUMAR ..Yes you can file ITR for AY 2014-15.
Dear PRAVEEN ..Yes you can file. But kindly note that you can not claim Refund (if any).
Hello,
Really good information. Very helpful and thanks for it.
Can you please help me with my query as I am running short of time?
I am a software freelancer and have earned about 18 lakhs in this year.
I have provided my CA with a list of the payments recieved and expenses made giving him the dates and bank acounts linked to the payments and expenses.
However my CA says he has to make a profit and Loss statement.
But he says that the P and L statement has to match with each and every item in the saving banks account. Now there are 3 savings banks of mine in which payments and incomes have gone into.
All these accounts have numerous personal expenses. Some have rebates from gas subsidies…some have details where I pay my mothers mseb bills etc.
This means I have to sit with the CA spend at least 2 of my days explaining to him each and every entry of my 3 bank accounts.
I have a feeling that the CA is making thinks very complicated to probably hike his fees in the end.
Question: Does the Tax officials need so much detailing?
Please note full details of my actual business expenses and income have been provided to my CA. Can the net income earned by me be arrived based on these details.
Why has the CA to balance each and every entry in my saving bank accounts?
Can you please advise?
Dear Sathya,
May be your CA is too detail oriented.
I believe small amounts he/she can ignore.
Suggest you to maintain one separate Current account for your business transactions.
Dear Sir
can I file return return for f y 2014- 15 for refund upto the date 31st July 2016
Dear Murari ..You can file ITR for FY 2014-15, but you can not claim refund for the said FY/AY.
Sir, I have not filed my income tax returns for the year 2014to 2015, can I do it now along with rent receipts, and do I get refund on HRA? Can I do it online?
Dear Ratan,
Generally, in case of belated return, refund can not be claimed.
But the IT department issued a notification last year (june,2015) about the claiming of refund on belated returns.
Suggest you to file the ITR with the help of a CA.
what should i choose in “Return filed under section” while filing for FY 2014-15 in AY 2016-17
Dear SS,
Different Sections & meaning ;
* U/s 139(1): Voluntarily before the due date
* u/s 139(4):Voluntarily after the due date
* u/s 142(1): In response to notice under section 142(1)
* u/s 148 : In response to notice under section 148 14
* u/s 153A: In response to notice under section 153A 15
Dear Sir
Thanks a lot for clearing so many doubts.
I will like to request you to kindly clarify which ITR form to be used by me for filing ITR for AY 2015-2016.
I am a seafarer and have completed my NRE days and my only income is from my sailing salary.( i noticed that my income tax lawyer has used form 2 while filing ITR for AY 2014-2015! for same income and am very confused now!)
Also please mention if i can claim back the TDS paid on purchase of a property worth more than 50 lacs!
Sincere thanks
Dear Yogesh,
If your source of income is salary only then ideally you can opt for ITR-1. I believe that there is no provision to claim it back.
Sir, I’ve not been able to file ITR for the financial year 2014-15 due to certain reasons – laziness, lack of time, etc…well, it seems to me that I won’t be able to do the needful by the 31st of March 2016 as well…Apart from my business income (does not need audit), I have income from other sources, such as House rent, Shop rent, etc…totaling around 4.5 lacs…What if I file ITR for financial year 2014-15 after 31st March 2016, say in May, July or Nov 2016…would I be liable for penalty (Rs.5000) apart from interest on tax amount !? Please reply ASAP…Thanx
Dear Shritanya,
Filing the taxes is your duty as a citizen. Kindly do not postpone and do it at the earliest.
Belated returns can be filed on or before two years from the end of the relevant tax year. For example : Even those who missed filing their returns for income earned say in FY12-13 or assessment year 2013-14 can do so by March 31, 2015. There is a discretionary penalty of Rs 5,000 if the return is not filed within a year from the end of the tax year.
If a belated return is filed after the income tax due date, the taxpayer would be liable to pay the tax along with Interest @ 1% per month (simple interest) .
Thanx for your valuable info….
Dear Reddy sir, For FY14-15 my salarized income was <2,50,000/- so my employer did not give my form 16. However in Mar 15 my bank deducted TDS on my FD , so I need to file the I-TAX return to claim the refund. How to file the return in ITR-2 form when I don't have form 16, or any supporting document to show my salarised income. There are no other income from any other source, also since it is related to AY15-16 can I still file the return ? pls help and guide since this was my first job I need help.
Dear Pravin,
ITR of 2014-15 will be considered as belated return. Recently IT dept has issued a notification that tax assesses can claim refund on belated returns too. But you need to submit a ‘letter for condonation of delay’ to the IT dept.
Yes, you can file the ITR. Suggest you to get this Tax Returns done with the help of a CA.
Thanks Sir for your prompt reply. But pls also ans . for 1st part of question & guide me. The question was “when I don’t have form 16, or any supporting document to show my salarised income. How to file the return in ITR-2 form “. regards
Dear Pravin..I believe that you can file ITR 1 only. You can calculate your tax liability/refund based on your salary & tds.
Read: Which ITR form to file?
Respected Sir,
I am a private limited company employ, for the financial year 2014-15 I have drawn a salary income of Rs. 1,80,000/- and Stock broking income of Rs.25000/-( profit on sale of shares – short term income) and does not have any other income received. have I filed income tax return for financial year 2014-15, if file which ITR FILE filed. tell me sir,
Thanking you,
P Srinivas
Dear Srinivas,
If your income + STCG (Short term capital gains) is less than basic exemption limit of 2.5 lakh then you are exempted from paying 15% Short Term Capital Gain Tax.
( if your total taxable income excluding short term gains is less than the minimum income which is chargeable to tax (Rs 2,50,000 for financial year 2014-15) – you can adjust this shortfall against your short term gains. )
Sir, I am having salary income & Rs.25,000/- earned from Stock market/share market related income in the financial year 2014-15 and does not have any other income. Which ITR form filed/suitable for me.
Dear MOHANA,
Did you earn Long Term or Short Term capital gains?
Read : Which ITR form to file?
Dear Sir,
May we know how to submit Form 10B for our Trust through e-filling? We have download 10B and filled up and generated XML file. While submit the same through > e-file > Prepare and Submit (other than ITR) , the particular Form 10B is not appearing. Please help us how to submit XML file for 10B for Assessment Year 2014-2015 through online.
We shall be grateful to you.
Regards
Dr. Dutta
Chief Functionary
Dear Mr Dutta,
I believe that the form needs to be submitted through offline mode.
Hello sir,
My father died on 16th june 2015.. after death of my father my mother is receiving pensions about 34684 /per month. Along with this she is gets rs 2000 per month from cooperatives. She is having fd and receiving interest 150000 annually.. what procedure she will have to go through for income tax .. and in which month she will have to do it for the assessment year 2016-2017
Dear Sneha,
Filing income tax returns have been made easy and user friendly.
To know the projected tax liability, suggest you to use the ‘tax liability calculator’ provided at Govt IT dept site..Click here..
Generally 31st july every year is the last date to file IT returns (this date sometimes gets extended). During the month of April, Tax dept will issue notification about the release of ITR forms, after which one can file his/her ITR.
I have income only in form of commission and does not have any other income from house property or business income.which ITR form should i fill? and the amount shown under which head?
Dear Sunny..You can file ITR 4. It is treated as ‘income from other sources’.
Dear sir,
I was filling form ITR-4 excel utility for AY-15-16, I have made capital gains from the sale of Equity Mutual Funds which are long term. I know these capital gains are exempt from tax but I could not find a right place to enter this these capital gains in ITR-4 excel utility, please guide me in this regards
Thanks in advance
Dear Umesh,
You can show this under ‘Schedule EI’ (Exempted income).
Sir,
My friend has not filed ITR till now his income from salary is under sealing limit 250001-500000 please tell me how much interest he will have to pay from the due date and in which form he will file return?
Dear Divya,
A penalty @ 1% per month will be levied as interest dues on the tax liability (if any).
Read my article : Which ITR form to file?
I HAVENT FILE ITR FOR THE ASSESSMENT YR 14-15 TILL YET…..CAN ANY ONE TELL ME HOW MUCH INTEREST I HAVE TO PAY….I HAVE BUSINESS INCOME 340000RS.
Dear DEVAY,
Interest @ 1% per month will be levied.Also, income tax officer may levy a penalty of Rs 5,000 .
Hello sir,
As I got information that the last date of filling the ITR for FY2014-2015 was 7 sept 2015.
Is there any chance that I can pay ITR for FY2014-2015 now?
I missed the due date because I was out of the country for one month.
Thanks
best Regards
Kultar Singh
DEAR SIR I RECEIVED RS 250234 FROM PENSION .INTEREST ON FD.RS-23450,COMMISSION INCOME FROM MLM COM & SHARE INCOME
which ITR FORM SHOULD BE FILE
Dear Binod..you can file ITR 4.
DEAR SIR
I RECEIVED 250000 FROM PENSION. RS-32500 FROM COMISSION INCOME.SOME FDR INTEREST & SOME CAPITAL GAINS FROM SHARE MKT.
WHICH ITR FORM SHOULD I FILE.
Dear Sir,
Need to know for Financial Year 2014-15 , if the EPF amount is withdrawan in Fin year 2014-15 after 5 years of service, is it exempt & if before 5 year .. then what are the tax liablity will be there..??
Which ITR forms we will submit…we should have disclosed the withdrawn amount in ITR & if exempt how we will show in return..??
Dear Ghanshyam,
Kindly go through my article – EPF withdrawal & New TDS rules.
Dear Sreekanth,
First of thank you very much for running this website and detailed explanation on Indian tax and rules.
I have one quick query regarding my under construction house as below.
I have 2 house loan one house construction is completed, occupied and provided the same details to my employer for taxation purpose.
2nd house is under construction expected to occupy in October 2015. Here is my questions.
1) Which ITR I need to fill?
2) Though i am not eligible for tax exemption on under construction till the possession, do i need to provide this 2nd house details while ITR filing (AY 2015-2016)?
Please help me in this regard… AS ITR Filing last date is on tomorrow.
Thanks In Advance !!!
Sairam
Dear Sai,
1 – You can file ITR 2A (Kindly read my article on ‘Which ITR form to file?‘)
2 – It is not required. (You may go through my aticle on ‘Under construction property & Tax implicaitons‘)
My father is a retired PSU employee. For the financial year 2014-15 his income details are as follows.
Yearly pension- Rs. 50,000 (app)
Annual Interest from FDR’s- Rs. 1,90,000/-
Arrears- Rs. 71,029/- (on which Rs. 7,103/- TDS was deducted by the PSU deptt.).
Is he required to file ITR for the fincial year 2014-15?
Dear Rahul,
What is your father’s age? What are arrears here?
Rs5000IT less.
Dear Mohamed ..I did not understand your query. kindly rephrase it.
Dear sir,
Treasury has deducted Rs5000 less for my pension amount for FY2014-2015.
Could I pay the amount now and file Efiling before 31 August?
Hello
I have few queries
1.I was NRI in FY 2014-15 so which ITR form for me.ITR 1 or ITR 2A (my income in india is only interest on FD)
2. My NRE account FD interest is tax free, so under which coloum i should fill this?
3.My TDS amount on form 26AS is having difference of what my bank people gave me statement of FY 2014-15, the difference of amount is big around 20,000. So what figure amount i should fill? Bank TDS statement or Form 26AS?
Dear sir,
I Having a three sources of income
1,Salary
2,Professional
3,Business
Under Income tax which form want to submit???. Pls,…
Dear mani..You can file ITR4.
Dear sir, i am salaried employee and i have deducted 2000 rs against children education allowance. Can i get rebate on Children education. I have credited 36000 rs for two children when its deducted. In which section its comes and how much amount can exempted out of 36000
Dear Sanjeet,
I did not understand this point – ‘ I have credited 36000 rs for two children when its deducted.’
The tax break of Rs 100 per month per child and Rs 300 per month per child for hostel expenses is available. Both allowances are restricted to two children.
Dear sir, i am salaried employee and i have deducted 2000 rs against children education allowance. Can i get rebate on Children education. I have credited 36000 rs for two children when its deducted. In which section its comes and how much amount can exempted out of 36000
Dear Sanjeet..As mentioned in my previous comment..The tax break of Rs 100 per month per child and Rs 300 per month per child for hostel expenses is available. Both allowances are restricted to two children. Applicable under Section (10).
Hello Sir,
I am house wife. I have a small income from home tuition about 100000. Which return I should file. Do I need to provide any supporting with my return. Other than this i hav some House property income and interest income from banks.
Thanks
Dear Neha..You can file ITR 4S. There is no need to attach any supporting docs along with your ITR.
Hi,
I worked in Ireland from July 2014 to Sep 2015 and paid TAX as per the norm, Do i need to pay TAX in india for this income, now i am in progress of filling ITRV for 2014 to 2015.
Thanks
Sankar S
Dear Sankar…Is it Sep 2015??
hello sir,
please tell about return filing of private trusts (itr forms and due date)
Dear Pradeep,
ITR 7 is applicable if it is a Charitable Trust.
Since it is Pvt trust, ITR 7 is not applicable. Kindly go through this article (Click here) for more details.
Hello Sir,
While calculating Capital gain from Shares. What should be my BUY and SELL price and actual market rate when it was purchased OR inclusive of Brokerage paid to the broker?
The share price may be Rs. 100, but as part of trade it becomes Rs. 101.25 or something.
Please advise as my trading account is closed and I have submit these details for past year.
Thanks,
Vishwanath
Dear Vishwanath,
What are the buy and sale dates? Is it Long term capital gain or STCG?
Kindly go through this article…Click Here…
Kindly revert to me if you need more details.
Thank you very much. I have reviewed your article.
My most gains are short-term (and small may be long-term) and overall it is all loss, so I didn’t file ITR. Now IT dept ask me details and as my trading account is closed as on today, the broker is unable to provide me Short-Term/Long-term Gain statements.
I have all trade transaction details and want to calculate gains of Past Years: F.Y. 2011-12, 2012-13, 2013-14.
I am ready to calculate trade by trade but not clear what will be “Full Consideration of Purchase/Sell”
– Actual price on NSE/BSE or Inclusive of Brokerage+STT+ServiceTax?
If you could suggest any software tool, it would be great. I inserted all my trades to ET-Portfolio, but they give report of only FY-2014-15, not for past trades.
Please guide me.
Dear Vishwanath,
Did you receive any Tax Demand notice?
Suggest you to consult a CA at the earliest and get this sorted out. Do not delay it!
Yes, but it is not Tax Demand Notice, it is for “Not Filing ITR”.
Actually, shares trades were in loss, so no ITR filed of my wife as Demat account was on her name.
I have submitted the compliance form accordingly.
Now just getting prepared IF they ask any other details of past years.
Dear Vishwanath,
One of my friends faced similar issue, it is always better to take professional help in these matters.
Yes, thank you.
A trust having gross receipt less than 5 lakh. It is compulsory or not to this trust for efiling his income tax return for ay 2015-16.
Dear Navin..It is better you get it filed. You may use ITR 7 form.
I filed my ITR for AY 15/16 on line ,it was precessed and I paid a demand on line . Now I realize I entered my income in wrong column I.e., instead of writing income from other sources I wrote in house property column. How can Irectify this ?
Dear Rajesh..you may file a Revised Return.
CAN I FILE MY INCOME TAX RETURN FOR FY2012-13 OR SAY ASSESSMENT YEAR 2013-14
Dear Chand,
You can file the belated returns for last 2 years by 31-3-2016.
i submitted my return for 2013-2014 in E return, it shows error message as “The end date for filling this ITR is Over” . Kindly suggest whwt to do
Dear Mohammed,
Is it Assessment Year 2013-14 or for FY 2013-14?
Dear Sir,
I am a homemaker, who worked over 10 years back but income has been below limit, so I have never filed incometax, I have saving and gifts totaling few lacks from past many years savings. I have a demat account and also submit 15g for deposits. I recently received a notice to submit compliance as there was a demat transaction. I have submitted compliance for FY 2012-2013. I have not filed returns for FY 2013-14 as well as 2014-15. Can I file returns for FY 2013-14. Is it possible ? Income from all sources has always been below 1.5 lakhs so should I really submit returns? Please suggest
thanks
Shreya
Dear shreya,
If you income is below basic exemption limit, filing of taxes is not mandatory.
You can file your taxes. Suggest to kindly consult a CA and get this done. Let them also know about the ‘compliance’ request.
Hello Sir, please advise which ITR form should be filled for income of 25lacs with just one income from house property. Thanks for your help!
Dear Vidya,
Is it salary income or business income??
If salary, you can file ITR 1 form.
Hello
I have problem filling my Father’s ITR-1 form.My father is a retired individual.He has income from two sources.
(i)From one bank-interest on FD (ii)Pension
Now what do I mention in TAX DETAILS about these sources?
Kindly reply ASAP.
Thanks&Regards
sheeba
Dear Sheeba,
1 – Interest income can be shown under the head ‘income from other sources’ and
2 – Pension income is treated as ‘Salary income’.
Dear Sreekanth
I did that part.What do I mention the Tax Details(page where you have details regarding TAN)
Dear Sheeba,
If bank has deducted any TDS on FDs, you can enter those TDS details. You can find these details either in Form 16A issued by your banker or Form 26AS (which can be accessed through the IT e-filing website).
I was a salaried person till sept 2014 and than i started my own engineering consultancy service for which i am paying service tax.
Please tell which ITR form i have to fill for income from salary for half year and than from consultancy service for the remaining half year in financial year 2014-2015
Dear Atul,
You can file ITR 4 form. Suggest you to consult a CA.
Thanks Sreekanth
Add.on above
I do not claim any expenditure towards earning commission/ brokg.
Dear Mr Nerwal,
You can file ITR form 4.
Sir , I have income from monthly pension, Intt.from fixed deposit, long term capital gain from shares,
and commission/brokerage income dealing in share through other broker on behalf of some client.
Which return form I should file for asstt.year 2015-16.
Please reply.
Hello Sir,
My money is transfered in my wife’s Saving Account. Will interest on Saving Account be clubbed into my income? I understand that FD interest will be clubbed in my income. But not sure about Saving Account Interest.
Please advise.
Thanks,
Vishwanath
Dear Vishwanath,
It has to be clubbed with your income.
Thank you.
Hello Sir,
On 20-Jan-2015, my father given me 3 lac Rs via cheque. I am house-wife.
a. Is it considered as my income and do I need to pay tax on it? 2.5 is tax free, so tax will be Rs. 5000, is it correct? Or this is not taxable?
b. If I create FD, will the interest be my income or my father’s income or my husband’s income?
Thank You,
Parul
Dear Parul,
1 – If it is gifted, it is tax-free.
2 – Income from FD is taxed in your hands and will not clubbed with your father’s.
Thank you. While filing ITR, under what section the amount received from Father should be mentioned so that it is not taxable and also considered as declared income.
Dear Parul,
No need to mention about the gift amount. You can maintain a record of it (date,cheque no etc), that is enough.
Dear Sir,
In case exempted income from PPF and mutual fund dividend exceeds Rs. 150000. but taxable income is from pension and Bank interest only can I use ITR1
Dear Subhash..you can file ITR 1.
I want to file ITR for my retired mother and i have received form 16A from bank. How can i mention total pension it ITR. Is any other document i should collect from bank?
Dear Anil..you can show pension income under the head ‘salary’ and ‘interest income’ under the head ‘income from other sources’. You do not require any documents from your bank.
Thanks Sreekanth,
Form 16A only reflecting only TDS deductions quarterly and not total pension during the year. Is pension is automatically calculated by bank in form 16A or i should approach to bank for total yearly pension. Should I enter total yearly pension details as per mother’s bank account statement.
Please reply.
Sir,
My income for the financial year 2014-15 consists of monthly pension and proceeds of encashment of leave at the time of retirement. I have to claim exemption under Sec 10(10AA)ii relating to encashment of earned leave. But in ITR 1 there is no column to furnish the exempted amount under the said Section. Please guide me as to which ITR form I should use for filing of return online.
Dear Bhandari,
You have to file ITR form 1 only. You can show exempted income (if any) in ITR 1 form , sheet “Taxes paid & verification” row 26 as exempted income.
You may read my article on : Leave Encashment & Tax implications.
I EARNED APPROX. 55000/- INTEREST ON FLEXI RECURRING DEPOSIT DURING LAST YEAR. THIS RD HAS MATURED IN THE YEAR 2015. DO I NEED TO SHOW THE SAME IN ITR FOR THE YEAR 2014-2015? IS NT INTEREST INCOME ON FLEXI RECURRING DESPOSIT IS NOT TAXBALE? PLS HELP
Dear HARPREET,
Interest earned on RD is taxable. Kindly read my article : RD & FD – Tax implications.
Hi Sreekanth,
Nice blog you’ve got here!!
Help me out with this one – I’m trying to upload ITR 4 for this year i.e. AY 2015-16 but on the final upload page there’s no option to opt for AY 2015-16!! The latest year being AY 2014-15. Any ideas about it or is it just my network problem.
Thanks and regards
Mamata
Dear mamata,
ITR 4 has been made available only yesterday, there might be some technical issues. Kindly try uploading in next few days.
so did I thought, thanks for confirming.
Great job, good luck!!
I am applying ITR with ITR1 option. When i am putting deduction 129526 it is auto calculating to 100000. It also give warning that total deduction can not exceed GTI under chapter 4. Why it is not taking whole amount as saving i.e. 129526 since saving limit increased to 150000. Any help ?
Dear Tariq,
Which year’s ITR form are you referring to? Is this happening with respect to any particular tax deduction section?
Hello,
I have invested my saving as FD on name of my wife. This year Bank didn’t accept Form-15G as interest was threshold (as said by bank personnel)
They have started deducting TDS on matured FD’s from my wife’s account. Now, as I need to club her interest income in my income, if I show the interest income in my ITR the tax will be deducted double.
1. as TDS by Bank
2. according to my tax slab in my ITR as it will become my income in my ITR
Question: Can I claim refund of TDS based on my wife’s PAN in my ITR? Because I am going to pay full tax as a part of my ITR, so TDS should be refunded which was deducted from my wife’s account.
If not, do I need to file ITR of my wife to claim refund of TDS?
Thanks,
Vishal Patel
Dear Vishal,
The interest income earned on your RDs which are in the name of your wife should be clubbed to your income.
If bank has deducted say 10% TDS and you are also in 10% bracket then there won’t be any tax liability.
If you are not a tax assessee then you can show this income in your ITR and claim the refund.
If you are above 10% bracket then you need to pay balance tax.
Kindly read my article – TDS & Misconceptions.
Hello Srikanth,
I looked at the given article and completely clear with tax implications of FDs as long as all FDs are on my name. I am in 20% tax bracket, so bank will deduct 10% and I need to pay extra 10% as ‘Self Assessment’ tax.
But FDs are on my wife’s name, so TDS deduction will be based on her PAN number. While I am filing my ITR1, there is not input available to mention PAN number in “SCH TDS2” in e-filing utility. So if I mention TDS of my wife, IT department may find it wrong as those deductions won’t be reflected on my PAN number in Form 26A. On the other hand, if I don’t claim her TDS, I will end-up paying 20% in addition to 10% TDS.
I am really confused and repenting on why I created FDs on wife’s name. [I did it in past to save income tax on interest under a big misconception]
If I file her ITR1, I may end-up paying less tax as I am in 20% tax bracket and she has no income.
Please advise.
Thanks,
Vishal
Dear Vishal,
Don’t worry, you may still get the refund amount.
You have to include the interest income on FDs which are on your wife’s name in your ITR but do not enter any TDS details in your ITR. Calculate the tax liability and pay the taxes as per your tax slab rate.
Your wife can file ITR too and enter the TDS details and get the refund amount.
Thank you very much, this is now more clear. You have provided great information in this regard. However, just small clarification, please 🙂
In my wife’s ITR, the income will be Zero {even income from other sources will also be Zero} and TDS will be claimed as refund, right?
(I am always worrying about how IT department will think about it – She has Zero income still claiming refund? And such thoughts causes more queries)
Please help.
Dear Vishal,
It shouldn’t be an issue.
Thank you Sreekanth.
I am a contractual consultant for govt. organization. They deduct tax under 194J. this is the only source of income for me. my yearly total remuneration/honararium/fee come to 480000. I also got interest on RD from bank amounting to Rs. 8600. what are the different options of saving the tax; I have LIC policy, rented house, two children studying in schools, medical insurance.
Dear Sushil,
Let me know the LIC plan name.
If you are under insured (do not have sufficient insurance cover), you may buy a Term plan (premium can be claimed u/s 80c).
For long-term wealth creation and tax saving purpose, you may consider investing in ELSS funds.
Consider buying a Health insurance cover for self and family, the premium can be claimed under Section 80d.
Read my article on list of Tax deductions for Financial year 2015-16.
thanks a million dear sreekanth
Hello,
In past I had created FDs in my wife’s name with intention to Save Tax. But later I came to know that the interest from wife will be considered as my income. {he is not doing any Job}
1. Interest from Saving accounts need to be mentioned in 80TTA. Where should I mention the interest from MY FDs and where to mention the interest of My Wife’s FDs in ITR1?
2. Rs. 10,000 interest is exempted from income tax. Does this allow FD interest? Or just Saving Bank interest?
3. This year, ITR1 is asking all bank accounts held by tax payer. Do I need to mention the accounts where I am SECOND holder?
Thank You,
Vishal
Dear Vishal,
1 & 2 – You need to mention Interest earned from Savings a/cs under Sec 80TTA (row no 62) in ITR1 – Income Details Sheet. (Interest earned from SB a/cs is exempted up to Rs 10,000. Kindly note that this is not applicable on FDs).
Interest earned from FDs can be shown under Income from other sources (Row no 43).
3 – I do not think it is required.
Glad to see such a quick response. One month back I has posted same question to another site and also to income tax department customer care, no answers yet.
You are doing a great favor to tax payer by publishing this blog.
Thank you Vishal for your kind words. Keep visiting 🙂
If I mention Saving A/C interest in 80TTA, it reduces the tax. So I guess same need to be mentioned in ‘Income from other sources’ as well.
In ‘Income from other sources’ it will be shown as income regardless of whether it is exempted or not. then mention in 80TTA to get deduction up to Rs. 10000.
Am I correct?
Dear Vishal,
Yes, the interest income has to be included under the head ‘income from other sources’ and then claim a tax deduction under section 80TTA.
Hi,
I quit my job in May’14 and have not been working since then. My total income for the current Assessment Year is below the taxable amount. Do i need to file Income Tax return this year and if yes what is the last date for filing it?
Thanks in Advance
Dear Purnima,
If your income is below the taxable limit, it is not mandatory to file your ITR.
(Last date is 31-aug-2015)
I am a retired Govt. Officer.My total pension for A/C year 2014-2015(Ass. year 2015-2016) is just below Rs.300000.I have no other income except pension.I am a senior citizen.Please clarify as to whether I should file any IT return(Manually or on line)
Dear NATARAJA,
Since your income is below the exemption limit, it is not mandatory to you to file ITR.
Dear Sir
I m a salaried person and have taken housing loan from SBI i have paid Rs. 1,80,000 as repayment of housing loan between 1 April 2014 and 31 march 2015. Part of it is Principle and part is interest. During E-filling ITR 1 I mentioned Principal repaid under section 80 c but there is no column for filling in housing loan interest repaid or section 24.
How should i mention the housing loan interest repaid in ITR 1. Or should i fill in some other ITR??
Regard
Dear Ravi,
You need to calculate the income from your house property and show it under ‘income from one house property’ section.
Hi,
Am an NRI for tax purposes. I earn 40000 per month as rent from house property (co-owned: self & wife). I do have home loan and this year payments (principal + Interest) is more than my income from property.
Questions:
If we (wife and self) divide the income equally that will be 240000, then we have not taxable income. Should we file return?
If yes, Which form should i use, ITR1 (2015) i don’t fine section 24 to claim interest paid towards the home loan?
Thanks
Chaitanya
Dear Chaitanya,
Do you have any other source of income (interest income from FDs/bank acs/agri income etc.,)
You can show the loss from house property under ‘income from house property section’.
Kindly read my article : NRI taxation rules.
Hi ,
I switched my Job this financial year and I have two form 16 . My current employer deducted the tax as per salary below 5 Lac/yr. and my previous employer also deducted the tax as per below 5 lac/yr . If I file return adding both the amount it goes above 5 lac/yr. and it shows still I have to pay the tax . Let me know if any solution is there .
Dear Deepak,
You have to pay the applicable tax dues and file your ITR by submitting the total income. Cross check your Form 26AS before submitting your ITR.
Is it necessary to continue with the same Person through whom I have filed ITR for the AY 2015-16 for future filings or I can change to a new party. If so, what is the procedure to change? I am not able to view the current Returns without his password and I am not able to do e-verification without his help. Please advise.
Chinnaraju
Dear Chinnaraju,
You can e-file your taxes by self and can also use other person’s (CA) help.
Request him to provide the current password and then reset the password by yourself.
If he refuses to part with the password, is there a way of getting a new password. I am paying more than 7,000/- for his services for simply filing. No complications in my case which includes only LIC annuity and fixed deposit interests and 80C investments for deduction. Hence this request. Moreover, I have not seen the final e-filed return also for AY 2015-16. Pl help.
Dear Chinnaraju,
You can reset your e-filing login password. But you need to provide atleast few details of your last IT return.
I have emailed a detailed manual on how to reset password. Kindly go through it and let me know if you need any assistance 🙂
Dear Sir,
I have income from Salary (Taxable), Long term capital gain of Rs. 4908 (from sale of shares) and Rs. 5000/- as income from FD interest. Kindly advise which form to fill for FY 2014-15 (AY 2015-16)?
Rgds,
Samant Kumar
Dear Samant,
LTCG on shares is tax exempted but needs to be reported under ‘exempted income’ section. You may use ITR 1 .
does this mean that the date for payment of any extra self assessment tax has also been extended upto 31 August?
Dear Abhishek,
Yes, you can pay self assessment taxes (if any) for FY 2014-16 by Aug end.
My mother is 70 year old, she has only interest income on FD from bank,
but bank deducted 20 % TDS on interest income on dated 30.06.2015 ( without pan no )
pl inform me which form for use income tax e filing for get return this TDS?
whats slab for sinior citizen for incometax ?
last 10.07.15 i have got PAN card of my mother.
Dear Joshi,
If TDS is for FY 2015-16 then you can claim the refund in assessment year 2016-17.
Kindly submit the PAN card details to the banker at the earliest.
Not able to find ITR -4 on incometaxindia website. What to do?
I have an income as a freelancer with 10%TDS. Can I go for ITR -4s?
Dear Anand,
ITR 4 has not yet been released..may have to wait for few more days .
hi ,
I left for US in month of August 2014 [April-August salaried in India & then salaried in US ], I want to understand which form should i use to file my return?
Please let me know If there is any other information that you need to answer my query.
Dear Abhinav,
Kindly go through the below articles:
Find our your Residential Status : Resident Indian or NRI?
Which ITR form AY 2015-16 to file?
difrence between itr-4 & itr-4s in fy 2015-16
Dear Gangbir .. Kindly go through my article : ITR Form 2015-16, which one to file?
i am having income from other person as longterm gains as investment on shares please help me where to enter the details in the itr 2
Dear shivaprasad,
LTCG on equity shares is exempted from income tax. You have to report such exempted income (if it is > Rs 5k) under Schedule EI.
Hi Sreekanth,
I was filling ITR 1 online, but did not see rows D13 to D20. It ends at D12; therefore, I am unable to complete the form. Please let me know what is going on. I am using Chrome browser. Thanks very much.
No need to reply, Sreekanth. There was a tab at the end which brought me to the page with he rows D13 to D20. Thanks.
Hi Sreekanth,
Thanks for informative website.My father gets his pension from state govt and he is residing with us in Australia for last 4 months.
If i need to file his returns online , will income tax website show his income details.
In Online Income details tab of ITR-1 form , income fields are empty and in Tax details tab Income Under Salary is showing as 82824 and tax deducted as 16030.
Could you let me know what these fields mean?
Dear Pavan,
You need to fill the income details and submit your ITR. You have to pay self-assessment tax (if any).
IT website do not provide income details. I did not get your what you are trying to ask. Kindly rephrase your query..
Sir,
I’m trying to file ITR-1, when I filling the form it does not show the refund amount even I filled the details of TDS deduction. I’m comes under the income slab of less than rs. 250000. but refund cell does not show the refund amount. I’m trying to write my self in that cell but the cell is protected. I’m unable to claim my refund amount. please reply
Dear Ritesh,
Did you include any income other than the one in your Form 16?? (Are you employed or self-employed?)
Hi Sreekanth,
1. For Tax filing for 2015-16 assessment year –
a) Does a resident salaried individual need to provide all bank account details where he is a second-JOINT account holder ?
b) If one stayed and earned abroad for 6 months in FY 2014-15 and paid taxes there in abroad and still only hold that salary account without further credits, should he declare that as asset ?
2. In general, after what duration staying abroad one earns NRI status – 183 days? What document validates one is NRI ?
3. Does an NRI must convert all his ‘resident savings bank account’ to NRO even if he helds it as JOINT-SB account with his resident dependents ?
4. Banks where I have FDs already submitted 15G; now I mentioned bank details. Do I again need to fill-up interests in ITR 1 ? If yes, which page and section ?
Regards,
Roy
Dear Roy,
1)a) – I believe it is not required
b) – Yes, you may have to provide foreign bank account details too.
2) – Your passport is enough to validate this. Kindly read my article : How to check Residential status ?
3) – Yes, you have to update your bankers about your Residential status.
4) – You need to include them in your ITR under Income form other sources.
Dear Sreekanth,
I am a salaried person.I have joined as an employee from mid Feb’15 (CTC greater than 4 lakhs but less than 5 lakhs).Received salaries for two months amounting Rs.44,000 for the F.Y ending 2014-15.Whether I need to file return for F.Y 2014-15.I have not any other income in the same financial year.
Thanks in advance.
Regards,
Prarthana
Dear Prarthana,
If you do not have any other source of income, you may skip filing ITR.
Hello Srikanth ji,
I have a question. For the Income period 2014-15 I have been earning in USA as I am on a Project work and I am paid the US salary. I also pay tax here. This period there is no Indian Salary to me except I have been earning some interests for my existing Fixed Deposits in India. Now which form do I need to fill in for my IT Returns in India for the assessment year 2015-16.
Dear Surojit,
If your income from other sources (FDs) is in taxable limit, you can file ITR1. Kindly read my articles : NRI Taxation & Which ITR form to file?
Dear Sreekanthji,
I am a retired person and is having income only from interest on fixed deposit. Bank is deducting 10% TDS on my interest. Which form I have to fill up?
Regards
Dear Sengupta,
You can file ITR1.
Dear Sreekanth,
I have salary income under 500000. TDS is deducted from my salary, total TDS is Rs. 2012.00. Whether i have to file return ? if yes what is the form Form-1 ?
Thanks in advance, you r providing very useful information.
Thanks.
Uday Kale
Dear Uday,
Besides income from Salary, do you have any other source of Income? (FD /Savings bank ac interest, NSC,RD etc)
(Actually there are lot of conditions that need to be met for not filing ITR. It is advisable to file your ITR.)
Dear Sreekanth, I am a retired person and I have taken Agency for Fixed Deposit and Mutual Fund agency. During FY 2014-15 I have Salary income, Pension from LIC Jeevan Suraksha Plan, Interest on FDs, Brokerage on FD deposit as agent and as MF agent, part consultancy income . please let me know which Form I should use for my IT return for AY 2015-16. Whether Pension under Jeevan Suraksha Plan is to be included in my income n whether it is taxable? Your response will be highly solicited.
Dear Girish,
I believe you have to file ITR4.
Are you sure that you get pension under Jeevan Suraksha plan?
Hi Sreekanth, appreciate your blog. I hv a very quick Q.
I work full time, and also have a part-time job with a Government agency, and as well as do freelance work. How do I file my returns? Only with ITR1?
And I just total my salaries from part-time and freelance work together and mention it in the form? Little confused here.. So hoping your favorable advice.. 🙂 thanks much..
Dear Ravi,
Do you have any other source of income? (property,capital gains, agri income etc.,)
Is the income from Freelancing on Presumptive basis?
No, Sreekanth. I don’t have any property,capital gains, agri income etc., I have a full time job. and and my part-time job is on contract/assignment basis with govt organization (weekly once only)
The freelancing job is presumptive because I only do it if someone approaches me with an opportunity. so its presumptive you can say. Thanks.
Dear Ravi,
Your case is bit tricky. If you are paid Professional fees, it is advisable to file ITR 4.
If you are paid proper salary then you can file ITR2.
(Only if you are paid commission or professional fees, you can file ITR-4, in which case you can claim deductions of expenses incurred toward earning your income such as internet charges, electricity, etc.)
I am holding a NRI savings account , but for 2015-16 i am filling return as resident. do i need to declare my NRI account in ITR1.
Dear Aman,
I believe it is not required.
Hi,
I am a software professional with an active Foreign Account and Stocks in a company listed at NASDAQ. Now the account / stocks were created / obtained pre 2009 when I was in US. For the last 6 years I have not been to US.
Now I understand I have to file ITR2 because I have capital gains to show in India. Also I have foreign bank account + stocks listed in NASDAQ. To that effect, can you guide me with the sections I need to update vis-a-vis Foreign Accounts / Assets specially since I had no foreign salary / no interest / no stock related capital gains during the last tax cycle. Its just that I am holding on the bank account and a few stocks of a company.
Please guide me as I am struggling to get any data regarding this on the net.
Regards
Amit
Dear Amit,
When you do not have any income then what is to be shown as foreign income?
Did you receive any interest income from foreign bank account? Did you receive any dividend income on the shares held by you?
Thanks for your reply. Really appreciate it.
Problem is while I have no interest income or capital gains from my foreign asset but I do hold them. I have around 1200 USD in my US account (the account is no interest account) and as already mentioned hold some shares for which I got no dividend / neither did I sell any shares.
With this as background, given the new 2015-16 IT R 2 do I need to declare them at all is the question which is bothering me?
Regards
Amit
Dear Amit,
I believe that you may have to provide details of your foreign bank account and shares held in Schedule FA of ITR2.
Thanks Once Again.
Final question. Should I go for Schedule FA B or FA D for the declaring the shares related Details?
Regards
Amit
Thanks. 2 remaining questions.
1. What should be the exchange rate as ITR 2 needs me to declare foreign assets in INR. Question I am asking is because the exchange rate when the asset was acquired might be different from what it is now.
2. Just a confirmation that for Shares the section where details need to be filled up is Schedule FA D.
Regards
Amit
Dear Amit,
1 – As per ITR, we need to show ‘Cost value’, so you may have to show as per the exchange rate (rupee value) as on acquisition date.
2 – Yes, in Schedule FA D.
i am HUF and my income is interest income only so please suggest which ITR we file
Dear Dilip,
You can file ITR 2A.
I am at Philippines for my project work from TCS and I am getting an allowance here (which is already tax deducted). Under which category do I need to file my tax for my Indian salary ??
Dear Mamta,
Since how long have you been there?
Kindly go through my article : Check residential status & NRI Taxation.
In the new ITR I Form there is scope for reporting details only for 2 S/B or C/As under 20D. In case somebody maintains more than 2 accounts, how the person will furnish details of additional accounts,while reporting total number of such accounts ( more than 2 ) in the relative box 20D
Dear Debabrata,
In ITR-1, if you are using Excel utility (online e-filing) ,you can find ‘Add rows’ on 27th ROW, under ‘Tax paid & verification’ sheet.
Are you referring to any other ITR form?
Dear Sreekanth Ji,
In last Financial Year , I withdrew my PF amount in full (after resignation from that Co. ) before 03 yrs of continuous service & the PF amt. was more than 30,000/- I want to know whether PF withdrawn in last financial year is taxable ( PAN no. informed already to EPFO) . In case , PF withdrawn in last financial year is taxable , whether the EPFO has already released the amt . after deduction of Tax Or we have to do self assessment & declare the same in ITR.
In case we have to declare the PF amt. in ITR — under which head we shall mention the same. Further , pls. also intimate if full amt. of PF withdrawn will be taxable which includes the Employee portion as well as Employer portion & interest accrued on that. How to calculate Tax on That.
Pls. also intimate , whether the salary paid by the co. in lieu of Notice Period is taxable or Not.
Thx in anticipation.
Dear Sanjeev,
The new TDS rules with respect EPF withdrawals before 5 years are applicable wef June 1st.
But kindly note that withdrawls before 5 years are taxable and you need to provide these details in your Income Tax Return. Full withdrawal amount has to be declared.
If TDS is not applicable then it does not mean that the EPF withdrawals are not taxable. Do note that, if you withdraw your PF balance before the expiry of five years of continuous service, then it is taxable in the year in which withdrawal has happened. In addition to this, your employer’s contributions along with the accumulated interest amount will be taxed as “profits in lieu of salary”. Interest accumulated on your (employee) contributions will be taxed under the head “Income from other sources”. The tax deductions claimed on your contributions will be revoked or rolled back, and shall be liable to tax.
You can find employer & employee contribution details EPF statement.
Read my article : 8 ways you could lose your Income Tax Benefits.
Hi Sreekanth,
I am e-filing ITR1 for AY 2015-16. Please help to identify TDS1- “Income chargeble under slaries”.
Is this “1- Gross Salary” or “6- Income chargeable under head salaries” or “11 -Total Income” on PART B of in my Form -16?
Thanks
Kumar
Dear Kumar,
You can find TDS details in your Form 16 or Form 26AS. This is the amount that your employer has deducted on your income for a given financial year.
my mother is retired from govt service. she is getting pension and int of fdr’s which return she is supposed to fill.
thanks amit
Dear Amit,
She can file ITR1.
Extremely imformative , everything explained in simple non tecnical language without any confusing jargon..
came accross this link by chance and immediately got hooked on.
Keep up the good work . We all really appreciate your guidance n indepth knowledge on matters conerning the common man .
vishalhari
Wow! thank you so much Vishal. Keep visiting and do share the articles with your friends 🙂
I have the follwing income:
a. Pension
b. Interest from FDs
c. Capital gains from debt funds
D. Income from a partnership firm.
Which form should I use, 4s?
Dear Utsa,
You can file ITR 3 form (this form is not yet notified, wait for few more days)
I always like the way your content is organized and highlights the vital details.
Good Work!
Thank you dear Sudharshan..Keep visiting 🙂
Respected Sreekanth ji,
In my previous question I forgotten to mention my savings in PPF.I,s 150000/
Thanks Gobinder Singh.can refund cases be submitted by hand?
Gobinder singh
Regards
Dear Gobinder,
You can file your taxes using ITR2A.
You may download the excel utility (tax preparation software) from IT dept website and calculate your tax liability very easily.
Suggest you to file your ITR online. (If you find it bit tough, suggest you to take CA’s help)
Respected Sreekanth ji,
I draw pension of Rs.510737/,Interest on FD’s is. Rs104932/,Interest on refund is Rs.850/ and Rs.80000/_ as
Agriculture Income.please calculate the income tax on this.Which form will recommend you for me?May I submit my ITR by hand?I am senior citizen.
Thanks
Regards.
Sir,
i am salaried tax payer working in Transport corpn. for AY1516 what is the ITR form no?.ITR_1 /ITR-4S
Dear KULANDAINATHAN,
Kindly read my article : NEW ITR forms for AY 2015-16 – which ITR form to file?
Last date for filing the income tax return is 31.7.2015
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Dear Sir,
An Employing enjoying car or bike facility from the
bank and enjoying fuel allowance per month. Can i
claim for transport allowance deduction of Rs. 800/1600 whatever
p.m. ?
Dear Mr. Reddy,
I am an NRI living in USA. I have a house in India which I gave out for rent. I have some FDs in banks for which I get interest. Apart from those two incomes, I don’t have any other income. I invested in some section 80CC eligible insurance schemes, the premium paid to which I can deduct. Given this situation, can you please tell me which ITR form can I use for my FY2014-15 taxes? ITR1 OR ITR2?
One more question. When I go to the efling site https://incometaxindiaefiling.gov.in/. I only see the ITR1(Sahaj) and ITE4S formes. Does that mean we cannot eFile any other forms (like ITR2)?
Dear Srinath,
All new ITR forms are now available on IT dept e-filing website. Kindly check..
Dear Srinath,
If you have only one house property, you can file ITR1.
my gross income for year 2014-15 is 3 lac. But my net income is below 2.5 lac.In my form 16 no tax is deducted. Should i file the return…
Dear Sanjeev,
Follow as suggested in our Facebook Chat 🙂
Hi,
I filled my TDS for Assessment Year 2012-2013 by paper(Not e-filling). I should get around 14000 as refund, but still there is i didn’t get any update. Shall i do e-filling for Assessment Year 2012-2013 Now. Is it possible?
Note: I have already did e-filling for Assessment Years 2013-2014 and 2014-2015 which ITR’S already processed.
Thanks
ashok
Dear Ashok,
I believe that you refile your FY 2011-2012 (AY 2012-13) ITR now, but these kind of returns will be treated as ‘time bared’ returns (as only last two years ITRs are accepted). So, it is up to the IT dept to accept such returns or not. Suggest you to consult a practicing Chartered Accountant.
Thanks for you Input sree..
i am salarised person . my income is less than 5 lakhs. can i e file itr for financial year 2014-15.directly from incometax web side? at present when i am trying to efile from web side then only assessment year 2014-15. shows then if you can guide me then please do so. thanks
Yes you can efile.
Assessment year will be 2014-15 only as of now (previous year).
Govt is simplifying the ITR forms and hence there is delay for AY 2015-16.
Wait till notification is out. They expect this Month end AY 2015-16 ITR be available.
Thank you Raaj for pitching in..Keep visiting 🙂
I have four SB accounts in four different banks. In Sch – BA of ITR V (SAHAJ) AY 2015-16, there is provision for filling details of only two bank accounts. I should I fill up the details of remaining two accounts.
Dear Subimal,
Kindly wait for the new ITR forms (for AY 2015-16) which may be available from 3d week of June.
Hello,
I am doing job in private company and for Financial year 2014-15 my TDS already cut.I didn’t declare anything i want to fill IT return for year 2014-15 so may u help me please.
Dear Ankit,
I will surely guide you, let me know your questions plz??
Hi,
I am an NRI and I have income in India around 4 lakhs per annum. Do I need to file tax returns? If yes which forms I should use to file my income tax?
Thanks
Vinodh
Also, What is the difference between RNOR and NRI
Dear Vinodh,
Suggest you to read my article : ” Check your residential status & NRI taxation“.
I read in News paper that there is a penalty of Rs: 200-00 per day after expiry of due date of filing for AY 2015-16 is it true?
Dear MADHUDUSHAN,
The due date for AY 15-16 is not yet announced, mostly it will be 31st-Aug-15. Why do you want to file after the due date?
Hi, I have some extra amount that I received during the year that needs to be declared in Form 16 now, which wasn’t declared earlier. There wasn’t any tax levied on it too.
How can I now declare that additional amount and pay the relevant extra tax before I file the Form 16 ?
Prashanth
Dear Prashanth,
Kindly note that you don’t file Form 16, you need to file your Income Tax Returns (ITR). While preparing your tax returns, include the said amount and file your ITR accordingly. The new ITR forms for FY 2014-2015 will be available by this month end.
Has the filing of IT return FY 2014-15 ( AY 2015-16) started? I could not find the same in the online IT website for filing returns. The drop down menu still shows FY 2013-14 till date. Please clarify as when can we start filing the returns online for FY 2014-15? Thanks
Dear Praveen,
As of now the Final versions of ITR forms for AY 2015-2016 has not yet been released and there is no official update about the Timeline too. Let’s wait for more details. I will update this article as soon as the forms are made available.
Thanks for the information . Keep up the useful work . With Best Wishes.. Regards
Accept my “Thanks” for above useful infomation about incmome tax and latest ammendment in return form,hoping further info. in future at ur end.
Warm Regards,
pervez
Thank you Mr. Pervez. Keep visiting 🙂
Dear Sreekanth,
I am a ret. SC. I have a FD which earns less than Rs 10000 interest. In the same branch I also have RD which earns more than Rs 10000 interest.
Will these Two interest be treated separately for TDS i.e, since int on FD is less than 10000 there will be no TDS on FD and TDS will be deducted only on RD int which is more than 10000, or they will be combined and TDS will be deducted on total int earned on FD+RD.
Thus while submitting 15H, do I need to submit it for only RD or for both RD and FD though FD interest is less than 10000?
Kindly clarify.
Dear Mahesh,
I believe that there is no clarity yet on this issue.
All FD accounts and all RDs accounts can be treated separately to arrive at Rs 10k limit respectively.
But, suggest you to submit Form 15 H for both the accounts.
my son has no taxable income in india [ that is income from rent etc. less than taxable limit] is he required to file tax return ?
Dear Mahendra,
Kindly read my article – “NRI Residential status & NRI Taxation“
Sukanya yojana’s Interest is tax free or not
Dear Kishan..Yes, it is tax-exempted.
Dear Mr. Reddy,
Thanks for useful information you have posted. One query from my side, I am working out side India, and did not file IT return since 2005 as no taxable income in India. I have small amount FD and earning less than 1 lac from rent. Please advise, should I file IT return or no? Last year, purchased a flat on instalments, and paying TDS for instalments.
Dear Sanjay,
If you have a home loan and want to claim any loss under the head ‘income from house property’ then you may have to file your Income Tax Return. Kindly consult a Chartered Accountant.
Is there a limitation on the number of Savings Bank Accounts a person can hold?
Dear Anand,
I believe there is no restriction as such.
https://rbi.org.in/scripts/FAQView.aspx?Id=96
Your query may be answered here.
Dear Raaj,
But the link talks about only ‘basic savings bank account’ (no frills account). A bank customer can have any number of savings bank accounts. What is your opinion?