New ITR forms AY 2015-16 are now available on Income Tax Department’s website. You can now file/e-file your Income Tax Returns for the Assessment Year 2015-16 or Financial Year 2014-15.
In addition to ITR-1, ITR-2 & ITR-4s, a new form ITR-2A has been introduced. It is an extended version of ITR1 and a trimmed version of ITR2. The last date to file tax returns has been extended till 31st August, 2015.
In this post let us understand – Who can file ITR1 / ITR2 / ITR2A / ITR4S? What are the conditions related to each Income Tax Returns Form (ITR)?
New ITR forms AY 2015-16 – Which ITR form should I file?
Who can use ITR-1 form?
ITR1 is also known as Sahaj form. This form can only be filed by an Individual and no other assessee can use this form for filing of their return of income. This form can be used if you have;
- Salary or Pension Income
- Income from one house property (excluding cases where loss is brought forward from previous years)
- No business income / no Capital gains
- No asset in foreign country or no income from a source outside India
- Agricultural income which is less than Rs 5,000
- Income from other sources like FD/Shares/NSC etc.,
- No income from lottery or horse racing
(If income of another person like your spouse, minor child, etc. is to be clubbed with your income, this Return Form can be used only if the income being clubbed falls into the above income categories)
Who can use ITR-2A AY 2015-16 form?
ITR2A form can be filed by an Individual or Hindu Undivided Family (HUF). ITR2A can be used if you have;
- Salary or Pension Income
- Income from multiple house properties
- No business income /No Capital gains
- Income from other sources like FD/Shares/NSC etc.,
- No asset in foreign country or no income from a source outside India
- Agricultural income of more than Rs 5,000
- Income from lottery or horse racing
Who can use ITR-2 form?
ITR2 form can be filed by an Individual or Hindu Undivided Family (HUF). This form can be used if you have;
- Salary or Pension Income
- Income under the head ‘Capital Gains’
- Income from multiple houses
- No business income
- An asset in foreign country or income from a source outside India
- Agricultural income of more than Rs 5,000
- Income from lottery or horse racing
Who can use ITR-4S Sugam form?
ITR4S form can be filed by an Individual or Hindu Undivided Family (HUF). This form can be used if you have;
- Income from business
- No Capital Gains
- Agricultural Income which is less than Rs 5k
- No asset in foreign country or no income from a source outside India
- Income from one house property
Who can use ITR-3 form?
ITR-3 can be used by an assessee who is an individual or HUF (Hindu Undivided Family) and who is a partner in a firm but does not have income from business or profession or carry business under proprietorship.
ITR3 form can be filed where taxable business income is only from the salary, interest, commission, remuneration or bonus receivable from the firm as a partner.
Who can use ITR-4 form?
ITR 4 form can be used by an assessee who has income from business or profession. This ITR covers all kind of businesses and professions irrespective of any income limit. Assesse can also report his income from salary, house property, lottery winnings, capital gains, speculative income i.e. horse race in ITR4 together with the Business Income.
To know about the changes in the new ITR forms AY 2015-16 and to download ITR1/ITR2/ITR2A/ITR4S for Assessment Year 2015-16 ..Click here..
Latest update : E-filing of ITR forms 3, 4 and 7 has been enabled.
(Image courtesy of hywards at FreeDigitalPhotos.net)
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I have a Income for A.Y 2017-18 from Fees From Professionals Services and A Commission Income. I need to know where to show Commission Income. Can I include it in The Turnover u/s 44AD or show it separately. Please Help me in showing my Income.
Dear Dikshant ..You may consider using ITR 3 form.
Read : ITR Forms AY 2017-18.
Hi,
I need your advice. My only source of income is an FD besides writing ebooks and selling them in US for royalties that I get here and there every year by NEFT into my bank account (hardly worth mentioning). The total income from these two falls under the exempted tax limit of 2.5 lakhs. But once in DEC’16 TDS got deducted on my FD because I was late in submitting by 15G. Please advice, which ITR form should I fill to claim back a refund on it? Would my income from US create any questions? I do pay tax on it in US.
Dear T.D.,
May I know your Residential status?
If you have to mention Royalty income in ITR form then ITR 2 can be considered.
If you are Resident Indian, then you need to include royalty income in ITR. But if you have already paid taxes on them in US then you can take benefit of double taxation avoidance agreement (DTAG).
You can also get TDS deducted as Refund (if any) by filing your ITR.
Suggest you to consult a CA.
Thanks for replying.
I’m a resident. Never been out of India. And what you said about DTAA, I googled and see that all the resident Indians mention they have mostly been out of India for a certain period of time to earn that foreign money. So now I’m confused because i earn it staying within India. And still if it applies to me as well, then does it mean I’ll get the US Taxed amount back from Indian Govt. Or that the Indian govt won’t tax me again on same foreign income? Please clarify.
Dear T.D.,
You may have to pay only differntial tax rate.
For example, if you have paid taxes @ 20% in USA and if your fall in 30% tax bracket here in India, you may have to pay balance 10% taxes.
Thank you for all your help. I appreciate the time you took to answer my queries.
Thanks again.
Dear Sir,
Dear Sir,
I have to fill ITR IV as I have income from tuition. I have done 1 FD of Rs 2 Lac in Feb 2017 for 6 months period.
My question is that when I will fill my ITR IV and I will show cash balance in hand in ITR IV then.
? Will I show only Rs 1 Lac in cash balance in hand in ITR IV (As I have today 30 Mar 2017 only Rs 1 Lac in Bank) OR
? Will I show Rs 1 Lac + Rs 2 Lac of FD = 3 Lac in cash balance in hand in ITR IV.
P Verma
Dear Verma .. FD is not a cash balance.
Thank you very much Sir.
Hi Shreekanth,
Any clarity regarding this will be highly appreciated.
I get monthly fees (in lieu of salary) after deducting TDS. I also get form 16A from the Employer.
Is this income to be shown under ‘Salary’ or as income under ‘Income from other sources’ while filing returns?
I show FD interest under ‘Income from other sources’.
I don’t get any salary or any other income apart from these.
Can I file returns thru ITR-1?
Dear Vijay,
Is your TDS being deducted u/s 194 J (Professional fees)?
I believe you can file ITR 2 or ITR 4.
(If ITR 2 it can be considered as income from other sources, in ITR 4 it is professional fee as business income).
Thanks for a prompt response. You are doing a wonderful job.
Yes the TDS is u/s 194J.
Last 2 returns (AY2015-16 and AY2016-17) have been filed thru ITR 1.
All my income has been shown as “Income from other sources”.
Everyone I ask says ITR 4.
Yet the above 2 returns have been filed thru ITR 1 and the refunds have been made without any issue.
I want to know for sure if this is some oversight or I can safely file the return thru ITR 1 for AY 2017-18?
Thanks once again.
Dear Vijay,
ITR 4 can be a better option.
May be you can cross verify with a CA and file your ITR this time around!
Thanks Sreekanth,
It will be ITR1
and only if I have to claim any deduction such as conveyance etc,
it would have to be ITR4.
Sorted. 🙂
Dear Sir,
i earn income from tuition it is about 8lac per annum. which itr form should be file and also let me know that i have make my balance sheet and profit and loss a/c or show only tuition income. please guide me
thanks
Rohit Sharma
Dear Rohit,
ITR 4 or ITR 4S should be fine. Kindly take help of a CA and file your taxes.
HI SIR
My mom is housewife and her income is from fd interest.WHAT KIND OF RETURN I HAVE TO FILLED
Dear Atul,
She can file ITR 1.
Read: Do I need to file ITR?
Hi Sreekanth,
I am NRI and having investment in shares and get rent from India property, which ITR can i fill?
Regards,
Deepak
Dear Dee,
If you are just holding shares and have not sold them then there is no incidence of capital gains in your case.
You can file ITR -2.
i am a lic commission agent my income below 5 lakh which itr i filed in the A.Y. 2016-17
Dear AKSHAYA ..You can file ITR 4.
I am a salaried employee. I invested in mutual funds (ELSS) five years ago. I redeemed partial amount last year, my approximate gain was Rs 25000. I declare this gain in exempt income section(row 27) in ITR1.
I came to know that for capital gains ITR2 should be used. Do I need to revise my return or it is okay with ITR1. My ITR was succesfully processed for FY 15-16.
Kindly advise.
Dear Tarun,
It is ok to disclose exempt income using ITR1.
I have filled form ITR – 1 instead of ITR – 4, AY 2015- 16 and AY 2016 – 17 (Processed is done, TDS return by NEFT). Is there is any option to rectify / revised from ITR – I to ITR – 4. A TDS certificate 194J is also available with me. If any section for that please tell / mail me.
Dear Shyam Chandra ..It is a defective return. If you have received any notice then you can rectify the ITR. Kindly consult a CA regarding this matter.
Hi sir,
My mom is a widow and home maker..
2012-13 she had interest from Fd and small retail trading of coconuts
2013-14 Interest+business+real estate and marriage broker commission
1023-14. Interest+ some lakhs from son in law who stays in U.K.+sold one property(5.5lakhs)
2014-2015 interest + sold (6lakhs)and bought (7lakhs)another property
2015-16 interest+capital gains from short term and long term shares
So please let me know which are ITR she has to file??
Thank you
Dear Preeti .. Kindly take help of a CA.
She can file ITRs of last two Assessment years only. These are treated as belated returns.
In case if she has received any tax notices, based on such notices she can file ITR beyond the last two years.
Dear Sreekanth,
I am staying in my own apartment. I have also bought an apartment which is under construction and for which I have taken a home loan. Which ITR form should I fill and how can I avail deductions on the loan amount paid back?
Thanks,
Vanita
Dear Vanita,
You can show your existing property as Self-occupied property and the second property as Let-out one.
You can claim EMIs on home loan (entire interest & principal components) under sections 24 & 80c respectively. Note that you can claim tax benefits after taking possession of the property only.
Which ITR form? – IT depends on your sources of income & other factors. Kindly go through above article.
Read:
Income from house property & tax benefits.
Under-construction property & tax implications.
Dear Shrikant,
My wife is a housewife but she run the beauty parlour at home only.
She is earning up to 2.0LPA which ITR to be filled by us
Dear RAJESH ..She can consider filing ITR 4.
If a person has income from Salary & he has earned in come from tuition fees. I want to know that a person can file his return in ITR4S?
Dear Surykant ..Advisable to file ITR – 4.
Hi m rishi. . I am just a farmer, we have mango trees on our land. I have only one time agricultural income of around 10 lakhs annually.. which form should I fill ? And will I get tax redemption?
Dear Rushikesh ..If agriculture is your only source of income, such income is tax exempt.
Kindly read : Is income from Agriculture Taxable?
Hi,
I was on a break from March to July in the year 2015. August 2015, I took up a job and now I have to file income tax return from Aug 15 – March -16. How do I do that? During the period when I was on a break – there was no income for me.
Thanks.
Dear Rohit,
Whatever is your income that has been earned in FY 2015-16, you can disclose it and file your ITR. (You have to add other sources of income, if any too)
Hi,
My mom is housewife and her income is from fd interest. But she owns one house whose property tax she pays.
Which itr i can file and how to exempt the property tax from same
Dear Neha,
She can file ITR 1 form.
Property tax : Kindly read this article – ‘Income from house property calculation‘.
Hi Sreekanth,
I’m working in a private service-based firm, and just wanted to know which ITR should I file?
Will it be ITR 1 or ITR 2, as both of them are eligible for salaried individuals. Please let me know your thoughts on this.
Thanks,
Avinash
Dear Avinash ..Depends on the sources of income. Kindly go through above article.
sir i m working in the bank,,so could u plz tell me which itr form should i fill ????
Dear rohit ..If you have only salary income , you can file ITR 1.
I AM HOUSEWIFE AND WORKING AS LIC AGENT THEN PLEASE SUGGEST ME HOW TO FILLING MY RETURN
Dear BHARATI ..You can file ITR 4.
I have have STCG and no other source of income
what is limit of exempted income for ITR1 if ppf intrest yearly more than 5000 and M/F dividend reinvestment plan income more than 5000 ITR1 eligible
Dear Mr AGRAWAL ..There are mixed opinions on this.
Ideally, if exempt income is more than Rs 5,000 it is better to file ITR2A or ITR 2.
Sir,I have income (about 2 lac) from” fees for professional and professional services ” with TDS deducted and deposited by employer under section “194J” and income from salary with TDS deposited unde section 192. Which ITR should I file?
Dear Garry ..You can file ITR 4.
My income from house rent only.. Which ITR form should be filed? Thanks
multiple house for renting purpose
Dear rahul ..You can file ITR-2A.
i am a mutual fund advisor , which ITR form i need to file, please suggest.
Dear saroj ..You can file ITR -4.
Dear Mr.Srikanth,
My sister is a housewife whose income is ONLY interest from FDs. Which ITR form should be filed for her? Thanks for your help and advice.
Dear Chandana ..She can file ITR 1.
Thank you very much for the advise.
Hi,
I have FD which has interest less than 10K. Should I show it in my returns?
Dear Ajinkya ..YEs, it is a taxable income. Should be shown under the head ‘ income from other sources ‘.
Read: FDs & RDs – tax implications.
I am a salaried class government employee. I have earnings from Future and Options from share market. Which form will be required to be submitted to Income tax department.
Dear Anjani ..You can file ITR 4.
Dear Sreekanth,
I have a clarification regarding which form I need to file my returns with for ass year 2016-2017. I am currently not working since 2014 and my income is only from interest earnt on Bank FDs. Please advise whether I use ITR1 or ITR2 by showing income from other sources
Until 2014 June I was employed and I used form ITR1 while filing my returns then.
But for assesmnent year 2016-2017 I am a little confused. Please let me know
Thanks
Perumal
Dear Perumal,
ITR -1.
Dear Sir,
I have purchased a new flat and got registered in Nov 2015 which was under construction at that time. In Feb/March 2016 I took possession of it and staying . I am paying the home loan interest since Jan 2016. Can I show this HL interest (Jan-March 16) and claim IT exemption for the assessment year 2016-17 (financial year 2015-16 for which I am going to file return now). I am staying in this new house and already claiming exemption for a house at my native place (where my parents staying). I have got clarification from you to declare the new house (where I am staying personally) as deemed let out properly to claim for IT exemption on complete paid interest to have maximum possible IT benefit
My fresh queries are
1. Whether I can claim this in my tax returns (AY:2016-17)?
2. I have spent Rs. 2.5 Lakhs as registration expenditure in Nov 2016 (Registration fee, VAT etc). Whether this expenditure is eligible for any IT exemption?
3. Which ITR form I need to fill. Ian a Govt servant with two home loans. No other income.
Kindly suggest.
Suresh
Dear Suresh,
1 – Yes.
2 – Yes u/s 80c (max limit Rs 1.5 L)
3 – ITR 2A or ITR 2.
Hi,
me and my wife both are salaried.. have bought the 2 houses jointly… one is self occupied and other is let out…
please let me know the following
1. which form should I need to fill
2. can I claim the 100% of the principle and interest component for both the houses… (our EMI goes out of the joint accounts) and my wife will claim nil..
3. if no, how to arrive on the % to be claimed since it is not even on the agreement
4. if yes, can my wife also can claim later date in case she required to do the same in future
Dear Yash,
1 – ITR 2A or ITR 2.
2 – If it is joint account then you can claim tax benefits as per the ownership share in the properties. For Self occupied property there is a ceiling limit.
Kindly read:
Income from house property & income tax benefits on home loan.
Self occupied property & income tax implications.
sir , i want to ask you that which itr form i should use if i have income from SALARY AND INCOME FROM section 194D a Payment of insurance commission
Dear ASHWANI ..You can file ITR – 4 form.
My income is pension plus FD interest plus short term profit from sale of shara
Pl advise me . Which ITR Form shouk I e.filed
Dear pravin ..You can consider ITR form 2.
Sir,
i am a salaried person and took a home loan so which form i file for income tax for AY 2016-2017.
Dear Bindeshwari ..You can file ITR -1 form.
Hi Srikanth,
1. Can I get the benifit of tax exemption fully on the stamp duty fee if I am co-owner of the property but I have paid the fees fully ?
My Form-16 has exemption of only half of the stamp duty fee under 80c .
2.Which form should I file if I own two houses (I do not get any income from them , as one is self occupied and other is purchased recently, on March 2016, so no income from it for FY2015-16) ?
Regards,
Mahesh
Dear Mahesh,
You can claim stamp duty expenses as per your ownership share in the property.
2 – May I know your source of income? (Kindly refer to the points given in the above article).
1. The property purchase has done completely by me ( with home Loan which myself paying fully). Only that it is registered with 2 names. So what will be my property share? and what if I claim stamp duty fully ?
2. I am a salaried employee working for a private company. I have read the above article but not clear with my case, as per above if I have income from multiple houses than ITR2A should be selected, but in my case I own two houses ( I am paying loan for both) , So don’t have any income from either of them. So what form should I file?
Regards,
Mahesh
Dear Mahesh,
1 – Property share can be 50:50. f you have purchased the property jointly, the co-owners can claim these expenses in their respective income tax returns based on their share in the property.
2 – Yes ITR 2 or ITR 2A can be filed. Kindly note that income can be positive income (profit) or negative income (loss).
Hi, I am a salaried person and had invested money in a FD which in my Wife name. My Wife is a house wife. Now the interest gained by Wife through FD need to be clubbed with my Income BUT which ITR Form I need to fill (IT1 or ITR2 or ITR2A). Please Guide.
Regards
Suneet
Dear Suneet ..If you have salary income + FD interest income only then you can file ITR -1.
Thanks for clarification. One more Query Please. How does IT Dept will come to know that I am CLUBBING the Income as ITR1 does not hold any such Column/Info?
Though in ITR2/ITR2A it asks the PAN detail of the person for whom I am clubbing the Income.
Dear Suneet ..It is called as Self-assessment. They may not track now. But if chosen for scrutiny then you may have to justify your stand. Better to be in good books and follow the law of land.
My wife have income from tuition of 8-9 students at home, as its a small tuition so its not registered. I want to file her return now,
pl suggest which ITR FORM i can use and kindly tell is it necessary to register small tuition even.??
can I file now ITR for assessment year 2015-16 & 2014-15 also ??
Dear Ashu,
Registration is not mandatory. You may consider ITR 4S.
Yes, last two years you can file.
In one financial year you can file your IT Returns for previous 2 financial years. For example – in the FY 2015-16, up till 31st March 2016, you can file return for the previous 2 financial years 2014-15 and 2013-14.
Thanks alot Mr. Reddy, suppose i have rs 2 Lac income from tuition so do i need to put whole 2 Lacs under income from other sources or is there some other income head applicable to me in ITR 4S
Dear ashu,
You have to show it as ‘business income’ as Presumptive basis. Kindly take help of a CA.
she runs a tution and i think it not comes under business (44ad)…
Sir,
I have worked as a teacher in private coaching institutes in the months of April,May,June 2015 and after that I have started working in a psu.Kindly suggest me which ITR form should I file?
Thanks in advance.
Dear Tejinder..If you have received regular salary income from coaching institute then you can file ITR -1.
Sir that coaching institute hired me as a consultant with fixed pay for each month.
So, in this case also, I should file ITR 1?
Dear Tejinder,
If you are not an employee of that institute, you may have to disclose such income under the head ‘business or profession’ and can file ITR4 or ITR-4S.
Dear Sreekanth Reddy,
Im a NRI from Dubai. I work for a company here. I have a NRO/NRE account in India. I have a house in India
where the annual rent income is only INR120,000. No other source of revenue in India.
Kindly advice if I need to use ITR1 or ITR4s for m when I try to file NIL return online.
Thanks and Regards
Dear Rajesh,
If you have income from a source in abroad, I believe that you can not file ITR 4S.
You may file ITR 2. Kindly check this with CA.
Hi, I have 2 houses. One is self occupied and another is let out. Home loan availed for let out property. Can I know why ITR Form to be used for filing IT return as I actually getting Income from only one house property?
Dear Ramesh ..ITR 2 or ITR 2A can be filed.
Hi,
My Dad is earning Defence pension annually.Also he is earning regular salary while working in a PSU.
Does he need to add pension details in ITR1 form ? if yes then where should this component be added?
Dear Sachin,
Pension income is taxable and can be added under the head ‘salary’.
Dear Mr.Reddy
Thanks for the excellent informations and your clarifications.
I am a salaried, my employer deducts tax after calculating exemptions – HRA, PF, Prof. tax paid, etc. I am also doing services like organizing for coaching & seminars through faculties. For these service, the turnover will be high, but the actual income will be very less. Can I file ITR 4S (presumptive calculation u/s 44AD) for the AY 16-17 ?. Request your expertise opinion please.
Dear SKSAMY,
Yes you can file ITR 4-S provided the other conditions are met (ex- no capital gains, income from only one house property etc.,)
Sir, I am salaried person and took home loan for buy a flat. The loan interest deduction comes under Sec 80 EE but there in section available in ITR-1 form. Please advise which ITR Form shall I file.
Dear Sitaram ..The said section is for AY 2017-18 onwards..
Hello Mr Reddy,
I have some salaried income from foreign source in the FY2015-16 (Indian resident) plus I have taken possession of a residential property with no income till Mar 2016. I already have a flat which is used by my parents as their residence. Other income source is FD from banks.
Kindly suggest which ITR form should I use to submit my Return.
Thanks
Sharad
Dear Sharad,
I believe that you can file ITR -2.
In current ITR-I Form there is only provision for declaring two bank accounts against
(i) & (ii).
How to declare more than two accounts in the ITR Form?
What to do about declaration of Joint Bank Account?
Dear Sanjoy,
If you are filing the Income Tax Return through Excel Utility on IT e-filing website, you can ADD ROWS to provide details of multiple Bank accounts.
Joint accounts also have to be declared.
Please tell me the IT Section under which deduction can be claimed for
flat / property registration fees, stamps fess, service tax etc.
An amount accumulated in School Co-operative Society from
monthly subscription over years no less than 15 years.
The organization is just a Employee Co-Operative Society to help
members by Short Term and Long Term Loans. It is a registered
Organization. Interest on Home Loan from the organization is
eligible for Deduction u/s 80C. After retirement of an employee,
the entire accumulated amount is paid to the leaving member
in a single or multiple payment by cheque.
The question is that whether receipt of accumulated amount
is treated as ‘Income from Other Source’ or whether the received
accumulation is taxable as Income from other source.
Dear Sanjoy,
I believe it is taxable.
Kindly take help of a CA.
My I request you to recommend CA or CA QUERY related
website?
Hi Shreekanth,
I’m a salaried individual and own two houses. One is let out for rent and I’m staying in the other. So, I receive ‘income’ in the form of rent only on one house. So, which ITR form should I be using for filing returns ITR1 or ITR2A?
Thanks in advance,
Rajkris
Dear Raj..Advisable to file ITR 2A.
Hi,
I was staying in UK from Oct 2014 till 2nd Oct 2015. Which form should I submit.
Thanks In Advance
I am a employee with income only from Salary and FD
Dear Akshay..You can file ITR form 1.
Kindly check your Residential status..
HI SIR,
SIR I HAVE A PERSON WHO IS A CONTRACTOR AND HE WANT OT FILLED TO ITR FOR THE F.Y 2015-16 .HE ASKED ME WHICH ITR SHALL BE APPLICABLE TO A SMALL CONTRACTOR ITR 4 OR ITR 4S.COMPANY DEDUCTED HIS TDS AS A CONTRACTOR (INDIVIDUAL) 1%. BASICALLY HE WANT TO GET REFUND AFTER PAY HIS TAX.I HOPE YOU UNDERSTAND WHAT I AM ASKING .
THANKS & BEST REGARDS.
NAVEEN
Dear NAVEEN ..I believe that it is advisable to file ITR-4 form.
I get commision for Supply oF coal & salary (commission is less than 9 Lakhs).I Get Salary from One Co.
Which ITR To File advice
Hi,
I have one query regarding ITR.
I am Indian resident moved to USA in Feb 2016 and earned some money, as I am resident in India , I have to pay tax in India which ITR form I need to submit to declare foreign income , salary income , deposit and dividend income and foreign bank account details. If you can give a link of your blog which provide step by step details to file details in this scenario would be a very great help.
Please please help.
Dear Naresh,
As of now, I do not have article on the requested topic.
Kindly go through this link, can be useful : click here..
SIR I HAVE SPECULATIVE BUSINEE LOSS & NO BUISNESS INCOME IN CURRENT YEAR AND I HAVE SALRIED INCOME IN CURRENT YEAR .WHICH ITR FORM REQUIRED TO FILE.
Dear ASHA ..I believe that you can file ITR-4.
THANKS
Dear Sir,
Please advice for how to use of ITR for Income from FDR and saving bank account interest because FDR interest deduction of tds so please inform to use of ITR no.
Thanks
Sunil Kumar Mishra
Mob. 981174****
Dear Sunil,
If you do not have any other income, you can use ITR 1, key-in TDS details and can claim Refund of it (if any).
Read: Misconceptions on TDS.
Hi Sreekanth,
I have query on Minor income. I am salaried person; Along with Salary I have two FD on name of minor kids on which I am getting Rs 2000/- interest each. Which IT form I need to fill and which place I can claim Rs 1500 exemption per child ? Kindly guide, under which clause I can claim it. Any information in this regard is highly appreciated.
Thanks & Regards
Neeraj
Dear Neeraj,
Amount in excess of Rs 1,500 can be shown in ‘Schedule SPI’ of ITR form. (SPI – Income of Specified Persons).
The exemption limit of Rs 1,500 can be shown in ‘Schedule EI’ (Exempt income).
hello sir,
I have a question.I am a govt employee and earning a salary of around 6.5 lacs. I am a referee as well and I earn around 5 lacs as match fees from there.
1. which form shall I submit ?
2. What are the rebates which I can get in income tax under various sections ?
3. Can I get rebates (from expenses) in my professional income ?
I have :-
200000 as house loan interest
200000 as investment in savings
30000 as HRA
please advise.
regards,
Rajeev
Dear Rajeev,
If you are earning the referee fee as a consultancy fee then I believe that you can file ITR 4.
Kindly read:
List of Income Tax deductions for AY 2017-18.
I am insurance agent and received commission From Birla Sunlife is Rs. 37,000/- I want to know which ITR form should I use? last three year my consultant was filling my Return in ITR 4S . Now some one advise me to file in ITR 4 . Can I Switch form ITR 4S to 4? are there any chances for department notice for the same?
Dear BINOY,
Yes, you may consider to file your returns through ITR 4.
You can switch to ITR 4, shouldn’t be an issue.
Hi Sreekant,
I have considerable amount of physical shares purchased in the 1990s which I have not converted to Demat till now. Also, I receive a considerable amount of dividend which reflect in Bank A/c. These shares are not in Demat and not completely reflected in earlier ITRs (of 1990s). Please let me know how to tweak the Shares so as to manage the above scenario to handle any enquiry which arises in future.
Dear Esskay,
The dividend income from equities is tax exempted. So, you can provide this information in ITR under Exemption income section.
Suggest you to dematerialize the physical shares for ease of doing transactions.
Dear Sreekanth,
My income includes Salary and Other income (Bank interest) for AY 2016-17. Besides, during the year, I had made investments in Stock Market, in which I had made Profits on Delivery based trade and Loss from F&O trade, the net resultant being Net Loss of around Rs 25,000. So, I am planning to show the Net Loss under Capital Gains i.e. Short term Capital Loss (as I am an investor) for c/f for 8 years. Kindly let me know is this view correct (whether to show Short Term Capital Loss in ITR) or any further inputs from your end.
Dear Sanchit,
Your understanding is correct.
Read : How to set off capital losses?
Hi Sreekanth,
In the above case which ITR should be filed?
Thanks
Mayank
I am an labour contractor and most of the receipt are in cash only. from last four year my consultant was filling my Return in ITR 4 . Now some one advise me to file in ITR 4S as there is no requirement of keep books of accounts (i.e filling P&L and B/S) Can I Switch form ITR 4 to 4S ? are there any chances for department notice for the same?
Dear narendra..I believe that you can switch to ITR 4S.
Dear sir,
My source of income is income from salary, income from car hiring, commission from car insurance
Please advise which itr form should I used?
Reply
Dear Tausif..You can consider filing ITR 4.
I have income from other sources but also have capital loss , which I am not carrying forward. Can I use ITR-1 ?
Dear Krishnan..I believe that you can use ITR 2.
If total income is below Rs.2.50lacs (fer gen. public) income from interest & if short term gain by sale of shares is about Rs.11000/-during the financial year 2015/16.whether capital gain is payable ,although total income is below Rs.2.50 lacs.
2.If a flat valued Rs.21.00 lac ( including Stamp duty & Registration fees) purchased in Joint name ,with sharing 50% each, booked in 2010 & got the possession during Financial year 2015/16. is required to report in I.Tax Return of both the parties for salaried people.If so which I.T.form should be used for filing I.T.return.
Dear Phatak,
1 – If your income + STCG is less than basic exemption limit of 2.5 lakh then you are exempted from paying 15% Short Term Capital Gain Tax. Else, taxable accordingly.
2 – Kindly read:
Under construction property & Tax implications.
HELLO
I M INSURANCE AGENT AND RECEIVED COMMISSION FROM LIC IS RS 40,000/- AND ALSO HAVE SALARY INCOME 1,20,000/- I WANT TO KNOW WHICH IT FORM SHOULD I USE?
Dear RAJESH..You may consider filing ITR 4.
what to do if i don’t maintained Balance Sheet and Profit and Loss a/c???
I am a super senior citizen having only Interst income from deposits. Which IT form should I Use?
Govindaswamy
Dear Govindaswamy Ji..You can file ITR 1 form.
Sir,
I am a salaried person but running a trading business (Fruits trading ) as well.
Which ITR should i fill if i want to take loan for my business in future.
Regards
Ramesh
Dear Ramesh,
I believe that you can file ITR 4 form.
hello sir
I am earning from tutions at my home n my earning is 5 lacs per annum and i am saving rs. 2,70,000 every year ,by paying for Life insurance policies ..which itr form i can fill ?
Dear Yuvraj,
You can file ITR 4 or ITR 4S.
May I know the life insurance policy names?? (Plan name, commencement date, tenure etc)
Hello Sir,
I am a student since June 2015 and my income is NIL.
But I was working in the FY 2014-15, I quit in June 2014, so for that FY my income summed to less than 2 lakh. Thinking that my income is not taxable I did not file the IT Return since then.
I have recently received a notice that I must IT Return for FY 2014-15 and 2015-16 (within 7 days) to avoid legal action. I do not know what to do! Pls help..
Correction:
*But I was working (salaried) till June 2014, and for the FY 2014-15 my income summed to less than 2 lakh.
Dear Saleha,
Did you make any high value investments? Did you have any income from other sources like FDs etc.,?
It is a notice or just a compliance requirement?
You may take help of a CA to get this sorted out.
Hi!
I had filled my ITR with incorrect assessment year. This is my first ITR and I filled it for 2014-15, when I should have filled for 2015-16. I have received intimation U/S 143(1).
What are the steps to correctly fill the right ITR.
Thanks in Advance,
Karan
Dear Karan.. You can file rectification of your return under section 154. You visit this article for more info..
Sir you have not posted my query and answered it. Pl reply. Awaiting your reply. [email protected] Thanks, Thayyal
Dear Thayyal,
Our spam control plugin automatically picks up any comments with email-ids / urls etc., So, your comment was in Spam box.
Your understanding and inputs are correct. I have assumed Santosh to be NRI. I have provided a link with ‘NRI taxation rules‘, awaiting his reply.
If he is not an NRI and is Resident Indian, his income is taxable and I agree with your views.
Thanks Mr Sreekanth Reddy.
Hi – Can you please guide me on the below questions –
I was in Canada for full year (Apr 2014 to Mar 2015) and has less than 2 lacks earnings in India. I need to claim my refund so need to file now. Could you please let me know the following –
– Which ITR form I need to fill
– Do I need to show my foreign account income and accounts?
Regards
Prashant
Dear Prashant,
1) The type of ITR depends on the type of income you earned. Kindly go through the points mentioned in the article.
2) Are you an NRI?
Hi – It was salried income in Canada. Since I stayed in Canada for the full financial year (Mar 2014 to Apr 2015), I was resident of Canada and NRI to India. Can you please let me know which ITR I can use?
Rgds
Prashant
Dear Prashant,
You have just mentioned Rs 2 Lakh as earnings but did not share wht type of income is it? (like salary / capital gains / business income / commission etc.,)
You have to mention foreign income details in the ITR , this is only for reporting purposes.
Hi – India income of 2 lacks were from FD interest amount only. I was getting salary in Canada only. Which ITR I can fill and what exactly I need to show for foreign income? Do I need to mention forign income account details also? Do I need to mention NRO/NRE account as well?
Can I fill ITR 1?
Please guide…
Thanks
Prashant
Dear Prashant,
Based on the info you have shared, ITR 1 can be used. You need to provide details of your foreign income and about NRO accounts as well.
Dear Prashant,
You have just mentioned Rs 2 Lakh as earnings but did not share wht type of income is it? (like salary / capital gains / business income / commission etc.,)
You have to mention foreign income details in the ITR , this is only for reporting purposes.
Dear Sir,
I worked in Saudi Arabia from Dec 2013 to Nov. 2014 in Saudi Arabia. Saudi is a tax free country. I got my salary in cash which i transferred to my icici bank account, held in india. i want to know whether i have to pay any taxes and need to file itr, if need to file itr, which itr i should file, itr1 , itr 4s etc. Total amount i transferred to my icici account from april 2014 to nov 2014 is approx 7 lakhs. I held one nro account with idbi, in which they have deducted rs 2130 as taxes, and it is also showing as refundable amount in my online profile for filing e taxes.
Please respond. I was unemployed from dec 2014 to april 2015.
Dear Santosh,
I believe that the income earned in Saudi is non-taxable. However, if you have any income from sources in India, then you may have to file IT Return for such income.
Kindly read my article : NRI Taxation rules.
To Santhosh, For FY 2013-14 (Asst Year 2014-15) you were a resident in India and hence the income earned in Saudi is taxable along with Indian income.
For 2014-15 also you will be a resident because
“An individual will be treated as a Resident in India in any previous year if he/she is in India for:
Atleast 182 days in that year, OR
Atleast 365 days during 4 years preceding that year AND atleast 60 days in that year.”
Hence again the global income is taxable (including Saudi Income).
Mr Sreekant Reddy if I am wrong will you be able to reply to my email ID : [email protected] also. This is what I understood from a CA and filed my tax return 3 years before when I had similar income.
Thanks, Thayyal
Hello,
I have some foreign ($ converted to ₹) affiliate income from abroad, (android app market)
But the total income wouldn’t exceed the tax limit. i.e. 250000
i m just passed graduate, heard that if i file a return (nil) this year, i have file in every upcoming years doesn’t matter its taxable or not.!– is it true?
and if i don’t file return (nil) what will be fine+penalty.!
Dear Das,
As long as your income is above the basic tax exemption limit you have to file Income Tax Return. If your income is below taxable limit (in any year) it is optional to file return. However you may receive compliance notice stating that you have not filed taxes, to which you can reply that you do not have taxable income.
There won’t be any penalty if your case is genuine.
My wife have income from tuition or part time teaching in school and bank interest. I want to file her return now,
pl suggest which ITR FORM i can use and there will be any penalty as her income is less than 2.5 lakh.
Dear Tarun..You can file ITR 4S. You can file the returns now, penalty may not be levied now. But IT dept may levy Rs 5,000 as penalty for ‘Belated Return’ by issuing a tax notice.
Hi,
I already filed my return for this year using ITR-1
But i have foreign tax credit in my Form16,As a result came to know that i have to file ITR-2 instead of ITR-1.
Now i am ready with ITR-2 file to upload.
But when i try to upload ITR-2 it is throwing error saying u/s139(1) can have only one original return. Kindly help what can be done in this case!!! Kindly help
what you can do is request an intimation U/s.139(9) which option is available after logging into your account.After receiving the intimation prepare ITR 2 in XML then you can upload the XML file according to the instruction in the intimation.
Dear prudhvi..You have to file Revised Return. Suggest you to take help of a CA.
Sir, I earned commission from collection of public deposits for the assessment years 2015-16 . Which ITR Form shouk I e.filed for individual pl.
Dear Renugadevi ..You can file ITR 4.
Mr. Sreekanth
My total income is u/c 94 C Rs. 360800/- and TDS Deduct 1% 3608/- as per 26 as
which form ITR form Fill for ITR a.y. 2016-17
anup
Dear Anup..You can file ITR 4 or ITR 4S.
HI SHREEKANTH,
I HAVE SUCCESSFUL ITR E-verified ON 07/09/15 WHEN WOULD MY REFUND WILL COME
Hello Sreekanth Reddy,
I have read your posts regarding Income tax.I am salaried class.
I have one query .Can I claim HRA in case I am staying with my wife and flat is in name of my wife with rent paid to my Wife.
I am having other flat in my name in another city which is let out .Do I have to show the income from this flat on My ITR.
Regards,
Bhavesh
Hi, I am an NRI, having income in India only from Interest, on whihc TDS is already deducted.
However, the total interest earning is less than 1lakh. So, I need to get the tax refund.
Which ITR form to submit?
I have business. But business on my partner name and he gettting pension from govt and also he earning rent 1000/month from house. For this which type it returns file and how much income gain person are eligible to file returns inthis case.
I’m partner in an Architectural firm.Also I am working as Sr Architect in a renowned Architectural Firm from where I get salary in every month . I’ve no other income.Which ITR I’ve to submit?Pl suggest.
Dear Mr. Reddy, my father a senior citizen has income of rs. 150000 from proprietorship business and also have agriculture income of rs. 180000 every year for the FY 2013-14 and FY 2014-15.. which ITR form should i choose to file his returns online now for FY 2013-14 and 2014-15 ?…
My yearly income is 4l,No other income,which form to download while e-filling
Dear Ranbir..you can file ITR 1.
Hi Sreekanth,
i would like to know few details of ITR. my mom is a pensioner. she get pension of my father who is deceased. will the ITR filing time and process be different from regular ITR whose last date is this Sept 7th. thanks for your help in advance,.
Dear Pradeep,
The last date for filing AY 2015-16 returns was Sep7th 2015. Did you miss filing the Returns?
7 Sept was due date not the last date. The return can still be filed selecting the option after due date.Refund due can also be claimed.
Hi ,
I sold some stock shares in the end of March in 2014 , these were purchased around 4 years back . Amount came to my account on 2nd April 2014 . Which ITR should I fill in.
Right now I am in US since December 2014 and do I need to show US income while I have paid full Tax in US.
Is there any contact number where I can call you ?
Thanks for your help.
Dear Vik,
If you have made Long term capital gains on the sale then it is exempted from income tax. You can report this as an Exempted income in ITR of AY 2016-17.
I have 50 Lacs from transport of passenger
i tk home tutions earning is one lakh and received one time maintenance amount 5lacs, pls share whuch ITR to fill and section under which declaration to make
Dear Tanu..You can file ITR 4S.
I have about 4 lkhs gross income in 14_15 which is fully exempt under section 10(16)… I have ppf savings of about 50,000..what form should I use?
Dear Soumik..You can file ITR 1.
IN WHICH COLUMN DO I HAVE TO CLAIM FOR 10(16) as there is no column for 10(16) in itr 1
Dear Rilesh,
Did you receive any scholarship? The full amount of scholarship granted to meet the cost of education is exempted. You can report it as an exempted income under ‘Tax paid & verification’ section.
Dear what is difference between ITR-4 or 4S…
Dear Naveen,
ITR 4S is applicable if tax assessee has any ‘Presumptive income’ for ex; income from taking Tuitions.
ITR 4 can be used to report any type of income etc.,
Kindly refer to the points mentioned in the article.
If an individual client has a future trading which is to be booked as normal business income or loss as per income tax provisions under Sec 43(5). So i just want to confirm that in such case, ITR 4 is the correct once or some other ITR.
Plus In ITR 4, it is asking for a details of business or profession, sundry debtors and creditors but since its not a business as such but has been made as business income by law.
So how to deal with that details???
Thanks in advance.
Prompt response would be appreciated
Dear Abhishek,
Future trading is a Speculative business, you can file ITR 4.
Kindly consult a CA to file your taxes.
Hi,
My wife has income from commission (property) and TDS has also been deducted and deposited to Income Tax department by the provider of commission. Can you please let me know which ITR i have to file?
Thanks,
Dear Arjun,
You can file ITR 4.
I’m working in a NGO earning about 2.7 lacs p.a. I do not have any other income. Which ITR should I fill – ITR1 or ITR4S?
Dear Vipul..You can file ITR 1.
Hi Sir,
I am fillinf Form ITR 1, What should I select for column A21 where it ask about residential information. I am Indian citizen and living in New Delhi.
Dear Sita..You can mention it as ‘Resident Indian’.
Dear Sir,
I had 1 home loan which I closed and taken new home loan against new property. Which ITR form i should follow?
Will it be possible to show interests from both loans as deductions?
Dear Manish,
Did you close the loan in FY 2014-15? Have you occupied or given the new property on rent? (Is the construction completed?)
sir
i am working in Kendriya vidyalaya Sangathan- KVS (central govt affiliated organisation) .
WhichITR form i have to file . ITR I or ITR IV?
Dear Lalit..what your source(s) of income??
I had already filed ITR 1 in July 2015 for salaried persons based on form 16. Recently I saw in form 26AS under my PAN, an amount of 2000 is shown as TDS deposited from XYZ company (where i invested some amount earlier and closed the account) . Can I fill another ITR file for this? if so Which ITR form I should file?
Dear Mahesh..You can file same ITR form and file it as ‘Revised Return’.
If a person earns purely commission from his employer, which ITR form should be used? Can the return be filed in ITR1 to get back the TDS?
Dear Peter..It is advisable to file ITR form 4.
You mentioned ITR 1 for income from other sources like FD and ITR 2A as well for the same. Can you please explain on that, I am getting confused.
Dear Saurabh..Kindly share your source(s) of income to make things clear.
i am employee woring in govt. i file returns every year. but last year i have purchased 4lk worth shares on my wifes demat, but source is my income how to do.she has no income. but i want to know how to file not showing capital gains to my returns
thank u
Dear Raju..Did you sell those shares? You may treat this money as ‘gifted’ one.
Kindly go through my article : Gifts & Taxation.
Dear Sir,
I have income from 1 house rented Rs-12000 per month (annual-Rs- 144000) . Do I need to file ITR?
Will this income be listed with my PAN card transaction deail.
Regards,
Ganga
Dear Ganga..Is this the only source of income that you have? Did you share your PAN details with your tenant?
yes this (house rent income) is the only source of income & I shared with my tenants…
Dear Sir,
I have income from 1 house rented Rs-12000 per month (annual-Rs- 144000) . Do I need to file ITR? Will this income be listed with my PAN card transaction deail. House Rent is the only source of income which I shared to my tenant.
Thanks,
Ganga
Dear Ganga..In your case filing of ITR is not mandatory.
Sir, am an NRI and have no income or Investment in India. TDS deducted on my saving account by bank what I have. Which ITRform should i use to get the refund.? When I used the website, It is asking me to flll income details, which i dont have in India.
Dear Tency..You can enter ‘Zero’ income and show TDS details, to claim the refund.
I have minor income more then rs 1500 . i file itr 2 and also fill schedule SPI BUT NO MINOR INCOME SHOWN IN MAIN FORM . PLEASE TELL HOW IT WILL SHOWN IN MAIN FORM
Respected…….
My wife has no income but interest paid for FDR bank had deducted tax Approx Rs 750/- which form for ITR will be filled .ITR is filing is must or not .
Thanks
Dear Darshan..To get back the TDS, you can file ITR1.
Hi,
I have salary(2 months) as well as tuition income(10 months) in FY 2014-15. Though the total income is below the tax slab but the school I was working with has deducted TDS for 2 months. Which form shall I use to file return and claim TDS back? Please advise.
Dear Neelam..You can file ITR4.
Sir, I work for an IT company. Till Oct, I was earning in India. After that I have been deputed in Netherlands in a dual payroll model. I earn basic salary in India, I earn incentive in Netherlands. There is no taxation for me in Netherlands, for the income I earned in Netherlands, the company has already paid tax to Indian government which is reflected in Form 16.
Now, which ITR form should I use for tax filing? My company says ITR-2. But your blog says ITR2 can’t be used by individual who earn outside India.
Regards,
Harish.
Dear Harish,
ITR 2A is not applicable but you can file ITR 2.
i am a student. i have no income from any of the sources. I want to file an ITR. which form should i have to fill. i have no property on my name. please suggest.
Dear Avinash ..if you do not have any income, how can you file ITR?
Sir,
My wife is a private tutor. She teaches students at home. Her earning is about 1.6 lacs Per Annum. Will you please guide me in filling income tax return. She do not have any other income except this tuition income.
Thanks in anticipation.
Dear Rakesh..The income is below basic exemption limit. If she wants to file her taxes then she can file ITR 4S form.
Sir, My wife is also taking tuitions at home and her I/C is approx 1.10 L from tuition and approx 1.5L from other sources during last FY . As advised , supposed she files return in ITR 4S, then
can she show 90% profit.
what would be nature of business
Dear Divya..Yes she can report 90% income. Business can be ‘Tuition & allied activities’.
Dear sir,
I have Sec 10(16) income. Where in ITR1 am I to reflect it?
Sangeetha
Dear Sangeetha..you need to deduct exempted allowances from your gross salary and show your income accordingly in ITR.
I am housewife and have income from FD and rent. Which form should I fill?
Dear preeti..Is rental income from multiple properties???
I have income from salary, rent from one house property , interest from FD, want to claim benefit of additional execemption provided on home loan above 1.5 lakh under 80 ee. Which form should I fill ?
Dear Raghav..You can file ITR form 1.
Can use ITR 1 if I have DIVIDEND INCOME?
How to show it in the return?
Dear acharya..Do you have any other sources of income? Dividend income is tax exempted. You can report it under ‘exempted incomes’.
I am a salaried employee. I am having housing loan and claiming the Interest and Principal. Which form I need to use if I need to claim previous years Interest? Thanks
Dear Sreekumar,
You can file ITR1. Are you referring to ‘Interest amount during pre-construction phase?’
Yes. I had started the repayment of the EMI before the construction completed. I heard that I can claim the interest in 5 equal installments. Am I correct??
1. Which the form I need to use in e-file
2. Can I claim the Pricipal part of the emi from before completion
Thanks
Sreekumar
Dear Sreekumar..ITR 1 can be used. No, you can not claim the Principal part.
which ITR form should I use for F.Y. 2015-16, if I have income from salary, interest from NSC, fd and savings bank a/c and one self occupied house property with interst on h.b. loan. How I can claim the deduction and exempted income, please advise.
Dear BISMAYA..You can use ITR1.
Dear Sir,
I retired in november 2014 from PSU. My Income includes
Pension and Interest on FD deposit.
Please advise which ITR form should I fill.
Also where do I have to report , under which section ( if required ) my Terminal benefits ( PF + gratuity ).
Dear AKS,
You can file ITR1. PF & Gratuity fall under ‘exempted incomes’. You can report them under ‘taxes paid & verification’ sheet.
I found this site very helpful.
I worked in two companies, I have two form 16’s. In both the forms HRA, Home loan Principle & interest amount, LTA, 80C and 80U. deductions were not considered because I couldn’t submit my proofs in time.
Now I want include those deduction my ITR, can you please let me know which form I have to fill and then how to calculate taxable income.
Best Regards,
Satyakumar
Dear Satyakumar,
If you have only salary income, you can file ITR1. Suggest you to make use of any online tax filing portals or consult a CA.
As a PSU employee I have income qualifying for tax exemption under Sec 10 of IT Act. Which forms to use under e-filing?
Dear Shankar..Do you have any other sources of income?
Hi Sreekanth,
I was employed on a contractual basis with an organization as an consultant for six months . Which ITR form would be suitable for me .
Regards
Dear Tridib..You can file ITR4.
I am a house wife. But has fd deposits where interest is more than 10,000. No other income.Which ITR form should I use to file return? Will I get back the money deducted?
Dear Kmk,
You can file ITR1 and claim the refund amount.
I am Salaried.
I have home loan.
I have a recurring deposit but yet to maturity.
Which ITR form is to be used?
Dear Bipul..You can file ITR1.
Dear Shreekanth,
I am have two houses, one is self occupied with 50 % share and other is vacant with 100% share. Which ITR I should fill?
Dear Anand..You can file ITR2A.
Dear Shreekanth
I am retired and offer technical consultancy and have income from pension.
Which ITR form should I fill
Dear Sunil,
If you have income from consultancy work and also pension income, it is advisable to file your taxes through ITR 4 form.
I have worked for an company as an engineering consultant for 1 month and later on i joined & worked as a salaried employee for an another company for the remaining 10 months. So i should fill which ITR?
Additionally, do you also provide financial planner services? if yes, please share your contact and email details?
Dear Nivedit,
Did you receive form 16A from your previous company?
I believe that you can file ITR 4.
My income includes
Salary
Intraday trading
Short term capital gains
which ITR form I have to use
Dear Anil..Use ITR 4 form to file your taxes.
i am a student and i have rental and interest income which form i should use to file my it return for AY 2015-16( FY 2014-15)
Dear Wadhwa..Is rental income from one property or multiple properties?
I am an LIC agent. During 2014-15 i earned a commission of Rs. 2.3 lakh. Which for I should use for filing IT return and whether I can deduct the expenditure incurred for earning the commission like, trvelling, communication etc?
Dear Jaikumar..Yes you can deduct expenses. But they should be;
* The expense is for the insurance agent work being carried on
* It has been spent fully & exclusively for the purpose of your work
* It is incurred during the tax year
* It is not a capital expenditure or a personal expenditure
Thanks for your advise. Please let me know, which form I should use for filing return? ITR 4 or 4S?
Dear Jai..you can file ITR 4.
I am a salaried employee. I am having home loan and claiming the Interest and Principal. Which ITR form should I use?
Dear Ameet..You can file ITR1.
Hi Sreekanth Thank you for your quick reply.
But actually last year for the same I used ITR-2 form, I hope that wont be a problem if I use ITR-1 this year.
Dear Ameet..It shouldn’t be an issue.
I am an employee. I invested in equity and i incurred a loss of Rs 10000 during the financial year 14-15 which form i can use to file IT returns
Dear Hanumantharao..you can file ITR 2.
I retired in 2014. My income includes
Salary
Pension
Interest on bank deposits and NSC
Short time capital gains (shares)
Sir which ITR form I have to use.
Thank you
Dear Mr Rao..You can file ITR2.
I have income from bank interest and dividends from shares. No other income. Income is below Rs.2 lakh. Which form should I use?
Dear Ravi..ITR1 can be used.
Dear Srikanth,
I have only short term capital gains . Which returns form should i file?
Dear saikrishna ..you can file ITR2.
Sir,
I am an ex-serviceman and not employed any where now. My salary and some deposits are the source of income.
What should I write in the ‘Employer Category’? And ‘Name of emplyer’ in TDS 1 while filling ITR 1?
Dear mskhurana,
I believe you can mention’Govt’ as the category, but I am not sure on this.
Sir, I am salaried and having home loan. Which ITR should I fill ? where to show interest on loan in itr1. Under which sec to show interest on home loan ?
Dear Jacob..You can file ITR1. You can show the interest on home loan under ‘income from one house property’.
Hi Srikanth,
Thanks for the wonderful platform. I have income from salary, dividend and interest on FD which form do i need to file. Please advice.
Thanks
Ashish
Dear Ashish..You can file ITR 1 form.
Hello, I am an inservice govt. employee and getting family pension. Which ITR be used for filing IT.
Dear Ramkali..you can file ITR 1.
sir if a person is a NRI (income is not taxable in india) & if he sell his mutual fund bought in india . For this income from mutual fund which ITR form we should use.
Dear Ankur,
Does he/she has any other income?
Sir, I am dentist can I file my return in ITR4S turnover is 5 lakhs
Dear Shubham,
I believe that you may have to file ITR 4.
Dear Sreekanth Reddy,
I have 2 house loans in different city.
1st loan was taken long back
2nd loan was taken during mid of last year (mid of 2014). Under construction, Possession was not done.
While i am providing the investment declaration in my office i have given only the house which i occupied.
Please help me in the below questions…
1) Will i get any tax benefit on the 2nd house loan for the AY 2015-16, which is still under construction.
If i am eligible for tax exception in this case how will i get the same exempted amount?
2) Which ITR form do i need to submit for AY 2015-16.
Please help me in this regards
Thanks
SaiBalaji
Dear Saibalaji,
1 – Kindly read my article on : Under-construction property & Income Tax benefits.
2 – You can file ITR 1. (it depends on your sources of income. kindly go through the points given in the above article)
Dear sir,
I have two houses in same city. One in my name and another is jointly with brother as 50:50. Both houses having home loan and repaying interest and principals. Jointly named house is self occupied and another is vacant for full year 2014-15. Also i have agricultural income more than 5000/-.
Which form i have to fill for ITR AY 2015-16.
How much amount of interest I have claim as MINUS income from house property.
Whether income from second house is to be taken even if it was vacant, if yes, how much amount will be calculated for LOP income,
Dear Rajpal..You can file ITR 2A.
Sir, i have already filed ITR 1, should i file revised itr.
We are paying 3,00,000/- for interest amount towards home loan of jointly named, can we both (myself & brother) claim 1.50 lakh each as interest deduction.
can i claim second home loan interest exemption also.
whether some amount (1/5 of total income from 2nd house property) can be deducted towards maintenance of let out house while taking the rental as income.
Dear Rajpal,
Kindly consult a Chartered Accountant for filing Revised Returns.
Dear Sir,
I want to file return for my father who has retired from public sector job and has tax deducted at source. What ITR should I file it under? Please suggest.
Regards,
Samantha
Dear Samantha,
Is he receiving pension?
If he does not have any other source of income, kindly file ITR 1 form.
Hi,
very nice and helpful article. Please suggest, which ITR form shall I use in below case
– Loss from house property (Deemed let out property case of one house only)
– Short term capital gains from sell of mutual funds
– Interest income from FD.
Dear Ankit..You can file ITR2.
Hello
Kindly explain why ITR 4
ITR1 is also possible ??
THanks
Dear Vishal,
What was your original query??
hi,
i m salary person i have income from salary only. we purchase new flat and payment paid by chque ( no house loan) purchse price Rs. 30 lahks so we have paid tds on purchase of flat.
Dear Shinde,
TDS is applicable if the property value is greater than Rs 50 Lakh right??
Hi
I have income from salary and having home loan.
I do not have any Capital Gains.
Which ITR form I need to fill? ITR1 or ITR2A
Dear Rahul..you can file ITR1.
i have income from salary, interest on housing loan on single property, interest on Fds and savings bank accounts & profit on sale of shares & mutual funds. which ITR form should i file?
Dear Gauri,
You can file ITR 1 form.
Are the gains Long Term capital gains??
Dear Sir,
I am a salaried person working in a private company. I have received Rs. 22389 as income from my investment in PPF, Rs. 5116 as interest from my bank FD and Rs. 3560 as interest from my savings bank accounts and long term profit of Rs. 4908 as income from sale os shares for the FY 2014-15.
Please advise which form to fill?
Rgds
Samant Kumar
Dear Samant,
You can file ITR form 1.
Pl inform the following
1. Which ITR form should be filled if income is from house and property and Interest from FD as in case of my wife
2. From which year first time return filer should file return i.e from current assessment year or previous years
3. Which ITR form should be filled if income is from Pension (state govt undertaking) dividends from mutual funds for about Rs 30000/=and Interest from FD .
4. For a state govt undertaking Pensioner which employer catogery is to be filled
5. What is the term deemed to be let out.If the house is occupied for 9 months and vacant for 3 months does income is calculated for full year
Dear Ashok,
1 – ITR 1 (if income from one property only).
2 – I did not get you.
3 – ITR 1.
4 – Govt.
5 – Yes, the house property is considered as it let-out for whole year.
Hi I am Haryana Roadways employee and my tax has been deducted extra. So please suggest which ITR I can filed so that my refund can be received. Thanks Rajesh
Dear Rajesh..if you income is only from salary, you can file ITR1 and can claim Refund (if any).
hi dear sir,
i have income from salary and as well as LIC COMMISION as agent. so which form can i fill? either ITR4 OR ITR1?
Dear Kishan..you can file ITR4.
Hello,
Why ITR 4 ?? kindly explain.
I think ITR 1 also possible because
This form can only be filed by an Individual and no other assessee can use this form for filing of their return of income. This form can be used if you have;
Salary or Pension Income
Income from other sources
Thanks
YOU MUST FILL ITR 4
My father has income from pension, bank savings a/c interest, short term capital gains from equity shares and speculative gain/day trading of equity shares.
1. Which ITR form to use ?
2. Can the brokerage charges can be termed as cost of acquisition of shares ?
Dear AKY,
1 – You can file ITR4.
2 – Yes you can consider.
Dear Sreekanth:
Hi: Good Afternoon.
1. I resigned in Feb2014(last year) and filed 2014-15 ITR. My present income is Pension and Savings Bank Account interest from 1.4.2015. Which Form I should use for 2015-16, pls? I am planning to start a new venture next year.
2. This year (June 2015) I sold my Flat in Thane(Mumbai) and bought another Flat in Mumbai with lesser Amount in June itself. Am I to file ITR in 2016-17 ?
I eagerly look forward to your kind response.
Thanks and regards. Govind Rao T
Dear Govind,
1 – You can file ITR1.
2 – Yes you have to file your returns in AY2016-17 too.
Thank you v.m. But I have received Gratuity, PF, 1/3rd of Superannuation Fund ( all tax free ) till Dec2014. Now I am getting Annuity monthly pension (Rs.5837/-) from LIC against 2/3rd of my Sup Fund with LIC ; and EPF pension of Rs.2032/-p.m. i.e . a total monthly pension of Rs.7869/-pm. Apart from this Bank Interest during 2014-15 comes to approx. 25,000/-. These I will show under Salary & income from other sources of ITR-I ;
In ITR-I, Am I also required to show all the bulk amounts of Gratuity, PF, SF, also ; and if so , under which column of ITR-I.
Thanks in advance for your response.
Dear Govind,
If the benefits are taxable then you need to add them with your income and file taxes accordingly.
Kindly read my article – Gratuity & Tax implications.
Dear Mr. Reddy my wife is having income from some consultation work. Which form to be seleted?
Kindly advise.
Dear Krishan..if the income is on a presumptive basis then ITR4S else you can file ITR 4.
Hello Sreekanth,
My mom gets pension along with have other source of income from couple of house properties and FD’s in bank. I am planning to file ITR for her this year. Can you please guide me which return needs to be files ( ITR 2A ? ) and also can be filed online for the first time. Please advise.
Regards,
Ravi.
Dear Ravi..she can file TIR 2A.
My father is having income from Pension and interest on FD.Which ITR form should he file
Dear Anubhav ..he can file ITR 1.
Hi sir
I am a govt employee having income from salary. I have exempt income of rs 12000 as interest from PPF. Which itr form i should file and where should i show this exempt income
Dear rakesh..You can file ITR form 1. You can show exempt income in sheet ‘Taxes paid & verification’ of ITR (row 26).
I am Punjab govt pensioner. I have income from Pension, Bank savings & FDRs , PPF interest & ELSS divend more than Rs.150000, which is exempt but is to be reported. I have two queries:
1 Which form to be used?
2.What is my Employer’s status
Dear Subhash,
1 – you can file ITR form 1.
2 – I did not get you??
Hello,
My nephew has ONLY income from bank interest (amount above 4 lakhs) – Also he has Rs 150000 investment under 80C.
Please let me know, which ITR form he needs to file.
Regards,
Ashish
Dear Ashish..He can file ITR 1.
Thanks Mr Reddy.
I’m a doctor by profession and working as consultant in a private company. I’m getting fixed remuneration from the company after deduction of 10% as TDS every month. My gross receiving are about 13 lakhs annually including TDS amount deducted. In which ITR form should i file my return. is it essential or mandatory to maintain account books, a profit loss account or balance sheet by my side if I’m claiming refund of TDS.or how i can ascertain my expenditures and deduction if i follow the option of non maintenance of account books. Request you to kindly guide me.
Dear Anand,
Are you receiving form-16 from your employer?
I’m not receiving form 16 from my employer
TDS deducted under section 194J
Dear Anand..you can file ITR 4.
My wife has earned money in Section 192,194 J,194 H.Which ITR form to be used-please inform
Dear Siddiqui,
You can file ITR form 4.
Hii Shreekant, went through ur article on non resident section. Still stuck with the basic question, which form should I use? I have a salary from working abroad, stay more than 180 days out of india,deposit the same with bank and get some interest. Please guide. Thanks
Dear sudeepta..You may file ITR 1.
Dear Shreekanth
My sister in law is house wife and having only income from House Property, please suggest which form she has to use
Der Suresh..She can file ITR form 1.
Hello Sreekanth,
I have bought some shares through ESPP which are traded in US. I have not sold any shares this year but only bought. Can i file ITR1 ? Does ESPP shares in foreign country comes under foreign assets ?
regards,
Vivek
Dear Vivek..Yes, you may have to declare the details in ITR 2.
Dear Sir, I have Income from Salary, LT Gains (exempted) and Dividend income on shares (exempted). In ITR 1 there are no heads to declare dividend income and Long term capital gains. Which from I should use? Thanks.
Dear Sriram,
You can file ITR 1 only. Show them as exempted incomes on sheet ‘taxes paid & verification’ , row no 26.
I have Income from Salary, from one house property, Savings Bank income above Rs.10000, Long term Capital gains from Equity(to be exempted). Please advise if I can file ITR 1 Sahaj? Else, which form to be filed? Thanks.
Dear Sailaja..you can file ITR form 1.
Dear Sir,
My brother is having income from LIC agency commission only.Please suggest which form of income tax return i should file
Dear Barnwal..He can file ITR form 4.
I had stayed in Botswana for 10 months in last financial year where I got Salary after Tax Deduction. Please help me, which ITR form I should fill.
Dear Manish,
Kindly go through my article on NRI Taxation and then revert to me if you need any further clarification.
When can we expect ITR-4 form for ay 2015-16
Dear Chaitali…I have seen an update on IT e-filing website that ‘E-filing of ITR 3,4,5 & 7 will be enabled shortly’, so lets wait for few more days.
i am having business income as well as agriculture income exceeding 5000 & business income i want filling u/s 44ad i.e 8% income on receipt (textiles business) mine income tax will exceed 10000, i have not paid any advance income tax. which ITR FORM will be applicable for me, what is the last date for filling the return will there be any interest u/s 234 b & 234c.
thanking you
dharmendra kumar jain
9449061035
Dear Dharmendra,
Kindly contact a CA.
I believe that you have to file ITR 4 (which will be made available shortly).
Hi Sreekanth ,
I have both NRI status and india salary that was credited for 2 months.
I was out from india from 23 april 2013 and returned back on 24 jan 2015 . During this period i filed taxes in other country . Before coming to india i did an international transfer of money on 6th jan 2015 in india account .
I got salary of feb and march 2015. Hence i am not coming under any tax slab.
Which ITR form is applicable to me ?
Please let me know .
Thanks
Subuhi
Dear subuhi,
Do you have any other income from sources which are in India? If your income is less than the basic exemption limit then there is no need to file your taxes.
Kindly go through this link : NRI taxation.
Hi,
I have salary income and Professional fees from consultancy too.
Please let me know, which ITR form i need to file.
Please reply asap. Thanks in advance.
Regards,
Pradeep
ITR 1
Dear Pradeep,
I believe that you can file ITR 4.
Dear Sreekant,
I m working with Indian company, they remitt my salary in NRE A/C after deducting TDS.
I had completed my NRE days, so which ITR should fill.
Dear Raj,
What is meant by ‘completed my nre days’??
Are you rendering services outside India? Is it only part of your salary being received in India?
Is TDS deducted by your foreign employer?
I m working on ship, which was out of india & it was Indian company so they deducted TDS. But salary remitted in NRE A/C. So which ITR I have to fill
Dear Raj,
What is your Residential Status? Kindly go through this link : Check your Residential status for taxation purpose..
I believe that you may have to file ITR1.
Dear Sreekanth,
Thanks for the informative articles.
I am working abroad (US) but per the Residential Status calculator, I am Resident for India tax purpose. So I am pretty sure I have to file ITR1. My only concern is I have exempt income from PF which is greater than INR 5000. Should I use ITr2 or use the ITR1’s exempt cell and declare the amount
Dear Rohit,
You can file ITR1 and show the exempted income in ‘Taxes paid & verification’ sheet.
Thanks Sreekanth!
Dear Sreekanth,
Kindly let me know which ITR form to be used if I am making money online only like via Google Adsense. I am not salaried person, I am a housewife. I run a blog and all my income comes from online advertising space. Last year, I filed ITR-V, but I guess that was not correct.
Regards,
Vineeta
Dear Vineeta,
Kindly note that ITR V is not a tax filing form, it is a final acknowledgment receipt that you have filed your tax returns.
I believe that you need to file ITR 4 form.
Dear Sreekanth,
Thanks for your reply. Few more questions
1. ITR 4 is not available for downloading on the income tax India website.
2. So when I filed ITR-V last year, how can I correct that mistake?
3. I heard that the last date is 31-Aug for filing your return, but some are saying it’s 31-July. Can you please confirm.
Sorry for bothering you again.
Cheers!!!
Dear Vineeta,
ITR 4 is not yet been notified. We may have to wait for few more days. (I also use ITR 4 form to file my taxes).
Aug 31st is the last date to file taxes.
Dear Shrikant
As a NRI , I do not need to disclose foreign Bank details . However when I return to India , do I need to repatriate the foreign funds back to India or can I leave it there as I may not need those funds for now.
Regards
Sheila Murthy
Dear Sheila,
Yes, it is your choice to leave them or not. Once you become a Resident Indian, you may have to declare your income from the assets located outside India in your Income Tax Returns.
Sir
Please clarify my doubt. Which ITR form is to be used for FY 2014-15 if income is from salary and interest from FDs/SB accounts but investments are made in some mutual funds. Mutual fund investments have not been redeemed during the year and units are in hand only.
With regards… Udit
Dear Udit..You can use ITR 1.
dear mr reddy,
my income is from salary but i claim negative income from property . which form should i fill sinci form 1 do not account for negative income
Dear Ajay,
You can file your taxes using ITR 1 form.
i have salary income which is including severence pay, where i have calculated retrenchment compensation under sec 10(10b)… my doubt here is which form should i use? itr1 or itr 2/2a…. in itr1 i dont find any space to fill allowance u/s 10….
if i need to use itr1, can i show the net salary after deduction of sec 10(10b) in the Income from Salary column??
Dear Hema,
If you do not have another source of income, you can file ITR 1.
I believe that ‘Compensation received on retrenchment’ is an exempted income (up to Rs 5Lakh).
thank u sreekanth… so i can show the net income from salary after deduction? right?
Dear Hema,
You can show the exempted income in ITR1 under the sheet – ‘Taxes paid & Verification’.
Regular salary income can be shown in ‘income details’ sheet and accordingly calculate your tax liability.
Dear Sir,
I hv query, while filing my dad’s itr1 as mtnl deducted tds on net salary(Gross less P.T. & transport allowance of Rs. 9600+2500) but in TDS Certificate they hv shown Amt Credited and paid gross salary incl P.T. & T.A. so in Itr1 filing which amt i hv to consider net or gross. plz guide for the same.
Thankingyou.
Regards,
Deepa Shukla
Dear Deepa,
You have to start ‘net-salary’ and on that you have to deduct Section 80c etc tax deductions (if any), to arrive at final taxable salary.
(Net-salary is income chargeable under the head ‘Salaries’)
Dear Sreekanth,
I have salary income, savings bank interest, Long/short term capital gains from equity sale and loss on 1 self occupied house property under loan. Which form should I use?
Thanks
Dear Tinku,
You can file ITR 2 form.
Dear Sir,
I am salaried person.Other than salary income,even I work as an LIC agent,hence i also have commission income.Other than salary and commission, I also work for HDFC Fixed deposits,hence even brokerage income is generated.
In short,i get salry,commission from LIC and brokerage.Which form should I fill for filing my return for A.Y. 2015-16?????
WAITING FOR YOUR REPLY AT THE EARLIEST.
Dear Rahul,
You can file ITR form no 4. (ITR 4 is not yet released, need to wait for few more days)
I get income from LIC commission.I used to file ITR-4. This is which form I have to file. In website, ITR-4 is not available. Can I use ITR-4s
Dear Lakshmi,
You have to file ITR 4 only, as of now it has not yet been notified. Kindly wait for few more days.
I am a salaried person and have home loan too. In form ITR1, there is no option for the rebate on home loan on interest. where should I mention about that?
Dear Umesh,
Principal repayment (principal portion of your EMI) can be claimed under section 80c.
For claiming interest portion, you need to calculate ‘income from your house property’ and show gain/loss under ‘Income from house property’section in first sheet of ITR1.
sir, i withdrew money from sip’s after one 2-3 year and only that amount which was non taxble ie i withdrew after 2-3 years. which itr i should fill….?
My income is only pension &interest frm bank.which form Itr1 or itr2 I file.My wife’s income is only interest frm bank & income frm pvt tuition,which formform should she file&
Dear Prodyut,
Your case – ITR 1
Souse case – ITR 4S can be used.
Rohit..Let me know your other sources of income.
Hi Sreekanth,
I worked in an MNC from April 2014 to June 2014 and then resigned from there. They did no deduct any tax for the this period. Now i have joined other company and paid the tax from July onwards. I have 2 form 16 from both the employer.
Please suggest me which ITR Form i need to fill for this financial year.
Dear Puspender,
Selection of ITR form depends on what other income(s) you have. If you do not have any other source of income besides ‘salary’, you can file ITR1.
sir can’t I fill itr1?
I am an Nri having only Interest income. which ITR form should I file
Dear Maya..You can file ITR form 1.
sir I work under Nrhm as a doctor on contraual basis..I only get salary that is fixed in our contract (30000 per month).
I have no house,property..only have some FD n saving bank accounts,in which interest is 4000 total.
please tell me which itr form should I fill for this year??
Dear Rajesh,
You can file ITR 4 form (considering your work as a profession)
sir,.
can I fill itr1 or itr4s because itr 4 is not available?
my basic query was( sir I work under Nrhm as a
doctor on contraual basis..I
only get salary that is fixed
in our contract (30000 per
month).
I have no
house,property..only have
some FD n saving bank
accounts,in which interest
is 4000 total.
please tell me which itr
form should I fill for this
year??)
Dear Rajesh,
If your income is on presumptive basis you can file ITR 4s, else file ITR 4 (which will be notified in few days).
Whether your employer deduct any TDS on your income? Did they issue any form 16 or form 16A to you?
If there is no employee – employer relationship then in that case ITR 1 / ITR 2 can not be filed.
sir they give us fix 30000 per and give form 16A as a proof of TDS certificate…
so sir plz tell,what do I do finally?
should i go for form 16 or wait for itr4
Dear Rajesh,
It is better you wait for ITR 4 form and then file using it.
thanks a lot sir
I’m staying abroad. I am in abroad and I don’t have any earning from any employment in India. Though, I’ve earned interest from saving bank account. Also, I have few real state but no earning from those either.
I need to file my ITR. In this case, which ITR form do I need to use?
1) Which form do I need to use if I’ve just earning from interest on saving bank accounts. I don’t have any other earning in India.
2) My current residential status is NRI being staying abroad from last 4 years. Do I need to include my foreign income (current earning) as well while filing ITR in India?
3) While filing return, Which esidential status do I need to mention – “Resident” or “Non-Resident”? How will it impact to the tax calculations and income?
I heard that starting this year, we need to file/report foreign earning (salary etc) as well. Considering this, do I need to file and report it in the same form or we have some other form what i need to use?
Thanks in advance!
Dear ASR,
Kindly go through this article and revert to me if you need more info : Residential Status & NRI taxation.
Thanks Sreekanth!
I went through the article : Residential Status & NRI taxation. Neatly explained and a good knowledge base :)! Thanks for sharing it!
I still have few questions –
1) Still if I want to file ITR, which ITR form should I use?
2) Which residential status do I need to mention – “Resident” or “Non-Resident”? How will it impact to the tax calculations and income?
3) Last year, I filed a return with resident status as “RESIDENT”, though my status was NRI. Should I file the rectification now?
Thanks!
Dear ASR,
1 – You can file ITR form 1.
2 – You are an NRI, so have to mention it. The tax rates are same as for a resident indian.
3 – Ooops. It is better to file rectification request. Suggest you to consult a tax expert or a CA.
But ITR-2 has fields to report foreign bank accounts, where ITR-1 doesn’t.
Should I use ITR-2 or ITR-1 in this case? Also, rectification need to be filed just for the “Resident Status”?
Thanks in advance!
Dear ASR,
Kindly consult a CA.
Sir please suggest me which form i have to fill up for the assessment year 2015-16,I am a monthly salary paid person in a MNC company & HUF Category having resident in India.
Dear Mrinal,
Are you a Karta of HUF? Do you have any other source of income?
No sir,i am just a private employee working in a MNC company,last year i had filed the ITR-5,but this year there is no option of ITR-5 in the E-filling site,so what form i should fill up for income tax return.
Dear Mrinal,
If you source of income is only from Salary then you can file ITR 1 form.
Dear Sreekanth,
I’ve earned salary in India till Sept 2014 then on I’m earning salary in foreign country & paying tax for it in foreign country. I also earn interest & dividends in India. My status for 2014-15 is Resident. Please let me know if I need to show the foreign income in India in the ITR. Also which ITR form should I use? Thanks, Satyapalan
Dear Satyapalan,
Suggest you to file ITR 2. You need to report your foreign income under Schedule FA.
Kindly check your Residential status using this calculator.
Dear Sreekanth,
I am not able to see ITR-2 in Quick e-File ITR drop down tab. Is it that ITR-2 can not be filed through Quick e file?
Thank you for replying to my earlier queries !!
Dear Binod,
ITR 2 & ITR 4 have not been made available under this option yet. Lets wait for few more days.
sir, I am a salaried person with no other income. But paying interest on Housing loan which is to be shown as loss.
So if I have to use ITR I, which row i have to use to show loss
Dear Dinesh,
Yes, you can file ITR 1. Income(loss) from house property should be shown under the head ‘ income from one house property’ section.
Dear Sreekanth,
1. I am salaried employee.
2. I am paying housing loan interest and principal first time in FY2014-15.
3. I own a flat with no rent (possession done).
4. I stay with my mom dad and i pay rent to dad 99000 annually.
5. Which ITR form shoul i fill and where do i show home loan intetest exemption in that form?
Dear Rohit,
You can file ITR 1 (assuming you own only one property). You can claim income tax benefits wrt interest payments under ‘income from other sources’ .
The principal repayments (principal portion of your EMIs) can be shown under section 80c deductions.
Thanks for replying. Further,can u let me know whether i can claim exemption for point 2 & 4 at same time?
Dear Rohit,
If you are showing this property (as possession is done) as SOP then you can not claim HRA.
Dear Sir,
I am a pvt salaried employee and also I have saved some amount (which received form salary) in FD in my saving (Salary) account, and received interest of FD amount in last year 2014-15. and also i fillup form 15G with PAn copy and submitted to Bank, coz, interest amount exeeding Rs. 10000.00 for FY 2014-15 . so have need to shows interest amount in ITR1?, if yes so which section under shows?
Dear Chetan,
Form 15 g is applicable if your expected income is less than basic tax exemption limit.
Yes, you need to show the interest income earned on FDs in ITR 1 under the head ‘income from other sources’ and pay the taxes / get the refund accordingly.
Chetan,
Do check forn 26AS before filing ITR.
where is itr 4 form 2015-16
Dear shivaraj.. ITR 4 has not yet been notified. We have to wait for few more days 🙂
Sreekant,
I am confused as to whether I should file ITR2 or ITR2A.
I have following income:
1. Salary from company
2. House Rent
3. FD Interest
4. Dividents.
5. PF Interest
I believe that I should file ITR2A as I do not have capital gains even though I have Divident from Shares.
Dear Sunil,
Is it rent payable or rent receivable? Do you have income from multiple houses?
This is rent receivable and I have income from only one house. Also would like to mention that my exempt income is more than 10K
Dear Sunil,
You can file ITR 1.The exempted income if > Rs 5k can be shown as Exempted income under ‘Taxes paid & Verification’ section, Row no 26.
Will Divident also go in the same section ?
Yes Sunil..
Sir,
I have income from salary and interest from banks’ FD and RD. I have been investing in shares and MF for the last few years and failed to show it in the returns of previous years. Now from this year onwards, I want to declare income/loss from shares/MF investment. Pl. reply the following. 1) can I show the loss that I have incurred for FY 2014-15 ? 2) Is it mandatory to fill ITR-2 if I have short term capital loss only? 3) how to show the exempt income from PPF and PF ? 4) Should interest earned on employer’s contribution in PF be treated as exempt income and shown in the return?
Dear Binod,
1 – Regarding Settting off losses, kindly read my article : How to set off capital losses?
2 – The selection of ITR depends on your income & other details too.
3 – You can show it under Exempted Income (for ex-in ITR2 you can show it under EI schedule)
4 – I believe it is not required.
helo sir which coming ITR4 FORM sir
Dear Srinivasan…ITR 4 form is not yet been released or notified..We may have to wait for few more days 🙂
In this finical year, I have
a. PPF interest and
b. equity mutual fund dividends and
c. SB bank interest
as a exempted income.
How to show this in the “Taxex Paid and Verification” excel sheet in Row 26. There is no option for break-up to show the above. Should I sum up all the income and show it as a single exempted income. Please suggest.
Dear vsknath,
Yes, you may add up the incomes and show the total in ITR.
Does the break up of the income, like interest from PPF, dividend from equity mutual funds and SB interest need not be shown individually like last year (previous year)
Dear VSKnath,
You can show the total of all items..it is for reporting purpose only.
1. Do we need to file Bank account details in A.Y 2015-2016 ITR? If yes do we need to file in-operative/dormant account details?
2. Do we need to file in-operative demat account details in ITR in A.Y 2015-2016? I have not been paid maintenance fees for my demat account since 2012 and they keep on sending emails and statements. No holdings in my demat account.
Regards
Thiru
Dear Thirunavukkarasu,
As regards to bank account details in all ITR 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.
Dmat account details not required.
I am a bank employee,I am paying housing loan interest and principal. In the financial year 2014-15 also I have paid.Should I use itr2A for assessment Year 2015-16
Dear Prasad,
If you own only one house and do not have capital gains, you may file ITR 1 form.
Hi,
Thanks for the detailed article. I would like some guidance. I only have two things:
1. Salary income
2. Two houses (one in my home town – let out, and one in place of employment – self occupied). Servicing loans on both.
Should I be using 2A? Please confirm.
Also, hypothetically, can I download one that has everything and just leave the unrelevant sections blank?
Regards,
Uday
Dear Uday,
ITR 2A is applicable in your case. What do you mean by ‘download one that has everything’??
Hello Sreekanth,
I just come across your sight, thank you for providing diversified information on taxation through your articles. Coming to my query, I am a pvt salaried employee and also I have saved some amount in FD as part of 80C for previous years. (The yeild date of FD’s is 2016). Also, in 2009 I bought few shares of value 30 K and still they are with my DP account. For the past 3 years, I got some divident for these stocks (< 1 K). Which ITR form that I need to file? Is it ITR1 or some thing else? Highly appeciated your response.
Thank you!!
Krishna
Sorry for the typo of the word sight (instead of site) 🙁
Dear Krishna, ITR 1 form is applicable in your case.
Thank you, Sreekanth!!
Sir,
Can you please clarify that during the FY 2014/15 and assessment year 2015/16 for a resident Indian any income accrued in a forieghn country and NOT transferred to India is it taxable in INDIA .if No or yes what is relevent provision of income tax law. If no is this income to be reflected or otherwise in the income tax return.
Dear Dhir,
Are you paying taxes on such income in foreign country?
You may have to file ITR 2 and provide information on foreign income in ITR. You may have to provide ‘statement of Foreign assets/income’ in schedule FA of ITR.
Sir,
Please reply my query. Which ITR form I have to use?
I am a state Govt. Employee having one House and receiving dividends from shares.
Dear Srinivas,
You can file ITR 1 form.
i have purchased HDFC MUTUAL FUND in 6/2007.since tax is exempted on LTCG.
If and when i sale this fund, am i required to reflect in tax return. if so how.
2-i have purchased BSL focused equity fund- series 2(u/s 8CCG of ITAct)-GR.REGULAR-
on 26/03/2014. I could’t utilised the benifit of this in A Y 2014/2015 in my tax return.Can i do it in A Y 2015/2016 Tax return.
req reply.
Dear Mr Saxena,
1 – Yes this income is tax exempted. But if it is more than Rs 5k then you need to just provide such information in your ITR.
For example: In ITR 1, you can mention it in ‘Taxes paid & Verification’ sheet, row no 26.
I am a Pvt. company employee and have a house loan above 40 lakhs (started in 2014 only). Kindly let me know if I need to fill this AY’s IT returns in ITR1 or 2A?
Dear Supriyo,
Did you take the possession of your property in FY 2014-15? Do you own multiple houses?
No I am took possession of flat in July 2015; but bank loan started from June 2014 and total interest till Apr’15 is 2 lakhs. Is this tax deductible?
Dear Supriyo,
You can claim tax benefits from AY 2016-17 only. You can claim interest on ‘prior period’ (FY 2014-15) in 5 equal installments for next 5 fin years along with your regular principal or interest payments (subject to aggregate limits).
Which return should be filed for the NRI having business in foreign country. Also provide the details required to file the return.
Dear Amit,
Do you receive the business income in India or in foreign country?
Kindly go through my article : NRI Taxation.
JUST WANTED TO KNOW WHICH ITR FORM TO FILL FOR MY WIFE AS SHE IS HAVING INCOME FROM FIXED DEPOSIT AS A INTEREST AND INCOME FROM BUSSINESS WILL YOU PLZ HELP ME
Dear Ravi,
Is the income from business on Presumptive basis? If yes, ITR4s can be filed, else you may file ITR4. (ITR4 is not yet notified)
where is itr4 form 2015-2016
Dear Joel,
ITR4 has not yet been notified, we have to wait for few more days 🙂
Sir,
I am salaried employee from central govt.
(A) I have taken home loan which form should I use ?
(B) If gross is > 5 Lacs then whether it is compulsory to fill online ?
Dear Rajiv,
ITR1 can be used. Yes, file it online.
Hi,
I have my PPF interest greater than 5000 and as per the new ITR guidelines I should fill ITR-1. But while trying to file e-return I did not get any section to list the PPF interest as in exempted income.
Please suggest.
Regards,
Abhishek Sinha
Dear Abhishek,
You can provide details of ‘Exempted income’ in ‘Taxes Paid & Verification’ sheet in Row no 26.
I have two houses one in in which I am living (self occupied) and one that is let out but have a home loan tagged to it and claiming deduction under section 24. So income from house from houes property in overall a loss (Interest amount greater than rent). Doubt is can I use ITR 1 or have to use ITR 2A.
Dear Manoj,
As you own more than one property, I believe you may have to file ITR2A.
I retired on 30th Sept.2014 from Rly. Department. Form-16 A has not been provided by the Department nor they inform me how much Income.Tax I have to deposit. I have assessed self and deposited the Tax in the Bank. I have the pension & some interest from FD only. Let me know which form I have to file.
Secondly my House wife has some income i.e.2 lakh per year from FD having her PAN. Being a individual, whether she has to file return? If yes then which form she has to used.
Dear Virendra,
You may check if your employer has deducted TDS (if any) by logging into Income Tax Dept website and by accessing Form 26AS.
You can file ITR1 for both the cases.
I have PPF interest exceeding Rs 5,000 which comes under exempt category. Earlier, form ITR1 could not be used and hence form ITR2 had to be used. Has the situation changed with the new forms for AY 2015-16 i.e. can I now use ITR1 or do I still have to use ITR2 or ITR2A/
Dear Mr Mulay,
Kindly let me know the details of your other incomes.
Hello Srikanth;
I am a resident Indian who has income from more than one let out property rented out for commercial plus having income from a partnership business as remuneration.I have been using ITR 3 till last year;now I do not see ITR3 in the IT web site nor having a guideline about.Can you suggest which form should I use for assessment year 2015-16? Can I file return online ( e-filing) ?
Regards and best wishes
Krishnakumar
Dear Krishnakumar,
I believe that you can file ITR 4S.
Thank you Srikanth.Do you foresee any chance the IT dept announcing a revised ITR 3 or any chance of it ?
Dear Krishnakumar,
ITR 3 is not yet notified and I am not sure about the expected date..we may have to wait for few more days..
sir, i am a state government pensioner and getting monthly pension. in addition to that i am also getting bank interest. which new ITR form i have to be filed. please tell me. 2) question: my wife is a house-wife. she is getting bank interest only. in which new ITR form she has to be filed. please answer my 2 questions urgently. ramamohanarao .
Dear Mr Rao,
You have to use ITR1 in both the cases.
Dear Sreekanth,
Am an NRI
have rental income from house and interest income.
Hope i have to go for Form 2A
please guide me.
Thanks & Regards
Raghunathn
Dear Raghunathan,
If you have income from one house property only then you can file ITR1, else ITR2-A.
Dear Sreekanth,
Need your suggestion on Homeloan prepayment. I have taken loan of 24L in 2012 and current outstanding principle is ~ 13L(I have paid 7.5L in pre-payments so far).
I have another 2.5 L with me now. Do you suggest to go for a pre-payment or any investment option for me?
Please advice.
Regards,
Suri.
Dear Suri,
I need few details;
Your age, dependents details, your financial goal(s) and about your current investments (if any) towards these goals.
Dear Sreekanth,
I am 30 yrs old. I have 3 dependents(spouse/kid/mom).
I am saving 1L in PPF since 3 years. Planning to take another PPF a/c for my wife and can invest 2.4L per annum for together. Started Sukankya Samruddhi Scheme this year(planning to invest 50K every year).
Have bank deposits of 3L(for emergency fund).
Didn’t opt for any family health insurance as my employer provides 7.5L for spouse/kids and 3.75L for parents.
Have LIC premiums for me and my wife(endowment). Took Jeevan Anand with ignorance but continuing as is.
Yet to take term insurance plan 🙁
Gone through your blogs and planning to invest in MFs. Very much beginner but want to be disciplined and can take moderate risks.
Financial goals:
Want to have about 6-7 Cr for my retirement. (assuming I retire at 50-52 yrs)
My PF can get me more than 1 Cr.
1.5 Cr from PPF(assuming I continue to invest min 2.5L together for my wife and me)
Plan of 2nd home(of budget 50-60L) at the age of 36-37 yrs with a loan of 35L and finish it by 45 yrs.
Dear Surendra,
Suggest you to kindly go through the below articles and revert to me after reading them;
Retirement planning goal made easy
Kid’s education goal planning
How to get rid off unwanted life insurance policy?
Best Top up health insurance plans
The 6 most common personal finance mistakes
Dear Sreekanth,
Thank you for the valuable information. I got some insight and planning to invest in below funds for marriage and retirement plans. (for 15 years)
Please suggest can I go ahead with this selection or do you suggest any modifications,
ICICI Prudential Focused Blue Chip Equity Fund – Regular Plan – Growth
Mirae Asset India Opportunities Fund – Regular Plan – Growth
HDFC Mid-Cap Opportunities Fund – Growth
Tata Balanced Fund – Growth
UTI Equity Fund – Growth
Please advice.
Good ones..stay invested and all the best 🙂
Thank you :).
Dear Sreekanth,
Want to take your opinion on money back guaranteed policies. How good/bad are these for long term investment options?
For ex considering this plan, http://www.reliancelife.com/life-insurance-plans/saving-investment-plans/reliance-of-guaranteed-money-back-plan
if I invest say 50K per annum for 5 years, and stay long for 20 years.
Do these(similar ones) provide good returns as claim themselves as non-ULIP based?
Please provide your suggestion on these.
Regards,
Surendra.
Dear Surendra..
Kindly read my articles –
Term insurance Vs Traditional plans (Moneyback/endowment)
LIC Money back plans – review (Low returns)
Consider not to buy these kind of plans and instead opt for Equity funds for long term (20 years).
Thanks a lot Sreekanth. This really helps :). Kudos to you.
Welcome dear Surendra..Share the articles with your friends. Keep visiting 🙂
Having retired in India, I am now an NRI. In India, I receive pension and some dividends. Which ITR do I have to use. Of course in the overseas country, I do have a bank account. Thanks.
Dear Ram,
I believe that you can file ITR1.
Dear Mr. Sreekanth,
I am NRE from more then 22 years and I have been filing income tax returns on interest earned on only my NON-NRE bank deposits.
During this year AY 2015-2016 (FY 2014-15)
1) I have one FMP matured after 3 years and with earning maturity amount went to my NRE a/c
2) Another FMP matured after 3 year and with earning maturity went to my NON-NRE a/c
As from your article, I should calculate long term gain 20% (with indexation) on income of both funds and I should file return on ITR-2. Could you please advise how do we calculate on these LTCG.
Please advice,
Dear Surendra,
Have you invested in FMP through any online brokerage platforms??
Most of them do provide Capital gains statement.
Dear Sreekanth,
Thanks for your prompt reply. My FMP investment were through a broker and also looked at company’s (Reliance & ICICI ) redemption statement but no where capital gain is mentioned.
I would be very thankful to you for your guidance on above subject.
Regards,
Dear Surendra,
You may contact your broker for capital gain statement.
Hai, I was in Canada for 3 months. I went there on Inter Company Transfer (ITC). My employer computed the combained Indian salary and Canadian allowance in Canada. The taxes were deducted as per tax rules of Canada.
But when I was back from Canada, my employer started deducting the tax of the three months in Canada in India.
Please suggest on how should I calculate to avoid double tax.
Dear Thrinath,
The income that you have earned in India needs to be reported in India in your Income Tax Return.
I assume that you are Resident Indian (not an NRI)..
As per Section 90 of Income Tax act, you can get relief from double taxation (Double Taxation Avoidance Agreement -DTAA). Suggest you to kindly consult a Chartered Accountant and get this done.
Request you to share the update here. It would be useful for other blog reader too.
I had a mutual fund which i bought in 2008 (ELSS equity) and I sold it in 2014 December. STT was paid for this . Which form should I choose for ITR ? Also do I need to mention about this in ITR ?
Dear AJ,
The Long Term Capital Gains on ELSS funds are exempted from taxes. There is no need to mention this information in your ITR.
Read my article : MF Taxation rules.
Hello Mr Reddy!
I cannot decide between ITR1 and ITR2. can you help?
I have NRE account that earn Rs. 7500 interest…it is tax-exempt you know, so can I use ITR1 and report this on line 26 of Schedule “Taxes Paid and Verification” ?
Is the rs 5000 limit only for agriculture or ALL tax exempt income? I have read conflicting advice, that is why I consult you.
BTW, also they have ITR2A, should I use that maybe?
Dear Sunil,
I believe that there is no need to show NRE A/c’s interest income in ITR.
Only the agricultural income to the extent of Rs 5k is exempted (but there is a separate calculation that needs to be done ..)
The type of ITR form is dependent on your other incomes as well. Kindly refer to the chart provided in the article.
Revert to me if you need any assistance.
Mr. Reddy,
According to ITR-2 instructions, Part 14 (l)(i), there is a Schedule EI in which it is specifically for reporting tax-exempt income. It reads:
“Furnish the details of income like agricultural income, interest, dividend, etc. which is exempt from tax.”
Are you sure NRE interest is not to be reported?
Thank you for your feedback
Dear Sunil,
I checked with my CA friend on this.. Yes, interest earned on NRE deposits need to be shown in ITR under exempt income..though they are tax free..
Hi.
thanks for this information.
I have a question. I have purchased company shares of a bank in France and I receive Dividend on it. So is this Foreign income? Which ITR form do I choose in this case?
Dear Mona,
Did you receive the dividend income in India?
Also, the type of ITR form depends on your other incomes too..kindly refer to the chart given in the article. I believe that you need to file ITR-2 form (since you have Dividend received from a foreign company).
I receive dividend in an indian bank account. I do not hold a bank account with the foreign bank . The shares are in a demat type of account with the foreign bank.
Dear Mona,
I believe that ITR2 is applicable in your case.
I Have to file a return in representative capacity, of my son who left to US. Last year he had salary income from an IT Co., in India. Please let me know which form should I file and if that has to be done Online or Offline.
Dear Suchaitanya,
Kindly refer the points mentioned in the article.
If he has only salary income, then ITR-1 is applicable. You may file it online.
If I file it online, at declaration page do I have to mention my name or my son’s name? If I have to mention my Son’s name, can I sign it? Or I will have give my name only and sign it. This is the doubt I got after trying to file online.
Yes Sreekanth, he only has Salary income. After going through ITR – 1 I find nothing as to mention that I would be filing the return in representative capacity. Pls guide.
Dear Suchaitanya,
You can file the Returns online, do note that you need to mention NRI Son’s foreign address in ITR.
You can then take print of ITR V acknowledgment, sign it by yourself and you may attach an authorization letter (signed by your son) and send to to CPC bangalore address. (Provide your PAN no at the place of your signature)
Thank you very much.
Actually, ITR 2 allows income from abroad, but why should I report my US income to India? India govt has no business knowing that! Actually, they have NO right or jurisdiction to ask!
I just want to know which ITR form to report ONLY INDIA-SOURCE INCOME for NRI, and since nobody can answer that, it seems India government looking like stupid monkeys again as usual. Sorry, Sreekanth, but I could not help joking. They really look like joke with this.
Dear Madhula,
You are correct. Kindly understand this way..
Foreign Income of a non resident Indian (NRI) is not taxed in India,. But, if you are a resident Indian and have foreign income (e.g. from investment, rent on property or payment of services rendered abroad), then such income will be added to your income for tax purpose.
So, depending on your income type (rental income/FD interest/capital gains/business etc), you can choose respective ITR form.
Kindly read my article : NRI Taxation rules
Mr Sreekanth,
All 4 of those forms you mention say you cannot use if you have income/assets outside India.
Hello? ALL NRI have asset/income outside India!
Which form is for us??
For income from salary and bank interests (no agricultural income or any other income) and one overseas business trip sponsored by employer, what would be the return form? Is it ITR-2A (to provide passport number) or ITR-1 (do not need to provide passport number)?
Dear Atilesh,
You can use ITR-1 to file your taxes.
Excellent article . Useful Information.
Thanks Prasad 🙂