Categories: Tax Planning

New ITR Forms AY 2015-16 : Which ITR form should you file?

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)

This post was last modified on July 10, 2023 8:53 pm

Sreekanth Reddy

Sreekanth is the Man behind ReLakhs.com. He is an Independent Certified Financial Planner (CFP), engaged in blogging & property consultancy for the last 14 years through his firm ReLakhs Financial Services . He is not associated with any Financial product / service provider. The main aim of his blog is to "help investors take informed financial decisions." "Please note that the views given in this Blog/Comments Section/Forum are clarifications meant for reference and guidance of the readers to explore further on the topics/queries raised and take informed decisions. The information provided, therefore, should not be viewed as financial, legal, accounting, tax or investment advice."

View Comments

  • 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

  • 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.

  • 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.

  • 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.

  • 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 Sangeetha..you need to deduct exempted allowances from your gross salary and show your income accordingly in ITR.

  • 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 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

      • 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

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