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

    • 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

  • 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

  • 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.

  • My wife has earned money in Section 192,194 J,194 H.Which ITR form to be used-please inform

  • 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 Shreekanth
    My sister in law is house wife and having only income from House Property, please suggest which form she has to use

  • 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 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.

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