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)?
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;
(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;
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;
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;
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
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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....?
Rohit..Let me know your other sources of income.
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.
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.