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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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
Dear Krishna, ITR 1 form is applicable in your case.
Thank you, Sreekanth!!
Sorry for the typo of the word sight (instead of site) :(
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.