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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View Comments
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.