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
Hi,
My Dad is earning Defence pension annually.Also he is earning regular salary while working in a PSU.
Does he need to add pension details in ITR1 form ? if yes then where should this component be added?
Dear Sachin,
Pension income is taxable and can be added under the head 'salary'.
Dear Mr.Reddy
Thanks for the excellent informations and your clarifications.
I am a salaried, my employer deducts tax after calculating exemptions - HRA, PF, Prof. tax paid, etc. I am also doing services like organizing for coaching & seminars through faculties. For these service, the turnover will be high, but the actual income will be very less. Can I file ITR 4S (presumptive calculation u/s 44AD) for the AY 16-17 ?. Request your expertise opinion please.
Dear SKSAMY,
Yes you can file ITR 4-S provided the other conditions are met (ex- no capital gains, income from only one house property etc.,)
Sir, I am salaried person and took home loan for buy a flat. The loan interest deduction comes under Sec 80 EE but there in section available in ITR-1 form. Please advise which ITR Form shall I file.
Dear Sitaram ..The said section is for AY 2017-18 onwards..
Hello Mr Reddy,
I have some salaried income from foreign source in the FY2015-16 (Indian resident) plus I have taken possession of a residential property with no income till Mar 2016. I already have a flat which is used by my parents as their residence. Other income source is FD from banks.
Kindly suggest which ITR form should I use to submit my Return.
Thanks
Sharad
Dear Sharad,
I believe that you can file ITR -2.
In current ITR-I Form there is only provision for declaring two bank accounts against
(i) & (ii).
How to declare more than two accounts in the ITR Form?
What to do about declaration of Joint Bank Account?
Dear Sanjoy,
If you are filing the Income Tax Return through Excel Utility on IT e-filing website, you can ADD ROWS to provide details of multiple Bank accounts.
Joint accounts also have to be declared.
An amount accumulated in School Co-operative Society from
monthly subscription over years no less than 15 years.
The organization is just a Employee Co-Operative Society to help
members by Short Term and Long Term Loans. It is a registered
Organization. Interest on Home Loan from the organization is
eligible for Deduction u/s 80C. After retirement of an employee,
the entire accumulated amount is paid to the leaving member
in a single or multiple payment by cheque.
The question is that whether receipt of accumulated amount
is treated as 'Income from Other Source' or whether the received
accumulation is taxable as Income from other source.
Dear Sanjoy,
I believe it is taxable.
Kindly take help of a CA.
My I request you to recommend CA or CA QUERY related
website?
Please tell me the IT Section under which deduction can be claimed for
flat / property registration fees, stamps fess, service tax etc.
Hi Shreekanth,
I'm a salaried individual and own two houses. One is let out for rent and I'm staying in the other. So, I receive 'income' in the form of rent only on one house. So, which ITR form should I be using for filing returns ITR1 or ITR2A?
Thanks in advance,
Rajkris
Dear Raj..Advisable to file ITR 2A.
Hi,
I was staying in UK from Oct 2014 till 2nd Oct 2015. Which form should I submit.
Thanks In Advance
I am a employee with income only from Salary and FD
Dear Akshay..You can file ITR form 1.
Kindly check your Residential status..
HI SIR,
SIR I HAVE A PERSON WHO IS A CONTRACTOR AND HE WANT OT FILLED TO ITR FOR THE F.Y 2015-16 .HE ASKED ME WHICH ITR SHALL BE APPLICABLE TO A SMALL CONTRACTOR ITR 4 OR ITR 4S.COMPANY DEDUCTED HIS TDS AS A CONTRACTOR (INDIVIDUAL) 1%. BASICALLY HE WANT TO GET REFUND AFTER PAY HIS TAX.I HOPE YOU UNDERSTAND WHAT I AM ASKING .
THANKS & BEST REGARDS.
NAVEEN
Dear NAVEEN ..I believe that it is advisable to file ITR-4 form.
I get commision for Supply oF coal & salary (commission is less than 9 Lakhs).I Get Salary from One Co.
Which ITR To File advice
Hi,
I have one query regarding ITR.
I am Indian resident moved to USA in Feb 2016 and earned some money, as I am resident in India , I have to pay tax in India which ITR form I need to submit to declare foreign income , salary income , deposit and dividend income and foreign bank account details. If you can give a link of your blog which provide step by step details to file details in this scenario would be a very great help.
Please please help.
Dear Naresh,
As of now, I do not have article on the requested topic.
Kindly go through this link, can be useful : click here..