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 I HAVE SPECULATIVE BUSINEE LOSS & NO BUISNESS INCOME IN CURRENT YEAR AND I HAVE SALRIED INCOME IN CURRENT YEAR .WHICH ITR FORM REQUIRED TO FILE.
Dear ASHA ..I believe that you can file ITR-4.
THANKS
Dear Sir,
Please advice for how to use of ITR for Income from FDR and saving bank account interest because FDR interest deduction of tds so please inform to use of ITR no.
Thanks
Sunil Kumar Mishra
Mob. 981174****
Dear Sunil,
If you do not have any other income, you can use ITR 1, key-in TDS details and can claim Refund of it (if any).
Read: Misconceptions on TDS.
Hi Sreekanth,
I have query on Minor income. I am salaried person; Along with Salary I have two FD on name of minor kids on which I am getting Rs 2000/- interest each. Which IT form I need to fill and which place I can claim Rs 1500 exemption per child ? Kindly guide, under which clause I can claim it. Any information in this regard is highly appreciated.
Thanks & Regards
Neeraj
Dear Neeraj,
Amount in excess of Rs 1,500 can be shown in 'Schedule SPI' of ITR form. (SPI - Income of Specified Persons).
The exemption limit of Rs 1,500 can be shown in 'Schedule EI' (Exempt income).
hello sir,
I have a question.I am a govt employee and earning a salary of around 6.5 lacs. I am a referee as well and I earn around 5 lacs as match fees from there.
1. which form shall I submit ?
2. What are the rebates which I can get in income tax under various sections ?
3. Can I get rebates (from expenses) in my professional income ?
I have :-
200000 as house loan interest
200000 as investment in savings
30000 as HRA
please advise.
regards,
Rajeev
Dear Rajeev,
If you are earning the referee fee as a consultancy fee then I believe that you can file ITR 4.
Kindly read:
List of Income Tax deductions for AY 2017-18.
I am insurance agent and received commission From Birla Sunlife is Rs. 37,000/- I want to know which ITR form should I use? last three year my consultant was filling my Return in ITR 4S . Now some one advise me to file in ITR 4 . Can I Switch form ITR 4S to 4? are there any chances for department notice for the same?
Dear BINOY,
Yes, you may consider to file your returns through ITR 4.
You can switch to ITR 4, shouldn't be an issue.
Hi Sreekant,
I have considerable amount of physical shares purchased in the 1990s which I have not converted to Demat till now. Also, I receive a considerable amount of dividend which reflect in Bank A/c. These shares are not in Demat and not completely reflected in earlier ITRs (of 1990s). Please let me know how to tweak the Shares so as to manage the above scenario to handle any enquiry which arises in future.
Dear Esskay,
The dividend income from equities is tax exempted. So, you can provide this information in ITR under Exemption income section.
Suggest you to dematerialize the physical shares for ease of doing transactions.
Dear Sreekanth,
My income includes Salary and Other income (Bank interest) for AY 2016-17. Besides, during the year, I had made investments in Stock Market, in which I had made Profits on Delivery based trade and Loss from F&O trade, the net resultant being Net Loss of around Rs 25,000. So, I am planning to show the Net Loss under Capital Gains i.e. Short term Capital Loss (as I am an investor) for c/f for 8 years. Kindly let me know is this view correct (whether to show Short Term Capital Loss in ITR) or any further inputs from your end.
Dear Sanchit,
Your understanding is correct.
Read : How to set off capital losses?
Hi Sreekanth,
In the above case which ITR should be filed?
Thanks
Mayank
I am an labour contractor and most of the receipt are in cash only. from last four year my consultant was filling my Return in ITR 4 . Now some one advise me to file in ITR 4S as there is no requirement of keep books of accounts (i.e filling P&L and B/S) Can I Switch form ITR 4 to 4S ? are there any chances for department notice for the same?
Dear narendra..I believe that you can switch to ITR 4S.
Dear sir,
My source of income is income from salary, income from car hiring, commission from car insurance
Please advise which itr form should I used?
Reply
Dear Tausif..You can consider filing ITR 4.
I have income from other sources but also have capital loss , which I am not carrying forward. Can I use ITR-1 ?
Dear Krishnan..I believe that you can use ITR 2.