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
If total income is below Rs.2.50lacs (fer gen. public) income from interest & if short term gain by sale of shares is about Rs.11000/-during the financial year 2015/16.whether capital gain is payable ,although total income is below Rs.2.50 lacs.
2.If a flat valued Rs.21.00 lac ( including Stamp duty & Registration fees) purchased in Joint name ,with sharing 50% each, booked in 2010 & got the possession during Financial year 2015/16. is required to report in I.Tax Return of both the parties for salaried people.If so which I.T.form should be used for filing I.T.return.
Dear Phatak,
1 - If your income + STCG is less than basic exemption limit of 2.5 lakh then you are exempted from paying 15% Short Term Capital Gain Tax. Else, taxable accordingly.
2 - Kindly read:
Under construction property & Tax implications.
HELLO
I M INSURANCE AGENT AND RECEIVED COMMISSION FROM LIC IS RS 40,000/- AND ALSO HAVE SALARY INCOME 1,20,000/- I WANT TO KNOW WHICH IT FORM SHOULD I USE?
Dear RAJESH..You may consider filing ITR 4.
what to do if i don't maintained Balance Sheet and Profit and Loss a/c???
I am a super senior citizen having only Interst income from deposits. Which IT form should I Use?
Govindaswamy
Dear Govindaswamy Ji..You can file ITR 1 form.
Sir,
I am a salaried person but running a trading business (Fruits trading ) as well.
Which ITR should i fill if i want to take loan for my business in future.
Regards
Ramesh
Dear Ramesh,
I believe that you can file ITR 4 form.
hello sir
I am earning from tutions at my home n my earning is 5 lacs per annum and i am saving rs. 2,70,000 every year ,by paying for Life insurance policies ..which itr form i can fill ?
Dear Yuvraj,
You can file ITR 4 or ITR 4S.
May I know the life insurance policy names?? (Plan name, commencement date, tenure etc)
Hello Sir,
I am a student since June 2015 and my income is NIL.
But I was working in the FY 2014-15, I quit in June 2014, so for that FY my income summed to less than 2 lakh. Thinking that my income is not taxable I did not file the IT Return since then.
I have recently received a notice that I must IT Return for FY 2014-15 and 2015-16 (within 7 days) to avoid legal action. I do not know what to do! Pls help..
Dear Saleha,
Did you make any high value investments? Did you have any income from other sources like FDs etc.,?
It is a notice or just a compliance requirement?
You may take help of a CA to get this sorted out.
Correction:
*But I was working (salaried) till June 2014, and for the FY 2014-15 my income summed to less than 2 lakh.
Hi!
I had filled my ITR with incorrect assessment year. This is my first ITR and I filled it for 2014-15, when I should have filled for 2015-16. I have received intimation U/S 143(1).
What are the steps to correctly fill the right ITR.
Thanks in Advance,
Karan
Dear Karan.. You can file rectification of your return under section 154. You visit this article for more info..
Sir you have not posted my query and answered it. Pl reply. Awaiting your reply. thayyal07@hotmail.com Thanks, Thayyal
Dear Thayyal,
Our spam control plugin automatically picks up any comments with email-ids / urls etc., So, your comment was in Spam box.
Your understanding and inputs are correct. I have assumed Santosh to be NRI. I have provided a link with 'NRI taxation rules', awaiting his reply.
If he is not an NRI and is Resident Indian, his income is taxable and I agree with your views.
Thanks Mr Sreekanth Reddy.
Hi - Can you please guide me on the below questions -
I was in Canada for full year (Apr 2014 to Mar 2015) and has less than 2 lacks earnings in India. I need to claim my refund so need to file now. Could you please let me know the following -
- Which ITR form I need to fill
- Do I need to show my foreign account income and accounts?
Regards
Prashant
Dear Prashant,
1) The type of ITR depends on the type of income you earned. Kindly go through the points mentioned in the article.
2) Are you an NRI?
Hi - It was salried income in Canada. Since I stayed in Canada for the full financial year (Mar 2014 to Apr 2015), I was resident of Canada and NRI to India. Can you please let me know which ITR I can use?
Rgds
Prashant
Dear Prashant,
You have just mentioned Rs 2 Lakh as earnings but did not share wht type of income is it? (like salary / capital gains / business income / commission etc.,)
You have to mention foreign income details in the ITR , this is only for reporting purposes.
Dear Prashant,
You have just mentioned Rs 2 Lakh as earnings but did not share wht type of income is it? (like salary / capital gains / business income / commission etc.,)
You have to mention foreign income details in the ITR , this is only for reporting purposes.
Hi - India income of 2 lacks were from FD interest amount only. I was getting salary in Canada only. Which ITR I can fill and what exactly I need to show for foreign income? Do I need to mention forign income account details also? Do I need to mention NRO/NRE account as well?
Can I fill ITR 1?
Please guide...
Thanks
Prashant
Dear Prashant,
Based on the info you have shared, ITR 1 can be used. You need to provide details of your foreign income and about NRO accounts as well.
Dear Sir,
I worked in Saudi Arabia from Dec 2013 to Nov. 2014 in Saudi Arabia. Saudi is a tax free country. I got my salary in cash which i transferred to my icici bank account, held in india. i want to know whether i have to pay any taxes and need to file itr, if need to file itr, which itr i should file, itr1 , itr 4s etc. Total amount i transferred to my icici account from april 2014 to nov 2014 is approx 7 lakhs. I held one nro account with idbi, in which they have deducted rs 2130 as taxes, and it is also showing as refundable amount in my online profile for filing e taxes.
Please respond. I was unemployed from dec 2014 to april 2015.
Dear Santosh,
I believe that the income earned in Saudi is non-taxable. However, if you have any income from sources in India, then you may have to file IT Return for such income.
Kindly read my article : NRI Taxation rules.
To Santhosh, For FY 2013-14 (Asst Year 2014-15) you were a resident in India and hence the income earned in Saudi is taxable along with Indian income.
For 2014-15 also you will be a resident because
"An individual will be treated as a Resident in India in any previous year if he/she is in India for:
Atleast 182 days in that year, OR
Atleast 365 days during 4 years preceding that year AND atleast 60 days in that year."
Hence again the global income is taxable (including Saudi Income).
Mr Sreekant Reddy if I am wrong will you be able to reply to my email ID : thayyal07@hotmail.com also. This is what I understood from a CA and filed my tax return 3 years before when I had similar income.
Thanks, Thayyal