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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Hi,
me and my wife both are salaried.. have bought the 2 houses jointly... one is self occupied and other is let out...
please let me know the following
1. which form should I need to fill
2. can I claim the 100% of the principle and interest component for both the houses... (our EMI goes out of the joint accounts) and my wife will claim nil..
3. if no, how to arrive on the % to be claimed since it is not even on the agreement
4. if yes, can my wife also can claim later date in case she required to do the same in future
Dear Yash,
1 - ITR 2A or ITR 2.
2 - If it is joint account then you can claim tax benefits as per the ownership share in the properties. For Self occupied property there is a ceiling limit.
Kindly read:
Income from house property & income tax benefits on home loan.
Self occupied property & income tax implications.
sir , i want to ask you that which itr form i should use if i have income from SALARY AND INCOME FROM section 194D a Payment of insurance commission
Dear ASHWANI ..You can file ITR - 4 form.
My income is pension plus FD interest plus short term profit from sale of shara
Pl advise me . Which ITR Form shouk I e.filed
Dear pravin ..You can consider ITR form 2.
Sir,
i am a salaried person and took a home loan so which form i file for income tax for AY 2016-2017.
Dear Bindeshwari ..You can file ITR -1 form.
Hi Srikanth,
1. Can I get the benifit of tax exemption fully on the stamp duty fee if I am co-owner of the property but I have paid the fees fully ?
My Form-16 has exemption of only half of the stamp duty fee under 80c .
2.Which form should I file if I own two houses (I do not get any income from them , as one is self occupied and other is purchased recently, on March 2016, so no income from it for FY2015-16) ?
Regards,
Mahesh
Dear Mahesh,
You can claim stamp duty expenses as per your ownership share in the property.
2 - May I know your source of income? (Kindly refer to the points given in the above article).
1. The property purchase has done completely by me ( with home Loan which myself paying fully). Only that it is registered with 2 names. So what will be my property share? and what if I claim stamp duty fully ?
2. I am a salaried employee working for a private company. I have read the above article but not clear with my case, as per above if I have income from multiple houses than ITR2A should be selected, but in my case I own two houses ( I am paying loan for both) , So don't have any income from either of them. So what form should I file?
Regards,
Mahesh
Dear Mahesh,
1 - Property share can be 50:50. f you have purchased the property jointly, the co-owners can claim these expenses in their respective income tax returns based on their share in the property.
2 - Yes ITR 2 or ITR 2A can be filed. Kindly note that income can be positive income (profit) or negative income (loss).
Hi, I am a salaried person and had invested money in a FD which in my Wife name. My Wife is a house wife. Now the interest gained by Wife through FD need to be clubbed with my Income BUT which ITR Form I need to fill (IT1 or ITR2 or ITR2A). Please Guide.
Regards
Suneet
Dear Suneet ..If you have salary income + FD interest income only then you can file ITR -1.
Thanks for clarification. One more Query Please. How does IT Dept will come to know that I am CLUBBING the Income as ITR1 does not hold any such Column/Info?
Though in ITR2/ITR2A it asks the PAN detail of the person for whom I am clubbing the Income.
Dear Suneet ..It is called as Self-assessment. They may not track now. But if chosen for scrutiny then you may have to justify your stand. Better to be in good books and follow the law of land.
My wife have income from tuition of 8-9 students at home, as its a small tuition so its not registered. I want to file her return now,
pl suggest which ITR FORM i can use and kindly tell is it necessary to register small tuition even.??
can I file now ITR for assessment year 2015-16 & 2014-15 also ??
Dear Ashu,
Registration is not mandatory. You may consider ITR 4S.
Yes, last two years you can file.
In one financial year you can file your IT Returns for previous 2 financial years. For example – in the FY 2015-16, up till 31st March 2016, you can file return for the previous 2 financial years 2014-15 and 2013-14.
Thanks alot Mr. Reddy, suppose i have rs 2 Lac income from tuition so do i need to put whole 2 Lacs under income from other sources or is there some other income head applicable to me in ITR 4S
Dear ashu,
You have to show it as 'business income' as Presumptive basis. Kindly take help of a CA.
she runs a tution and i think it not comes under business (44ad)...
Sir,
I have worked as a teacher in private coaching institutes in the months of April,May,June 2015 and after that I have started working in a psu.Kindly suggest me which ITR form should I file?
Thanks in advance.
Dear Tejinder..If you have received regular salary income from coaching institute then you can file ITR -1.
Sir that coaching institute hired me as a consultant with fixed pay for each month.
So, in this case also, I should file ITR 1?
Dear Tejinder,
If you are not an employee of that institute, you may have to disclose such income under the head 'business or profession' and can file ITR4 or ITR-4S.
Dear Sreekanth Reddy,
Im a NRI from Dubai. I work for a company here. I have a NRO/NRE account in India. I have a house in India
where the annual rent income is only INR120,000. No other source of revenue in India.
Kindly advice if I need to use ITR1 or ITR4s for m when I try to file NIL return online.
Thanks and Regards
Dear Rajesh,
If you have income from a source in abroad, I believe that you can not file ITR 4S.
You may file ITR 2. Kindly check this with CA.
Hi, I have 2 houses. One is self occupied and another is let out. Home loan availed for let out property. Can I know why ITR Form to be used for filing IT return as I actually getting Income from only one house property?
Dear Ramesh ..ITR 2 or ITR 2A can be filed.