New ITR forms AY 2016-17 have been notified by the CBDT (Central Board of Direct Taxes). The new ITR forms in PDF format are now available on Income Tax Department’s website. The excel utilities (or) Java Utilities for AY 2016-17 will soon be made available on incometaxindia e-filing website. (The ITR 1 & ITR 4S AY 2016-17 Excel utilities are now available on e-filing website).
What is Assessment Year & Financial Year?
Financial year (FY) is the year in which you have earned the income. If you are filing a return this year, the financial year will be 2015-16.
For example, if you have had an income between 1st April 2015 and 31 March 2016, then 2015-16 will be referred to as FY. Assessment Year (AY) is the year in which you file returns i.e., 2016-17. The last date to file returns for the financial year 2015-2016 is July 31st 2016.
Income Tax Slabs & Rates for FY 2015-16 (AY 2016-17)
The below table gives you clear idea about Income tax slabs / rates for all Tax payer categories. (For general category, Senior Citizens & Very Senior Citizens).
- The basic exemption limit for individuals (general category) for Assessment Year 2016-17 is Rs 2.5 Lakh.
- The basic exemption limit for Senior citizens is Rs 3 Lakh.
- The basic exemption limit for very Senior Citizens is Rs 5 Lakh.
Latest News (29-July-2016) : The last date for filing Income Tax Returns for Assessment Year (AY) 2016-17 has been extended to August 5, 2016.
Income Tax Returns Filing & New ITR Forms AY 2016-17 – Which ITR Form should I file?
The Central Board of Direct Taxes (CBDT) has notified the Income Tax Returns (ITR) for Financial year 2015-16 (Assessment Year 2016-17). Looks like the ITR-1 and ITR-2 forms are more or less same as they were last year (AY 2015-16).
Below are the details about new ITR forms. You can download the ITR Forms which are in PDF format.
- New ITR-1 Form (Sahaj Form) for Assessment Year 2016-17 : 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;
- Salary or Pension Income
- Income from one house property (excluding cases where loss is brought forward from previous years)
- No business income / no Capital gains
- No asset in foreign country or no income from a source outside India
- Agricultural income which is less than Rs 5,000
- Income from other sources like FD/Shares/NSC etc.,
- No income from lottery or horse racing.
- New section for TCS (Tax Collected at Source) has been provided. (This is also applicable for ITR 1, ITR 2 & ITR 2A Forms)
- The tax department has newly included a schedule on Assets and Liabilities which will have to be filled by individuals and HUFs where total income exceeds Rs.50 lakh. (This section has been provided in ITR 1, 2, 2A, 3, 4, 4S forms too)
- A new sub-section (1B) was introduced in Section 80CCD by the Finance Act, 2015 to provide for an additional deduction of upto Rs. 50,000 for investment in National Pension Scheme (NPS). Accordingly, a new row is now introduced in the ITR Forms to claim benefits of such additional deduction. (This new row has been made available in ITR 1, 2, 2A, 3, 4 and 4S also]
- Click here to download ITR1 AY 2016-17 Form.
- New ITR-2A form for AY 2016-17 : ITR2A form can be filed by an Individual or Hindu Undivided Family (HUF). ITR2A can be used if you have;
- Salary or Pension Income
- Income from multiple house properties
- No business income /No Capital gains
- Income from other sources like FD/Shares/NSC etc.,
- No asset in foreign country or no income from a source outside India
- Agricultural income of more than Rs 5,000
- Income from lottery or horse racing
- Click here to download ITR2A AY 2016-17 Form.
- New ITR 2 Form for AY 2016-17 : ITR2 form can be filed by an Individual or Hindu Undivided Family (HUF). This form can be used if you have;
- Salary or Pension Income
- Income under the head ‘Capital Gains’
- Income from multiple houses
- No business income
- An asset in foreign country or income from a source outside India
- Agricultural income of more than Rs 5,000
- Income from lottery or horse racing
- Click here to download ITR2 AY 2016-17 Form.
- ITR-4S Sugam form for Assessment Year 2016-17 : ITR4S form can be filed by an Individual or Hindu Undivided Family (HUF). From this Assessment Year, this form can also be used by Firms other than Limited Liability Firms. This form can be filed if you have;
- Income from business
- No Capital Gains
- Agricultural Income which is less than Rs 5k
- No asset in foreign country or no income from a source outside India
- Income from one house property
- Click here to download ITR4S AY 2016-17 Form.
- AY 2016-17 & New 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. Click here to download ITR 3 AY 2016-17 Form.
- ITR-4 form for AY 2016-17 : ITR 4 form can be used by an assessee who has income from a proprietary 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. Click here to download ITR 4 AY 2016-17 Form.
- Click here to Download ITR V Acknowledgement Form for AY 2016-17.
Continue reading :
- List of Income Tax Deductions for FY 2015-16 / AY 2016-17.
- How to make your Income Tax e-Filing Account more secured (new facility)?
(Image courtesy of Stuart Miles at FreeDigitalPhotos.net) (Post Published Date : 31-March-2016 ) (This post will be updated with more information after going through the ITR forms in detail..)
Agricultural Income & Sale of Agricultural land : Tax Treatment, Computation & Implications
Income Tax Department’s New Website
The Income Declaration Scheme 2016 – Details & Guidelines
eNivaran Online Facility : Income Tax Dept’s new Grievance Redressal System
Hi,
I am confused which ITR should i file ???
I work in an IT company and the tax deducted is 8k for the year 2016-17,i want to file ITR for the same,can you please guide??
Dear Reshma ..Kindly read : Which ITR form to file for FY 2016-17 (AY 2017-18)?
Hello Sir,
I filed my IT e-return for AY 2016-17 in early april in old form(ITR-1) itself. But now new forms have been introduced for AY 2016-17. So do I have to file my e-return again in new form? Or will the old one be ok?
Thank you
Dear sangeeta ..Kindly note that new forms have been introduced for AY 2017-18.
For which Financial year have you file your ITR?
r/s,
can i filled return A.Y. 2015-16 income below tax liabilities
Dear SUBHED ..I believe that the last date was 31-Mar-2017 to file belated return of FY 2014-15.
I am a house wife, I have earning from house prperty Rs50000 per annum in 2016-17,but have not paid any Income tax till date.Kindly advise how much tax I have to pay & were can be it deposited.I have not filled any return also till date.
Dear SHASHI ..As your income is below basic exemption limit, you do not have any tax liability. Filing of tax return is not mandatory in your case.
Read : Do I need to file my income tax return?
Sir,
1.)commission income & business income (44AD) under which itr form Require for ay 2016-17.
2.) can i fillup no books of account i ITR 4.
Dear palash ..Kindly consult a Chartered Accountant.
i am filling TDS page of ITR AY 2016 -17
my TDS deducted on 31.03.2016, it is giving option only up to year 2015 in the drop down what to do
hi Sreekanth,
I am an indian residing in mumbai. For all the previous years have been filing my income tax returns till assessment year 2014-2015.
For the financial year 2015-2016, i was working out of india and receiving my salary in usd in the nre account.
I was out of the country for more than 185 days and qualify accordingly.
i do not have any other source of income other than that.
I have not filed my income tax returns for the financial year 2015-2016, which is nil returns as should stand.
Kindly advice how to go about it.
Should i be filling itr form 2 for financial year 2015 or the new form for financial year 2016.
Would there be any penalty? my income is clear and i do not have any refund claims or any tax to pay.
Awaiting your reply.
Benny Dias
Dear Dias,
If you have zero liability then no penalty is levied.
You need to choose respective ITR form for relevant Assessment year (for FY 2015-16, you need to chose ITR form which was meant for AY 2016-17).
Hi,
I am an NRI employee in Africa in african base company. I get salary in USD in africa and I remit the same from africa to my Indian account which is normal saving account in INR.
1. as far as I know I am not liable for filling any tax return as my income is exempt but then too please confirm.
2. If I want to file NIL return then in which ITR I have to file and under which section.
3. Is there any compulsion that NRI should remit their income in NRE/NRO/NRI a/c only, are they allowed to remit to their normal a/c?
Regards
Huzefa
Dear Huzefa ,
May I know what is your Residential Status?
Kindly read this article : Residential Status – NRI or Resident? & NRI Taxation
I HAVE BOTH SALARY FROM PARTNERSHIP FIRM THAT IS BUSINESS INCOME AS WELL AS PROPRIETORY BUSINESS, NO ANY FORM IS SUITABLE , HOW CAN I SHOW MY SALARY FROM PARTNERSHIP FIRM IN FORM 4, KINDLY ADVISE.
Dear SAGAR ..Kindly take help of a CA.
Dear Sreekanth,
I have filed ITR for financial year 2015-2016 and this is the first time I’m filing ITR. Instead of selecting assessment year 2016-2017, i have selected 2015-2016 and filed ITR. I received a mail from “intimations @cpc.gov.in” stating that I have pay an amount of 1720.
What should I do now? Is there any other way by which I can re file for the FY 2015-2016?
Thanks in Advance.
Dear Dileepan,
You can RECTIFY your ITR based on the notice received.
You have to file a rectification of a return under section 154 . Kindly take help of a CA, if required.
I received an email from cpc.gov.in as follows:
We sincerely appreciate your payment of Income Tax and filing of the Income Tax return for Assessment year 2016-17
In recognition of your contribution towards the building of our great nation, please find attached a BRONZE Certificate.
With regards,
Chairperson,
Central Board of Direct Taxes
Ministry of Finance
Government of India
There is a colourful pdf certificate attached, which can be printed and framed if necessary. Is such a certificate sent to everyone? Why only bronze ? 🙂
Dear Bhagwan ..First time hearing something like this! May be next year you may receive silver/gold 🙂
Previously I used to file my returns a couple of days before the deadline, but this time I filed it in May, immediately after receiving form 16 from my employer, since I did not see any advantage in delaying it. Perhaps the certificate is in appreciation of my promptness.
I received the same today. First I thought the attachment could have ransomeware (spam mail) but found it to be from legit ssl source.
Bronze stands for tax bracket of less than 10 lacs. A good initiative from CPC may be.
Hi Sreekanth,
I Have e-filed my ITR on 18th July,But Still I did not get my refund amount. genrally how many days it will take to refund?.
Current Status is Successfully e-verified(EVC Accepted)
Regards
Anvesh
Dear AnveshVarma ..Generally 30 to 60 days. Kindly check ‘pending actions’ under ‘Dashboard’ after login to e-filing portal.
Read : What is Defective Return?
Hello Sir,
Thanks a lot for your reply,one more thing i want to know whether i have to show principal stampduty registration amount in negative figure under section 80c,and the employer has not shown the loan amount in form 16 so will it be ok if i file it on my own in itr1.Secondly i got the possession certificate but not the OC so i can still show the interest principal and stampduty amount while filing itr1 or after receiving OC i should show all this amount.
Dear Samina,
Section 80c – You can show positive figure (amount).
Yes, it is fine to show in ITR1.
PC is enough, you may claim the tax benefits.
Hello Sir,
I am waiting for your reply
Sir i am finding difficulty in filing itr 1 in may 2015 i purchased a flat which was underconstruction and in dec 2015 i got the possession but from may to dec 2015 i paid pre emi so the total amount from may2015 to march 2016 is Rs.140356/-principal amount is Rs.10661/- and interest is Rs.129695/- stamp duty and registration Rs.52351/-total cost of flat is Rs.25lakhs including stamp duty and registration so my question is where should i take interest amount while filing itr 1 as well as proncipal and stamp duty amount also.Secondly can i claim for it if yes then what amount should i take principal,interest or stampduty and registration please help me with the amount detail.Waiting for your reply
Dear Samina,
Principal repayment, stamp duty & registration costs can be claimed under section 80c.
Regarding interest payments, you have to calculate ‘income from house property’ and in that calculation you can claim ‘interest payments’ under section 24.
Suggest you to go through below articles, can be useful to you;
Income from house property & tax benefits.
Under construction property & income tax implications.
Dearsir, i am retired emplee f central Gov PSU, I am gettig pension as annuity of pension from fund generated by employer, and Rs 5000/-pm from varishth pensin scheme, kindly letme kno the axabilty of the above.
Dear Mr SINGH ..Both are taxable income. Pension / Annuity income is taxable in India.
Dear Sreekanth,
One of my friend lives out of India since September 2013.
For FY 2013-14 he has filed the IT returns.
For FY 2014-15 he has not filed the returns. His 26AS shows some TDS on FDs.
And for FY 2015-16 also he has not filed the returns yet. His 26AS shows some TDS on FDs as well
Now my questions are:
1. Whether he has to file the returns in India? If yes which ITR he should use to file the retunrs.
2. Whether his income outside India will be taxable in India? Whether he has to declare the same in India?
3. Is it OK if he files only ITR1 and claim any TDS, since his income from FDs will be less than 2,50,000/-
Requesting your help.
Regards,
Sandeep
Dear sandeep,
1 – Is he an NRI?
Read: How to check Residential Status?
2 – Depends on the residential status.
3 – Yes but last date of filing ITR for refund is over.
which form is used for having agricultural income and government employee
2. how to get exemption for agricultural income?
Dear sreddy ..Kindly read : Agricultural income & income tax implications.
Dear Shreekanth,
Currently I’m paying house rent 8,000 Rs / Month but I ‘m able claim only 4,500 Rs /Month (40% of my basic Salary) via my employer how can I get tax exemption for my remaining amount while ITR. Is it Possible?? please please help me clarifying on this.
Regards,
Patil
Dear Patil ..The balance amount is taxable income.
Dear Sreekanth,
Please help me in clarifying two doubts while filing IT returns.
1. I get medical allowance in my monthly salary from my employer. Every year, my employer collects medical bills up
to 15000 (if any) and I used to get tax exemption on that amount. This year I forgot to submit my medical bills to
employer. I want to know, If I can mention and get tax exemption while filing ITR.
If yes, then under which section I can mention this amount.
2. Also I forgot to submit the HRA. Under which section I can show this as well.
Please help.
Regards,
Sandeep
Dear Sandeep,
1 – Unfortunately, this benefit can only be claimed via the employer. There is no mechanism to submit bills to the IT Department to claim the benefit. So, if you can’t claim medical reimbursement at the time of filing your Income Tax Return.
2 – If you live on rent and have made rent payments you can claim deduction on House Rent Allowance at the time of filing your income tax return.
You have to calculate how much HRA is tax exempted. Then re-calculate your total taxable income after adjusting this exemption. Finally calculate your tax dues.
When I am trying to submit the ITR 1 (Java) by leaving the SH.TCS blank, I am not allowed by the software to leave it blank. How do I submit?
I have filed ITR-1 1day back for the assessment year 2015-2016, online.
While doing that, I was notified that, I had to pay some additional tax. But, I unintentionally filed the return without paying the amount. So, i want to know the list of procedures to pay the remaining tax. This was my first time, so please help me.
Dear Abhishek,
Was it for AY 2015-16 or AY 2016-17?
You can file Revised return.
Hi Sreekanth – I have 2 Form 16’s . Which ITR do I use ?
Dear KSK ..If you have only salary income then you can file ITR -1.
Hi,
I am salaried person ,,, i have invested in share market of Rs 30000/ for 10 days and getting loss of Rs 10000/.
Now i have closed all my Dmat and trading account. don’t want to do trading in near future.
So which ITR should i Filled? Can i File Itr 1? dont want to claim losses from share trading.
Dear Dhiman ..You can use the losses to set off gains. So, why would you like not to disclose your losses?
salaried person with loss in stock market. so which itr i should filled?
can i file itr 1, just showing the salried income and ignore the share trading losses?
Dear Raja,
Did you take the delivery of stocks? Or was it intra-day trading?
Kindly note that short-term capital losses from stocks can be adjusted against other gains or carried forward.
Hi,
I am trying to e-file for my father aged 74 years, Senior Citizen.
Tax computation on ITR-1 is not as per the Tax Calculator (Senior Citizen) on the income tax website. There is difference in the tax computation.
ITR-1 tax computation not matching as per Form 16.
On the income tax website, Tax Calculator shows correct tax computation as there is a option for Senior Citizen
Please advise.
Dear Amarnath..Do also check Form 26AS and file accordingly.
Dear Sreekanth,
Thank you for the great service you are providing. My question is simple:
I am filing ITR-2 electronically and requesting refund of excess taxed paid by direct deposit to my bank account. The amount of refund is quite large, about 3 lacs. Is there still a limit of Rs 50,000 for direct deposit of refund? I am not home or have not succeeded in the past in receiving physical cheques from the tax department and want only electronic/direct deposit. Thank you very much for your help.
Dear Sasad,
Sometime during last FY 2014-15, the IT dept has issued a notice that they are soon going to send direct credit to bank account even if the Refund amount is more than Rs 50,000. However i am unable to find any latest notification regarding this.
I believe that you may get direct credit if you have provided the bank account details and opt for NEFT transfer.
Sir Ji
I am Salary Person Received Salary and Other Income Sources Like Commission on Logistics on the Commission Deducted by Deductor tell me on which ITR Form I will Fill the Return.
Dear Satish ..You can file ITR -4.
Hello Sreekanth,
Is it mandatory for a person to file ITR, If his total annual income is below 5 Lakh?
Dear Mohit ..Kindly read: Do You need to file Income Tax Return?
Dear Sir,
I have paid Rs/-1,63,000 as interest on home loan during AY 2016-17. My employer has shown it in form 16 also. While filing online return on ITR-1, there is no colomn where I can show this interest paid. kinldy guide me that how and where in the e-filing form, I can show this deduction.
Thanking you in advance for your help
Dr Mukesh Chander
Dear Dr Mukesh,
You have to calculate ‘income from house property’ and then show it in Part-B TI of ITR.
Kindly read: Income from house property & income tax benefits on home loan.
Hi, I am an NRI and my income includes salary in China. In India, I have earned interest on FD and savaing bank account. I want to get my TDS refund, which ITR form do I need to fill up?
Dear NITESH..You can file ITR -2.
Hi,
I am an NRI. I have earned my salary abroad and in India, I have earned interest on FD and saving bank accounts. Which ITR form do I need to fill? I want my TDS refund?
Dear Srikanth ,
I am a salaried person retired in oct 2015. During Nov ,15 to Mar 16 ,I incurred Speculative & STC losses. Kindly advice me the ITR form to be used. In ITR Form 2 , there is no specific colmn for showing Speculative loss /gain. Hence , pl. enlighten.
Thanks
Dear Prasad..You need to file ITR -4 .
If you didn’t take the delivery of Stocks, this would be classified as income from speculative business, and you will need to fill up ITR-4.
Hallo, I have a small income in private tution. Which form I will use?
Dear Mrinmoy,
Ideally you have to file ITR-4.
But sir I have a proposition. Can it fall under the income from other sources because it will not my business. because for business I have to register myself. so I can’t treat it as business income. Hence, it is income from other sources & itr1 sahaj will applicable. Please, give your valuable opinion in this regard. I am a bit confused. thank you a lot.
Dear Mrinmoy,
Registration is not mandatory. It can be on presumptive basis also.
Some CAs do suggest that if income from tuition is not a major source of income, you can disclose it under ‘income from other sources’.
Dear Sreekanth,
Your website is ocean of knowledge. I really appreciate the work you are doing for us.
I have one question regarding IT returns. Past years I have been trading in intraday and delivery in equity.
Every year I had some short term losses. So I am carrying these losses in ITR.
This FY 2015-16, I made some profit in options trading. This profit was shot term gain.
For options trading I paid all the charges like STT, sebi charges etc.
So can this STCG in options adjusted against the STCL?
Please clarify.
Regards,
Sandeep
Dear Sandeep,
If you incurred speculative loses during intraday trade, they can only be set off through speculative income and can be carried forward up to four years.
Intraday trading has been defined as ‘Speculative business’ whereas F&O trading is not. Income from trading F&O (both intraday and overnight) on all the exchanges is considered as non-speculative business income as it has been specifically defined this way.
Speculative (Intraday equity) loss can’t be offset with non-speculative (F&O) gains, but speculative gains can be offset with non-speculative losses.
Thank you very much for your prompt reply Sreekanth..you have cleared my doubts…
can one claim deduction u/s 24B for interest on loan for more than two separate residential units and if the answer YES what is the maximum limit
Dear B.M…Kindly read: Income from house property & tax benefits..
Hello Sir,
I am working in a Central Govt. Undertaking Company since June 2015. However, I worked on commission basis in Kotak and got some commissions (TDS being deducted).
Now in FY 15-16, I have two income sources- SALARY & Commission (Maybe Income from Other Sources).
Which form will I have to fillup and do I have to show the income for which TDS has already been deducted?
Thanks in advance.
Dear Deepanjan ..You can file ITR 4.
Thanks a lot.
My employer have not considered the home loan interest and principal paid in the income tax calculation and sent me the form 16 accordingly. If i want to claim refund which itr to be used and where should i show the same deduction in the form. Also, they have not considered the pension premium rs 15000 which i have paid to icici pru. Please help me
Dear Mr patel,
The type of ITR form depends on your the sources of income and other parameters as indicated in the article.
Dear Srikanth,
I am a salaried ARMY person , my mother is above 60 and cancer patient treatment is going on and she is totally dependent on me . I have two houses one is self occupied and another is rented out 6000 rs/month(yearly 72000), both on loan . HRA I got is 92281 rs yearly and some allowances 148950 which are tax exempted like SCCIA and HA/UcAII . My questions are
(a) Which ITR form should I file .
(b) How should I show these in ITR.
(c) self occupied house I pay 202000/year interest and second house I pay 172000 /year interest . second one is rented out .
Dear pushpenra ..You can consider filing ITR 2A.
Read: Income from house property..
Hi…
I have sold a house property in February 2016 and bought a new flat in July 2016 where the capital gain is being compensated totally by the price of the new flat.
Can I get exemption in filing ITR 2 for the A.Y. 2016-2017.??
Dear Sahithi,
Was it STCG or LTCG (capital gains)?
Suggest you to go through this article : How to save capital gain taxes on sale of property?
A Proprietor has made net sales < 25 laks for FY 2015-16. Whether Income tax returns is required to file on or before 31.07.2016. Request you to kindly suggest for further action at the earliest.
Regards.
R A Reddy
Dear R A Reddy ..Kindly take help of a CA.
Hello Mr. Sreekanth,
I am trying to file my returns for the AY 2016-17 using ITR -2 as I have income from abroad.
However, the excel file that I downloaded from the income tax site is not calculating the tax properly. While I have a nil tax balance (nothing to pay or get a refund), the excel suggests that I should get a refund of whatever I paid as the formula in the excel file is wrong. Is this something a known issue and a fix is expected shortly? Or should I go ahead and file the returns as such? Will there be any consequence on doing so?
Dear SK ABHI..as of date, no errors have been reported. You may kindly take help of a CA to file your return.
I am an individual and have earned professional charges under S. 194 J during AY 2015-16, apart from salary, interest on FD. Which ITR Form I should file. ITR 4 is O.K?
Dear Mr George..Yes, you can file ITR 4 form.
HI,
I AM A GOVT. EMPLOYEE WITH TOTAL GROSS INCOME LESS THAN 5 LAKHS. AND AFTER ALL DEDUCTIONS MY INCOME FALLS BELOW 2.5 LAKHS. SO I AM NOT PAYING ANY TAXES . IS IT NECESSARY OR COMPULSORY TO FILE ITR.
Dear THIPPESWAMY..Yes, You may have to file the Return.
Being housewife and senior citizen I have only interest income of Rs. 90,000/-. Although I had given 15H form, Form 28 AS shows the TDS. To claim refund I filled ITR-1 (SAHAJ). But the form does not carry the TDS amount from “Column 20” to “Taxes paid and verification page.”
What should I do ?
Dear Annapoorna..You have to enter TDS details first in ‘Taxes paid & verification page’.
Dear Srikanth,
Thank you for the prompt reply / advice.
In the “Taxes paid & verification page’ it says ‘Please note that calculated fields (in white) are picked up from other schedules and are not to be entered’. In fact being white field one cannot enter figures here.
Further thinking that downloading might have distorted the file (ITR1), I downloaded and filled ITR1 again but it did not help.
Can I fill and submit physical copy in IT office ?
Dear ANNAPOORNA..Suggest you to get this done through a CA or online tax filing portals. Its simple and affordable.
Thanks, Mr. Sreekanth.
Hi Shreekant,
I am filling ITR2A. I have some doubts about sections – TDS and TCS:
17B – TDS1. Details of Tax Deducted at Source from Salary [As per FORM 16 issued by Employer(s)]
17C – TDS2. Details of Tax Deducted at Source (TDS) on Income [As per Form 16 A issued by Deductor(s)]
17D. Details of Tax Collected at Source (TCS) [As per Form 27D issued by the Collector(s)]
I am not able to understand what to fill here. Could you please guide me here?
Do I need to fill those sections?
Thanks and Regards
Chetan
Dear Chetan..They are self-explanatory right. About which column do you need clarification?
17C – for example if your banker has deducted any TDS on interest income..
Ok. I was confused with section IT and 17B. I guess in IT I have to enter any tax that I will pay now. 17B is TDS from salary and 17C is TDS on income other than salary.
What about 17D? It is mentioning about form 27D. From where can I get it? Is this need to be filled for ITR2A?
Dear Chetan,
If you have paid any TCS then you have to provide those details, else you may leave it blank.
For ex- If you have purchased gold jewellary of more than say Rs 5 Lakh then the seller would have collected Tax at source (TCS), those details need to be furnished.
I have salaried as well as professional income. Which ITR should I fill.
Dear Rajesh ..You may file ITR 4.
D/Sir,
I have FD in different Banks, annual interest is Rs.15000/- (apox). I submitted 15G to all Banks accordingly. I have NO other income. Please let me know whether I should file ITR or not.
My second quarry is ITR filing MANDATORY if a person having PAN and income is below Rs. 250000/- . Please reply both via email also.
With adv thanks.
Dear Shesnath ..It is not mandatory.
need to file return by senior citizens having income less than 4 lakhs?
Thanks for your reply. But the option for Form 2A does not seem to be available for e-filing. Or am I doing something wrong?
I have been e-filing last few years because it is so much more convenient.
SP
Dear Srikant,
I own two flats. One is used by me for living and the other is rented generating income. Can I use ITR1, that takes care of income from one house?
Dear S Prasad ..I believe that you can ITR 2A.
Itr1 is fine. You are not earning from the house you living in!
Dear Prasad / Nika,
Kindly go through this interesting post, click here..
There are zero TDS entries in 26AS in TDS1/TDS2. Is there a need to fill these zero TDS entries in ITR in shedule TDS1/TDS2 or they can be left out.
Pleae clarify.
Thanks
Dear Mahesh..Kindly ignore the TDS schedule.
Sir,
When is the last date for filing the returns.
I have salary and also i have purchased stocks from last April in small number and also pay the mutual fund SIPs started from August. I have never sold the stocks till now. Which ITR form should I use.
Alea
Dear Alea,
As of now, it is 31-July-2016. You may file ITR-1.
Dear Sreekanth,
If I buy a house, how should that be reported to IT from my side? Is there a specific form, or, ITR forms have to be used? In ITR forms, I did not find any column where we could report (I could only find the income from house). Please help.
Regards,
Prasad.
Dear Mr. Reddy
Do I have to show the Income from LLP in my individual tax return.
Dear Mr sharma,
I dont think so as LLPs are separately assessed. Kindly check with a CA too.
Thank you for this very useful article which gives clarity on the subject.
If I may trouble you with my query, my husband is a foreigner holding a PIO card but presently resident in a GCC country. He also earns some income in India by salary and interest/dividend on investments. Though he is not obliged to disclose his foreign income, is he required to disclose his foreign bank account details in the Indian ITR?
Thanks in advance.
Dear Gita..I believe it’s not required.
Kindly clarify which ITR Form is to be used in following circumstances for F.Y.2015-16.
1. Commission Income on R.D. from Post Office – Rs. 6,000/-
2. Interest Income on R.D/F.D. from Bank/Post Office – Rs15,000/-.
In both cases TDS @ 10% made from respective authorities.
Thanks in advance for your reply.
Dear Rashmi..I believe that you can use ITR 1.
Mr.Sreekanth Reddy,
I am NRI, earning more than 50 Lakhs/annum (tax free salary from abroad). Do I still need to fill “Schedule AL” and declare my Assets in ITR-2?
Thanks in advance for your answer..
Dear Kumar..Do you have taxable income from the sources in India?
I beileve that the said disclosures are not required for a Non-Resident as per Income Tax Act.
As an NRI, it is not compulsory for you to disclose your foreign assets in your income tax return. Only resident Indians (as per income tax act) are required to disclose foreign assets and bank accounts held by them during the previous year.
Read : NRI taxation rules..
Thanks for your reply Mr.Srikant,
Yes I do have taxable income from India (CG from Debt Mutual funds, Rental income, etc.,) which I have already mentioning in ITR-2.
I understand now from your reply that ‘Schedule AL’ is applicable only for the persone having local taxable income which exceeds 50 Lakhs.
Thanks again for your clarifications
Hi Sreekanth,
I’ve a very basic query :
In the table for Income tax Slabs and rates for AY 2016-17 above, what is the significance of column “Income Slab”.Lets say a person has a Total salary of 9 Lakhs per annum but due to deductions in 80C/80D/NPS/Home Loan his total taxable income is 4 lakhs only.
Then will the tax be calculated at 10% or 20%, as total income is 9 Lakhs which fall in 20% slab but total taxable income is 4 Lakhs which lies in 10% bracket.
Thanks in advance.
Dear Mahesh,
Kindly read ‘income slab’ as ‘taxable income slab’.
The tax rate is charged on ‘total taxable income’.
I’ve a query. My employer has shared my form 16 with me on June 1,2016. It Mentions total income as 518055 and after all the deductions total taxable income is coming as 277040. But it says Tax on total income is Rs 704, which is neither 10% so i’m confused how it is calculated.
Thanks in advance.
Dear Mahesh,
Up to Rs 2.5Lakh it is tax-exempt and on the remaining Rs 27,040 (Rs 2.77 L minus Rs 2.5 Lakh) the tax rate is @ 10%.
So the tax liability is around Rs 2,704.
Since the taxable income is less than Rs 5 Lakh, you get a rebate of Rs 2,000 on tax liability (u/s 87A). So the net tax liability in this case is Rs 704 only.
Dear Sreekanth,
Thank you very much for the clear and crisp clarification for my query.
The calculation logic is clear to me now.
Thanks and Regards,
Mahesh
Dear Srikanth,
My taxable income for AY is bout 20 lakhs.
I use my personal car to commute to office daily. Distance from residence to office is 35 kms one way.
I have engaged a driver and I am paying monthly salary of Rs.15,000/-.
Ownership of the car is in my son’s name.
Please guide me what are tax exemptions I get for this expenditure.
Dear SRIDHAR..I dont think there are any tax exemptions applicable in this case.
I am 63 years old and retired. I get pension as well as superannuation every month. I go to an office as a consultant and get consultation fees every month ( for which 10% of tax is deducted by them as TDS ).
Which ITR form should i fill ?
Dear Nilkanth..I believe you can file ITR -4 .
hi
I am currently working from out of India.
But for 2016-17 AY I am a residential in India as moved out of country in January 2016.
Also I would like to declare the house loan in the assessment for financial year 2015-2016.
Could you please suggest which ITR form I should use for AY 2016-17
Thanks
Dear Amol..It depends on the type of income sources you had. Kindly go through the article.
If you have salary income + income from one house property then you can file ITR-1 form.
Also, read: NRI Residential status calculator.
hi,
please site the difference between ITR form of 2015 and ITR form of 2016.
Dear Akshay..Kindly refer to the above article, I have tried to provide the changes in ITR forms.
Please suggest me for tax saving instrument s in 80 cc , ELSS or ppf , liquidity is preference for me
Dear Hitesh,
May I know your investment horizon?
If liquidity is your priority, you may consider ELSS fund. Kindly note that the risk associated with Equity oriented funds is high and the investment in ELSS fund has a lockin period of 3 years. (It is not a prudent thing to compare PPF with equity funds).
Read:
List of best investment options.
Best ELSS Funds.
I have been NRI for more than 10 yrs. During FY 2015-16 my stay in India was over 275 days and therefore, I would be considered as RNOR for FY2015-16. Similar since I would be here in India for almost 365 days during FY 2016-17, I would be considered RNOR for FY 2016-17. My question: Is the second condition “stay exceeding 730 days in past 7 years immediately preceding relevant year applicable for me during FY 2016-17?
I resigned in Year 2015 and I still have money in my bank a/c abroad which I will remit back to my resident a/c in India. Does it amount to income from sources abroad? Will it taxable while RNOR?
My end of employment benefits will be received in Year 2016-17 in my bank a/c. abroad, which I will be remitting to a/c in India. Will this be considered income from sources abroad? Will it taxable while RNOR?
Alternatively, if my husband who is still NRI remit money in my a/c, will this be considered as my Income in India while my status is RNOR and subsequently when I will be ROR?
Based on the above info which I T Return form is applicable for me?
Dear Raju,
1 – Yes it is applicable.
An is considered RNOR (Resident but Not Ordinarily Resident) if he/she fulfills any of the below conditions;
a – He/she is non-resident in India for 9 out of 10 years preceding the year under consideration.
b – He/she during 7 years preceding to the year under consideration, has been in India for a total period not exceeding 729 days.
If you have earned that money in foreign country and taxes (if any) are paid, won’t be taxable in India. Kindly check DTAA rules too (double taxation avoidance agreement).
Which ITR form – Have to look through all the investments & sources of income and then can advise. Suggest you to kindly consult a Chartered Accountant to file your Tax Return.
I have two flats. One is self occupied and the other one is Deemed Let Out Property purchased last year (Interest on housing loan on DLOP is being claimed) . Do I have to declare cost of both the flats under Schedule AL – ITR-1-AY2016-17?
Dear Rao,
The tax department has newly included a schedule on Assets and Liabilities which will have to be filled by individuals and HUFs where total income exceeds Rs.50 lakh.
Income exceeds Rs. 50 lakhs.
More over, one self occupied property (No loan) and loss of income from second deemed let out property due to interest on housing loan. Can I use ITR-1 for AY 2016-17 (ITR 1 applicable if income from one house property – is it excluding self occupied property?)
Dear Mr Rao..You may have to use ITR 2A or ITR 2 forms.
Flat agreement in joint name (basically for the purpose of easy inheritance after death of one of the holders) whereas the housing loan and loan repayment only by first holder and the loss from house property to be claimed only by first holder as per the interest certificate provided by the bank. Can we declare that the flat is not co-owned in schedule HP of ITR-2-AY 2016-17?
Dear Mr Rao..If the payment is made from the first holder’s solo account, he/she alone can claim the tax benefits. But you may have to declare it as Jointly held property only. Do check with a CA too.
I won a corporate competition in my college last year and the prize money which was supposed to be given in Jan was given to me in 3rd week of April, 2016. Can I claim the tax deducted in 2015-16 IT return or I need to file the return for this next year?
Also, can you please confirm which form I should fill ??
Dear Kuldeep,
As the date of receipt is in April 2016, you may have to show it in your AY 2017-18 ITR only.
very useful website.. I am also writing on website http://taxheal.com/ on taxation and law issues. Please review and add offer suggestions
I have income from Salary and ELSS Funds dividends. Do I need to use ITR-II or ITR-I should be fine?
Please reply. Thanks !
Dear Mayank..ITR 1 is good to go with.
Thank you.
When I am submitting Form 15H to an SBI branch for my deposits there, I shall enter my total income from the deposits there in Col. 15. But then in col. 16 which asks for “Estimated total income of the P.Y. in which income mentioned in col. 15 is to be included” should I include my estimated total income from my deposits in other banks/FIs and from other sources as well ? Kindly clarify.
Dear Pradip..Yes you have to include all the expected income from various sources.
Hi,
I have income from salary, FD and capital gains from stocks. Which ITR form should I refer? 2A or 2? Last year, I filed returns based on form 2A.
Dear Prakash..You can file in ITR Form 2A.
Thanks! That’s what I thought too but some sites mention that capital gains and fixed deposits don’t go in 2A which confused me…
Agreed with Mr Prakash