Central Board of Direct Taxes has notified the new ITR Forms AY 2017-18 (for FY 2016-17). In order to make Income Tax Return filing easy, quite a few changes in ITR Forms have been implemented.
The new ITR forms in PDF format have been made available, while the excel utilities (or) Java Utilities for AY 2017-18 will soon be made available on incometaxindia e-filing website.
What is AY & FY?
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 2016-17.
For example, if you have had an income between 1st April 2016 and 31 March 2017, then 2016-17 will be referred to as FY. Assessment Year (AY) is the year in which you file returns i.e., 2017-18. The last date to file returns for the financial year 2016-2017 is July 31st 2017 (as of now).
Income Tax Slabs & Rates for FY 2016-17 (AY 2017-18)
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).
Income Tax Returns Filing & New ITR Forms AY 2017-18 | Which ITR Form should you file?
Below are the main details about new ITR forms. You can download the ITR Forms which are in PDF format.
- The number of ITR Forms have been reduced from the existing nine to seven forms.
- Kindly note that it is now mandatory to quote your Aadhar number / Aadhar Enrollment ID and also disclose Cash deposits of more than Rs 2 lakh made during demonetisation period (between 9-Nov-2016 & 30-Dec-2016). (Quoting of Aadhaar number in ITR forms is not mandatory for NRIs / individuals who are not citizens of India / who are above 80 years of age / who are residing in States of Jammu & Kashmir, Meghalaya & Assam.)
- The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms.
- The existing ITR 4 has been re-numbered as ITR 3.
- ITR 4S (Sugam) is now ITR 4 (Sugam).
- All ITR forms have to be filed electronically. The only exception being ; in the case of individuals of the age of 80 years or more, whose income does not exceed Rs 5 lakh and who has not claimed any refund in the return of income, have an option to file return in paper form.
New ITR 1 (Sahaj) Form For Assessment Year 2017-18 :
- The existing multiple pages ITR 1 form has now been simplified into a single page ITR Form.
- ITR 1 Form (Sahaj) can be filed by an individual having income of up to Rs 50 lakh from salary, one house property and interest income.
- In this ITR form, important tax deductions like Section 80C, 80D, 80G & 80TTA have only been provided. For other tax deductions, you can just mention the section and amount details.
- If you have LTCG of Rs 2.5 Lakh or more, It is mandatory to e-file tax returns, even if your total taxable income may be below Rs 2.5 lakh.
- A separate provision has been provided to disclose Long Term Capital Gains (LTCG) as Exempt income under section 10 (38).
- A separate provision has been provided to disclose Dividend income received from an Indian company as Exempt income under section 10 (34).
- Click here to download new simplified ITR 1 Form for AY 2017-18.
New ITR 2 Form for Assessment year 2017-18 :
- 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 / professional income under any proprietorship
- 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
- If your income is more than Rs 50 Lakh, ITR 2 has a Schedule AL requiring assessees to declare their assets and liabilities at the end of the fiscal.
- Click here to download new ITR 2 Form.
New ITR 3 for AY 2017-18 Income tax filing
- The existing ITR 4 is now re-numbered as ITR 3 form.
- New ITR 3 form is for individuals and HUFs having income from a proprietary business or profession (or having income as a partner in a Partnership firm).
- This ITR covers all kind of businesses and professions irrespective of any income limit. Assesse can also report his income from salary, multiple house properties, lottery winnings, capital gains, speculative income i.e. horse race in ITR3 together with the Business Income.
- Click here to download new ITR 3 Form.
New ITR 4S (Sugam) form for AY 2017-18
- This form can be used by individuals who have;
- Presumptive income from Business or Profession.
- 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
- Income from other sources
- Click here to download new ITR 4S form.
Latest Update (31-July-2017) : Income Tax Return filing deadline for AY 2017-18 has been extended till 5th August, 2017. (Source : ET)
Continue reading :
- List of Income Tax Deductions For FY 2016-17 / AY 2017-18
- List of Income Tax Exemptions for FY 2017-18 / AY 2018-19
(Image courtesy of Stuart Miles at FreeDigitalPhotos.net) ( (Post first published on 31-March-2017) (This post will be updated with more information after going through the latest ITR forms in detail..)
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सर मै साइन सिटी रियल स्टेट कंपनी मै काम करता हु जितना प्लाट बिक्री करवाता हु उसका मेरा पैसा बनता है तो मुझे कौन सा आई टी आर फॉर्म भरना होगा
Dear manish,
If they are deducting TDS then you may file ITR 3 form, else you can consider filing your tax return in ITR 4S.
You may consult a CA..
Sir,
sorry if it sounds silly.
should i attach any proofs for section 10 (34) and 10 (38) ?
Dear sam,
These two pertain to Dividend income and exempted LTCG.
There is no need to submit or provide documentary evidence along with your ITR for these incomes.
But advisable to save the related docs for your future reference.
Sir plz clarify a senior citizen retired from Ordnance Depot, which one selected in employer category, mentioned becoz there are four options Govt/Pvt/Not applicable/other. which one choose?
Dear Rajat,
If an individual receives Pension from the Govt through a Bank, then the category would be Govt ..
Sir, I derived income from Salary.
Also I have capital gain income (Securities) & other source income for AY 2017-18.
Which ITR to be fill for AY 2017-18?
Dear Shruti ..You can file ITR – 2 form..
Hi
Shreekanth
Please explain me what is the meaning of Do you want to claim the benefit u/s 115H (Applicable to Resident)?
We select Yes/No. ?
Thanks
Rajendra Pednekar
Dear Rajendra,
Section 115H gives a continued availability of the benefit to a Non-Resident Indian even after the said person has become assessable as a resident in relation to the investment income derived from any foreign exchange asset …..
Suggest you to kindly consult a CA.
i am pushpinder singh age 25 unmarried small shop on rent yearly income 220000 which itr i fill pls help
Dear pushpinder,
For FY 2017-18, ITR forms will be released in the month of Apr 2018.
If you have to file taxes for FY 2016-17 then you can file ITR 3.
Pushpinder If you have to file income for FY 2016-17 then you can file ITR 4. its good for small scale business. u should file as per presumptive income ..
I am a Salaried NRI . I have not filled any tax for the year 2016 -17 and 2017-18 assuming tax filing is not required for NRI citizen . Please advise should NRI file Tax. If so please advise which form should we select to file the tx for the current year and previous year for which i have not failed.
I dont have any income in India.
Dear Mohamed,
If you do not have any income in India then there is no need to file taxes in India.
Kindly read :
Residential Status – NRI or Resident? & NRI Taxation
Any income which arise or accrue in India will be taxable in India. This income can be – interest on bank fixed deposits,rents received from property,profit/loss from shares etc.,
As an NRI you should file income tax returns in India if you meet the following conditions:
Your taxable income is above the basic exemption limit of Rs 2.5 Lakh (OR)
You have earned capital gains (short term/long term) from sale of any investments (like shares,property,mutual funds etc.,)
You have to claim a tax refund
You have a home loan and want to claim tax benefits
Hi Sree
This may be a silly question.
Can i file ITR for AY 2012-2013 now?Is there any act/rule or specific form type that allows me to do that?
Or any glimpse of hope that i can hold on to.
What is u/s 192(2)(b)/92cd? Can this be used to file previous years returns. ?
Dear Vishnu,
Sec 192(2) refers to – where procedure has been laid down for condoning which means pardoning or forgiving such ITR return filing delays and how to get these processed. It can be a lengthy process.
As per the last Budget 2017-18 :
In the FY 2017-18, up till 31st March 2018, one can file return for the previous two financial years ie 2016-17 and 2015-16. However, this process will change when you file your returns in the FY 2018-19 as you will be allowed to file returns for FY 2017-18 only and not any other previous years.
So, suggest you to kindly consult a CA in this regard.
Dear Sree
My wife( a housewife) has incomes from Long term Capital Gains, dividends from mutual funds and interest from Fixed Deposits and Savings account. Out of these incomes, to my knowledge , incomes from Interests (both from Fixed Deposits and Saving Account) are taxable. However, in the Fin year 2016-17 she also received proceeds from life insurance policy from Bajaj Allianz which is tax-exempt under Section 10(10)d.
Now my problem is how/where to indicate these tax-exempt incomes in ITR-1 form and where(i.e.by filling which columns in ITR-1) to claim the respective exemptions. Please advise.
SP SINGH
Dear Mr Singh,
Under Part-D of ITR 1, one can disclose the exempted incomes.
For ex : Section 10 (38) is for exempted long term capital gains.
Sec 10(34) is for exempted dividend income.
Hi Sree
My father is a NRI. He hold a NRO savings account.Bank had deducted TDS on the interest earned in this account.
The interest earned is less than 1 lakh and he dont have any other source of income in India.
Since this is less than the taxable income i think the TDS deducted can be refunded while filing ITR.
My Question is
1. My father wishes to close this NRO account to avoid further deductions in future.So can the refund be credited to my bank account or Can i give my bank account details for his refund to be credited(im an Indian resident.)
2.Will it cause the ITR to be rejected or delayed ?
Dear Vishnu,
Yes, he can claim the TDS as Refund by filing income tax return.
Suggest him to maintain the bank account till he gets the refund, as he has to provide at least one bank account details in the ITR form to receive the refund directly.
Thanks Sree for your reply.
I have another issue now. As we came to know later about this we actually couldn’t submit ITR for AY 17-18 before due date.
As of now I have filed his ITR but since he doesn’t have an Aadhar card or netbanking I couldn’t e-verify it.
1. My father is currently not in India, so I’m planning to email the ITRV to my father so that he can print, sign and then send the scanned copy.My question is will they accept the scanned copy ?
2. He may come in April, and I thought since I have 120 days to send this ITRV by post, it will be okay to wait so that I not need to send scanned copy.But after the new budget i came to know ITRs which are filed late will loose the benefit of 80 TTA. Does this rule applicable from Apr 1 2018?
Dear Vishnu,
1 – Yes, I believe that he can submit the physical ITR V copy.
2 – Suggest you to submit the ITR V as early as possible. (80TTA thing, looks like it is a fake news!).
Found this news here also
Dear Vishnu,
In case, you have received a msg on Whatsapp/FB (Social Media) that as per Budget 2018 – If Income Tax Return is not filed within due date, the entire Chapter VI deductions will not be allowed which includes some of the popular deductions i.e. Section 80C, Section 80D, etc. then note that it is just a rumor / mis-interpretation.
Finance Budget 2018 has not made any changes in relation to claim of such deductions….
Whatever amendment that has been mentioned in the Budget is w.r.t Part-C of Chapter VI only.
Kindly note that Tax Deductions like Sec 80C/80D/80G/80DDB etc., are under Part-B of Chapter VI.
Im without taxable person… i love having a itr
So how can i apply sir and what forms its needed to apply online
Dear Raza.. You need to have PAN, can register in e-Filing portal and can file taxes online.
You may kindly go through HELP page which has all the required details..
Dear sir,
I am an NRI and i am investing in equity and mutual funds through my wife resident account. she has no other income in India except some fixed deposit interest ( less than rs 20,000) and some short term capital gains.I have transefered around 4 lakhs from my NRI account to her resident account for equity and mutual fund trading.please help me with following
1) do i need to submit ITR-2 for my wife. where should i show this 4 lakh in it.
2) short term gains earn in my wife account-should i need to mention in both ITR ( mine and my wife ITR)
Dear arun,
1 – She can declare it as Gift under Exempt income section of ITR-2.
2 – STCG In your ITR only. LTCG on Equities or equity funds are tax-exempt.
Kindly read :
Gifts & tax implications.
Thanks sreekanth
1) so i will not enter any STCG in her ITR and only mention in Exempt Income shedule
is it the following column i need to fill in the schedule
“” 5 Others, including exempt income of minor child ”
2) i need to add my wife STCG along with mine in my ITR. am i right
Dear arun,
The ITR forms for FY 2017-18 will be notified after Mar 2018 only.
Yes, your understanding is correct.
Suggest you to consult a CA and file ITRs.
hi
i have incomes from private tutions, FD interests and MF dividents. Which ITR is applicable for me to file return
Dear Dey,
For FY 2016-17 – you can file ITR 4S.
Thanks. Also let me know if i can file 4S in fy 17-18 also.
Dear Dey..The ITR forms for FY 2017-18 will be notified after March 2018 only.
Thank you.
Sir, I am filing return presumptive income form 4 Sugam. Now I am going to have LTCG also. Please suggest which form should I file
Dear Vivek..You may have to file ITR-3 form.
Thanks, but how can I show my income in that form itr 3 on presumptive basis. I think, then I will have to prepare books of accounts, which I am not maintaining. How to do that Sir. Please tell
Dear Vivek,
There are exceptions for audit/preparation of books of accounts. Suggest you to kindly consult a CA.
Thanks a lot. I will go thru those provision. Even then if I have any doubt, I will ask you. Once again thanks sir
dear sirikanth i have sold 40 in no reliance niftee bees on 6 oct17 .it is is a equity scheme/share as agreed by anand rathi stock broker also.but same has not been deducting STT from them. their local office says that ETF rules are different and indexation is allowed.
2,as per IT rule equity is tax free if only STT is deducted,as shown in exempt income column of ITR2,on which STT is deducted.provided same is kept for more than one year.
3,in view of above ,i seek clarification from your end,how equity ETF are taxed,if STT is not deducted from them
warm regards yashpal singh rana
broker -anand rathi
Dear yashpal ..I believe that STT is not applicable for Gold & Liquid ETFs only.
Equity ETFs do have STT.
As per Budget 2014, the STT charge on redemption of mutual funds or ETFs (exchange traded funds) at fund counters is reduced from 0.25% to 0.001%, while STT on sale of MFs or ETFs on stock exchanges is cut from 0.1% to 0.001% levied only on the seller.
Dear srikanth many thanks for your prompt reply,my problem is that broker is not deducting stt in etf .for exempt income stt should be main issue as per ITR2.where should approach to address my problem.thanks and regards
Dear yashpal,
You may contact the head office of your brokerage house.
Or else escalate this issue to SEBI/AMFI.
Can a intraday trader file ITR 4(sugam)?
Dear Jiten..He/she can file ITR 3 form.
Hi Srikanth,
I have income from salary+savings account interest+FD interest+Dividend from shares+Long term gain from equity+Short term gain from equity.All these incomes in total is less than 2.5 lacs.Dividend is 2138,LTCG is3826 and STCG is 12678.I have filed ITR 1. Is this correct or I should revise ?
Please advise.
Thanks,
DEVI C
Dear DEVI ..I believe that you should have filed ITR -2 form..
Hi,
Myself Nil. By profession I am a software developer. Apart from job i do also freelancing. While submitting tax for AY 2017-18, I have filed the ITR -4(S) to declare my freelancing income under 44ADA and also declared my salary income. I have also paid advance tax apart from my TDS(s). But now I am confused whether being salaried person filling up ITR-4(S) will be considered as defective. Should I have filed up ITR-2? But ITR-2 doesn’t have any exemption like ITR-4(S) provides for freelancers. Please answer.
Dear Nil,
I believe that you should have filed ITR 3 form.
You may consult a CA and try REVISING your ITR with correct form.
Hi
i have got salary till may 16. full and final amt has been credited in my account in jul 16. then i have start work as freelancer (loan and insurance adviser). which itr form i have to use?
Dear amrendra ..You may to file ITR 3 form.
Dear Sreekanth, I have 2 queries:
1. I have a Under construction property whose possession I am going to get in november 17. Which form should I fill to get full deduction on Interest paid for home loan. ITR-1 does not have any option for claiming loss on interest paid towards home loan.
2. Last year I had filed ITR-2 for STCL for trading. This year I havent done any trading. Will the loss be carried forward only if I file ITR-2 or it is automatically carried forward for 8 years if you file ITR within due date irrespective of type of ITR form filled?
Kindly answer my queries.
Thanks
Dear Ashish,
1 – If you are getting possession in FY 2017-18, then you can claim tax benefits from AY 2018-19 onwards only.
Kindly read : Under-construction property and tax implications..
2 – Do note that for the IT Department there is no way to know carry forward of your losses unless you have added them into your return each year. So, you may to file ITR 2 only.
Thanks Mr Sreekanth. I have 1 more query.
I my 26AS form my previous employer has submitted details of salary credit as 2.5l, but out of this 1L is the component of my F&F settlement which I did not get as they adjusted it against my notice period pay. So they paid only April month salary in actual and tax was deducted for the same. I joined another company in May and they repaid me my notice pay and tax was again deducted against this amount.
Shall I amend my salary credited details from previous employer and adjust it to only 1 month gross salary for which the tax had been deducted and submitted while filing the return?
Also, whether notice pay can be exempted?
Thanks in advance for your help.
Dear Ashish,
Suggest you to consult a CA and take advice in filing this AY ITR.
SIR,
I AM AN INSURANCE AGENT. MY TAX DEDUCTED AT SOURCE IS RS.6700/-
WHICH ITR I HAVE TO FILE
ITR 3 OR ITR 4
I HAVE NOT MAINTAINED MY ACCOUNTS
KINDLY ADVISE
Dear VANAJA ..You can file ITR 3 form.
sir is pdf form ko mai uhdo ya bichau. What is the use of these pdf form. Rather you should give in EXCEL format.
Sir, I have one house property income and Long term capital loss on shares (dead loss) which is not carry forward. Pls suggest which ITR is applicable and in which column I will show it?
sorry sir, it is short term loss
Dear subhajit ..You can file ITR 2 form..
You need to show under ‘Schedule CG’ section..
Thx for reply. Pls also suggest LTCL on shares (dead loss, not carry forward) is necessary to mention in ITR, if so, how? LT Loss mention in CG section is carry forwarded automatically.
Dear subhajit ..Advisable to disclose LTCL too.
But there has been a court judgement wherein LTCL on shares/equity MFs can also be set off against LTCG on sale of land/Gold/other capital assets…
dear srikanth i purchased fmp on10july 2014 and it was redemed on 10 july 2017.will it br ST or LTCG .it is exactly 3 year.as per rule more than 3 year LTCG and less than 3 year STCG.which catagory it will fall.also i have NCD in deemat after completing it has come to my account.i believe that this income is shown as income from other sources and complete interest is taxable is it correct
regards
Dear yashpal,
1 – I believe that the definition of STCG is 36 months or lesser, so it is exactly 36 months (3 years) then it is STCG.
2 – Yes, your are correct on NCD’s interest income. Kindly read : All about NCDs..
hello sir , I have salary income from a private firm and I also provide private tutions ( have shown presumptive income in last year return); which form should i fill to show both the returns.
Dear NIKUNJ..You may have to file ITR -3.
SIR TELL WHERE I SHOW MY HOME LOAN INTT. IN ITR 1 AS I AM A GOVT EMPLOYEE
Dear ASWANI ..Under the head ‘income from house property’.
Hi Sreekanth,
Good Morning ….
Which ITR to fill for AY 2017-2018, I income from House Rent (1 property), Postal Commission (Postal Agency) & Bank FD Interest?
Dear Rajas..I believe that you have to file ITR 3 form.
HI Sreekanth,
I am a salaries person. However i have been filling ITR 4 for carrying forward losses from intraday trading for last 3 years with the help of CA. Last year i have only single intraday trade with loss of Rs 373.
Which ITR shall i file? If i file ITR1 can i still carry forward losses from previous years in case i do trading this year? or i’ll have to still go for ITR3 even though i have done only one trade? Reason i am asking is because of fees that i need to pay to CA . Please advice. Also let me know if yo know someone who can help me filing ITR 3 at reasonable cost.
Regards,
Jay Dhole
Dear Jay..You may avail online filing portal services..they can assist you in filing at reasonable fee..
Hi,
I have received 1 Lakh from my parents as gift. Can you please tell me in which section of ITR1 should I report it.
Regards,
Sharad
Dear Sharad,
You can declare it under ‘Exempt Income’ section and as ‘Others’…
Kindly read :
Gifts & tax implications..
Hi Sreekanth,
Thanks a lot for your reply.
Regards,
Sharad
HI,
i am a salaried employee with capital gains(sold ELSS Mutual funds) and interest from investment of relative business.
could you please suggest which ITR form i need to use.
Dear Venkat ..You may file ITR 1.
Interest can be shown as ‘income from other sources’. Long term capital gains on ELSS funds are tax-exempt. LTCG can be shown as Exempt Income in ITR-1 u/s 10(38).
Kindly read : MF taxation rules..
While filing online when my entered my 28-digit Aadhaar Enrollment ID was rejected as not valid. But it is!
My income chargeable under the head salaries is just crossing 50 lacs, while the total taxable income is just below 50 lacs (49,5 lacs)? Should I file ITR1 or ITR2 ?
Dear Suresh .. I believe that you may have to file ITR 2 form.
Hi,
I am an NRI staying in USA. I paid tax in US on the bonus I received from my company in India. Which ITR I need to file and what details I need to submit to avoid double taxation.
Thanks,
Sarath
Dear Sarath ..You may kindly go through this article..
Hi sreekanth,
My father was a government employee of AP. Now he is retired. Do i need to select government or Not applicable in Employer category in ITR 1 in PART A General Information. He gets pension every month.
Dear Lakshmi.. He can select Govt as the option..
Thank you Sreekanth. I will write as Govt. He is getting the pension from Govt and no TDS is deducted. He was a state Govt employee
IN A.Y 2017-16, I HAVE INCOME FROM SALARY, OTHER SOURCES & SHORT TERM CAPITAL GAIN (INCL SET OFF FOR B/F SHORT TERM LOSS). WHILE FILING & UPLOADING ONLINE RETURN IN INCOME TAX E-FILING WEBSITE, I AM GIVEN OPTION OF ITR-1 & 4 ONLY. PLEASE SUGGEST WHICH FORM SHOULD I FILE.
Dear SHRUTI ..You can file ITR 2 form.
BUT I CAN’T FIND THIS ITR IN THE OPTION AVAILABLE WHILE FILING ONLINE RETURN IN THE INCOME TAX E-FILING WEBSITE.
Dear SHRUTI,
You need to download excel utility of ITR 2 form, complete it, generate XML file and upload it. You may then e-verify it.
The excel utilities are available on e-Filing website, under Downloads link (home page).
the excel utilites are for 15-16..can we use the same?
Dear Sreekanth,
Tax audit requirement on intraday trading(speculative business) is confusing. Can you please clarify on this, I have speculative loss of 1k on turnover(total value of profit/loss) of 12k. Should I get an audit done on this speculative business? Or is it fine just to mention losses in ITR-3 to carry forward.
Dear Kishore ..I dont think tax audit is required in this case..
Thanks Sreekanth, for clarify.
I bought a under-construction flat and making payment with 1% TDS cut. Yesterday I checked my 26AS , it shows one wrong entry (immovable property for seller). That wrong entry is visible in immovable property for buyer which is correct one. To whom I should contract for removing that entry in 26AS. Was it due to same PAN,TAN number for me or some-thing else
Dear Hari..You may kindly go through this article..can be useful to you.
Dear Sreekanth,
My mother is 74 yrs old, and has the following incomes:
1. FD income from bank
2. PPF interest income
3. LIC annuity income
4. Interest from 54 EC bonds
5. Dividend income (duration of equities is more than 1 year)
6. Sale of debt funds (duration of funds is less than 1 year)
1. She received an interest free loan from her son-in-law for Rs 5 Lakhs. Please advise this should be reflected in which section?
2. Sum total of all exempt incomes is 7L and taxable income is 5L (both of these amounts do not include the 5L loan). Please advise if ITR-2 should be used.
3. Additionally, she made a charitable donation of Rs 51 thousand to a temple, for which she does not have the PAN number of the receiver. In which section of the ITR can this be shown?
Dear James,
1 – Not required to be shown in ITR.
2 – She can file ITR 2 form.
PPF interest income & dividend income are tax-exempted. Interest income on FD & annuity income can be shown under the head ‘income from other sources’.
Kindly read : MF taxation rules.
3 – Donations can be claimed under Section 80G. Kindly go through this article..
Thank you.
Dear Sir,
I have income from salary,interest , dividend,long term gain .Also buy back of listed equity(delisted in 2016) STT paid at purchase but STT not paid at buyback as shares transferred directly to company.I have traded in commodity future and made loss.
Which ITR form shall be filled.
Thanks & Regards,
Shridhar
Dear Shridhar ..I believe that you may have to file ITR 3 form.
For salaried employees, whose income exceeds 50L, should they fill ITR-4 or ITR-2. No capital gain though. Generating XML for ITR-1 fails if income more than 50L
Dear Hari ..ITR 2 form can be filed.
Hi Sreekanth
I have income from Salary, FD interest, savings account interest.
I have exempt income from Mutual fund dividends, PPF interest.
There are no capital gains to declare from MFs as i have not sold any for the FY.
Can I use ITR1 ?
If yes, whereI declare PPF Interest in “Others” column in EI ?
And do MF dividends go under Section 10(34)?
Dear Harsha,
Yes, you can file ITR 1 form.
You can disclose the PPF interest income under ‘Others’ column and Dividend income u/s 10(34)…of Exempt Income section.
Thanks a lot Sreekanth for the prompt reply !
Hi Sreekanth
A follow-up query.
Till last year, we were supposed to use ITR2 if exempt income (MF dividends, PPF Interest) crossed Rs5000. This year, have the rules been changed that we can report this in ITR1 itself ? I dont have any agricultural income or any Capital Gains
Dear Harsha,
I believe that rule for exempt income more than Rs 5k has been removed.
I have seen tax assessees filing ITR-1 with high value Exempt income, as of now no issues..
If you do not have Agri income then I think you can file ITR 1 form.
Sir,
I downloaded an Excel utility(ITR-2-PR3 ) during middle of June’17 for e-filing IT return. The excel file was filled up completely & XML file was generated. But due to non-availability of “Exempted Income” data, the .xml file was not uploaded for completing return. Now, after getting “EI” data, I generated a fresh xml file yesterday & attempted upload to complete e-filing. But to my surprise, uploading xml file was refused with a remark “xml file schema not valid” I tried 4-5 times but with same remark every time. Then I downloaded ITR2 afresh & found that Excel utility version has been changed (New: 2017-ITR-2-PR5). There were some important changes in PR3 version, but most detrimental point is that in Chapter VIA page, I was disallowed to deduct expenditure u/s 80D(in my case- around 12,000.00). A new drop-down menu was added u/s 80D from where there were 4 options, e.g, Self & family; self & family including parents; including sr. citizen parents etc. Notable fact is that an individual/sr. citizen are allowed Rs.25000/30000, but in drop-down menu, “Individual” option is absent. Moreover, I was refused validation unless I select one of the 4/5 options. Now, when I selected “self & family”, I was told that I cannot write on a protected sheet & I have to unprotect it first after putting appropriate password which I don’t possess. I don’t know what type joke IT deptt is doing with us at a fag end. Anybody have a solution so that I can generate a xml file from new ITR-2_PR5 ??
Regards,
S.K. De
Hi,
Same problem faced when uploading returns via the Java utility. What happens
is that when section 80 D is filled by selecting any one of the 4 options (Self and Family/Self and Family including Parents/Self and Family including Senior Citizen Parents/Self (Senior Citizen and Family including Senior Citizen Parents)), this option is not saved in the .xml file. If the saved xml file is reopened the option under 80D (entered as one of 4 options above) is not taken into account while computing the tax return. This looks to be a bug in the software version
Regards,
Amit P
I sent a mail to IT helpdesk today requesting a fruitful solution. They sent prompt reply today evening. I was told to delete all temp. files, history, cookies, browsing data etc & then download ITR2 file. I did that but no change. Same problem persisted. Also in Schedule Part A-General: Line 26(claiming benefit u/s 115H) also creating problem. You cannot select ‘Yes or No’. Does anybody have idea how to unprotect sheet without a password ?
Regards,
S. K. De
Dear Mr De ..As of now, I do not have information on this issue. You may take help of a CA.
It seems working fine try downloading latest ITR2 PR6.
In 2017_ITR2_PR6 (Excel Utility) at Schedule VI-A 80D. Dropdown is not editable. It’s grey! Any help?
same issue even in PR6 version. sent e-grievance, they have asked for a screen shot..!! I have sent it today…
I see some answer that it is working in PR6 – any process to be followed to make it work?
Dear shri S K De
Your Problem:
Also in Schedule Part A-General: Line 26(claiming benefit u/s 115H) also creating problem. You cannot select ‘Yes or No’.
Solution: Schedule Part A-General: Line 26(claiming benefit u/s 115H) is having cross linkage with Schedule Part A-General: Line 25(Residential Status). So you first remove your selection in Residential Status. You will notice that now Line 26(claiming benefit u/s 115H) becomes editable. Now select appropriate option in Line 25(Residential Status). And then you will be able to select applicable option in Line 26(claiming benefit u/s 115H) .
All the best
Dear Amit..You may submit your grievance online through e-Nivaran portal..
I am also facing same issue, How should we go about filing returns if the system has error. I had sent a mail explaining the same to department hope the reply, please update me if advice/solution is found.
Regards,
I am facing the same issue. Please update if any solution has been provided.
I have been sending mail, but no reply. Its is strange how such errors are kept unaddressed and how others would have filed their returns if they had medical insurance premium paid.
e-Nivaran had responded to my grievance request , now there is a new version PR6 of ITR2 (old version was 2017_ITR2_PR5)but still the issue is unresolved. Some how, I started exploring the ITR2 workbooks I noticed the new drop-down menu added in u/s 80D changes from grey to green when you go back in PART A-General and re selecting drop down menu of Status (I-Individual,H-HUF) and choosing your appropriate option. This trick work fine in PR5 version (ie., you can select from drop down menu) enter your amt in next column and last column is automatically updated). This trick does not work in latest PR6 version (latest version, ie., it allows to select from drop down menu but the entered amount is not updated automatically in last column).
Please share if you find any other solution, since tax filing dead line is nearing, I want to use latest version to upload my returns.
(Also check if you are using windows 7 and above OS & dot net framework is version 3.5 and above)
Good news, latest ITR2 ver PR6 is also working fine, you have to enter all appropriate previous workbooks. Happy filing IT Returns.
Thank you dear Manjunath for sharing the update! Appreciate your efforts!
Same problem. Please update if you received any solution.
Dear Sir
I work as Data processing, answering emails , calls and IT related work for an overseas client. Basically I am self employed or data freelancer. Information Technology
is mentioned in the list of professions in ITR 4S. Am I eligible to file ITR – 4(Sugam) please?. Currently I file returns through ITR 4 (now ITR 3) but it is really
cumbersome for maintaining various expenses like salary, internet and other work expenses.
1) If yes, I understand for example to an income of 12 lacs, 50% needs to be considered as profit. So ie 6 lacs. I understand I can futher claim 80C exemptions upto 1.5 lacs and further standard exemption limit of 1 lacs. So in other words, i am liable to pay tax for 6 lacs less 1 lakh (standard deduction) + 1.5 lacs (Tax saving) = 3.5 lacs. Am I getting it right here.
2) I have been reading various articles regarding this Presumptive tax scheme 44ADA. With my limited understanding, It says for those who have Capital Gains, they cannot use ITR 4S. I am confused regarding this. I have recently done churning of my Mutual Fund Portfolios due to underperfoming funds. Some of the funds I switched to better performing funds while for some I had to redeem and then again invest in performing ones. Since I have switched and redeemed funds, I believe it is considered LTCG , so am I not eligible to file my returns through ITR 4S.
3) Lastly what is the last date for filing returns for ITR 4S. I think it is 31st July but it also says somewhere (sorry if i am wrong, i have read so many articles and my unexpert mind cannot absorb more), you have to pay all advance by March 15th at one stroke. So for example, if I am filing my returns for this year 2016-2017, I should have paid by 15th March 2017. Am I right on this please?
Thank for your inputs in advance (Sorry for the long post)
Vikas
Dear Vikas,
The last for filing your income tax return is 31st july. You are referring to Advance Tax.
The capital gains on MF redemptions are based on holding period. Kindly go through this article.
Suggest you to take help of a CA and file your ITR.
Hi, Please tell me Which ITR to be used if the income from salary is more than 50 lakhs and have bank interest 100000.
Dear sushma ..You may consider filing ITR 2 form.
Hi,
Please suggest me which ITR form is to be filed for An Employee Credit Co operative society Ltd.
Dear Ankit ..It depends on sources of income..kindly go through above article.
Now ITR 4 has been changed to ITR 3 for business or profession , but how could we import XML file. Whether we should download XML file for ITR 4 of 2017-18 or ITR 3 for 2016-17 AY’s . Please clarify me….I need clarification because It is saying wrong AY or Wrong ITR
Dear shakeel ..You need to download ITR 3 excel utility and XML file can be generate from within the excel utility.
I am a salaried person and i have opened demat account for investmen purpose but done intraday 3,4 days only by mistake sell value 80k.
I don’t want show this as business income. Can I show this income in short-term capital gain. I am filing my return 1st time .
Dear Vicky ..You can show it as speculative income and file ITR 3.