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 :
(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..)
This post was last modified on July 11, 2023 6:25 pm
View Comments
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..