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
Can I file ITR 2 online ? Where can i download the Excel for AY 2017-18 for ITR 2
Dear Karthik,
The excel utilities are available on e-Filing website, under Downloads link (home page).
You need to download excel utility, complete it, generate XML file and upload it. You may then e-verify it.
I have income from Fixed deposit interest and income from sale of under construction flat ( long term capital gain). While trying to file on line return options of only ITR 1 and ITR 4 is for online filing. In ITR 1 no option for capital gain and same in ITR 4. Please suggest which ITR to be filed online for AY 2017-18
Dear Dinesh.. You may have to file ITR 2.
You need to download excel utility, complete it, generate XML file and upload it. You may then e-verify it.
Hi Srikanth,
Thanks for the informative site, Need your advice to choose ITR form for my father.He has income through pension and FD interest.He has also invested in shares but in 2016-17 FY he has earned losses.
Dear Aditya,
He may have to file ITR 2 form.
Kindly read :
How to set-off capital losses?
Thanks, Sreekanth.
Dear Srikanth,
I am salaried person. I have two houses, one is self occupied on which i get HRA. Other house is let-out. I have LTCG due to redemption of equity oriented MF, which i presume is tax exempt.
Please advise which ITR form i should file?
Thanks & regards.
Dear Maurya ..I believe that you can file ITR -2 form.
Yes, LTCG on equity funds is tax-free.
Hi Mr Sreekanth, I am not working and my earning is only through Fixed Deposit Interest. However TDS as been deducted . Since my deposit along with accrued interest is not crossing Rs.2.5 lakh , kindly suggest how to claim the refund and the ITR form to be filled to apply online.
Also it would be helpful if you can guide on which all fields to be filled by me in the ITR form while submitting. Looking forward for your support.
Dear Rinku .. You can mention your total income under the head 'income from other sources' , claim any tax deductions (like under Section 80c/80D etc) and then can file your ITR with a Refund (if any) claim.
Suggest you to visit e-Filing portal, Login with your credentials and can file ITR 1 form online (its very simple and easy).
You may kindly go through this Article...as a reference..
Dear Sh Sreekanth,
I am a pensioner.Apart from pension I have monthly interest from post office deposits.I also have interest from 5 years NSC certificates which are matured.Kindly let me know under which head account I should show the interest received on post office deposites and also the applicable ITR form to be filed.
Dear RAMAIAH Ji ..You can file ITR -1 form. Interest income on Post office Deposits and NSCs can be shown under the Head 'income from other sources'.
Dear Srikanth
I have income from salary and bank interest. I believe I can use ITR 1. But where can I show the PPF exempt interest income of Rs. 57000 in ITR1. What should I mention for that.
Regards
Dear Biswajit ..Yes, you can file ITR 1. You can disclose the PPF income under 'Exempt income' section as 'others'.
Dear Sreekanth,
Thanks for having this discussion on board and I am sure like me, many would be benefited from this discussion. I had below income in FY 2016-2017:
1. Salaried(30 % slab)
2. Interest from bank 24k
3. Short Term Capital gain(by selling equity shares): 2k
4. Income from Intraday trading: 2k
5. Long term capital gain(by selling equity shares): 2.5k
Could you please suggest me which ITR form I should select? As you know this year only ITR 1 and ITR 4 are available in ITR Online site.
Thanks,
Rahul
Dear Rahul,
Income from intraday trading in shares is treated as speculative business income as the transaction is settled without delivery.
You may have to file ITR -3 form.
You need to download excel utility, complete it, generate XML file and upload it. You may then e-verify it.
Hello sir,
Follow up question:
Does ITR3 still applied if someone has done intraday trading only 1-2 times. Either profit or loss.
Which ITR applies for future trading? In this case one can buy lot and sell before expiry and carry forward.
Do we need to get this verified from CA considering the fact that we are filling IT3 showing speculative income?
Regards,
Jay
Dear Jay,
I dont think approval/verification from a CA is required .
However, you may take advice from a CA as filing ITR-3 can be a bit confusing task.
Thanks Sreekanth. I asked this for the fact that I am a salaries person. I did few intraday trades with profit around rs 280. Has received around rs 250 from bank interest and rs 85 as dividend.
Regards,
Jay Dhole
Thanks Sreekanth, I will file ITR3.
Hi Sreekanth,
With your guidance I have selected the ITR3 and about to e-verify. Before that need your clarification. My speculative (intraday trading) income just Rs. 1400 after expense deduction. And I have entered this in speculative business income section. I had not entered anything in "Balancesheet" and "Profit and Loss" section as I did not get proper matching information for speculative business. Is this OK? I did not get any error while uploading.
Thanks,
Rahul
Dear Rahul..Suggest you to kindly consult a CA.
"Only those forms can be used to prepare tax liability online and file online. For other forms, one needs to download excel/java utilities, prepare the tax return and then upload them in efiling website"
The above is on of your answers, I tried and failed as the I get a message about the form being protected and asking for password..
Could you please give me a step by process for this activity for downloading and filing on line.
Thanks
Dear Sir
How the LIC maturity amount will be shown under Exempted income in ITR-1?
Could we show LTCG from mutual funds under section 10(38) in ITR-1 as exempted income or we need to file ITR-2?
Regards
Maninder
Dear Maninder,
No need to file ITR -2 form. You may just disclose the mentioned exempted incomes in ITR 1 itself.
LTCG exempt under section 10(38).
LIC Policy maturity proceeds can be reported under 'Others' column.