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
Dear
I am salaried person with annual income exceeding Rs.50 lakhs. I have no income from business or profession. The only other income I have is from interests from FDs and dividends from MF
I understand that I can file my return in ITR - 2 but the e- filing portal shows option for itr 1 or 4 only.
Can you please advise me how I should proceed ?
Thanks in advance.
Thank you so much for bringing in clarity.
While preparing to file, note that under AL - Financial Assets column of ITR 2, only Bank related details are required to be shown. Does this not apply for the deposits I have with other institutions like Post Office, HDFC, LICHFL etc and also other investments such Tax Free Bonds etc ?
I must really thank you for your great service. God Bless.
Dear VISWANATHAN,
At present, details of assets and liabilities to be provided under “Schedule AL” is more exhaustive for those using ITR 3 an ITR 4.
You may disclose the details under 'Shares & Securities column..
Dear Viswanathan .. You need to download Excel utility from e-Filing portal, complete it and then upload XML version of it. Once it is uploaded, you have to e-verify the ITR.
Dear Mr. Sreekanth
I'm a salaried person and I want to know that cash deposited in Bank account during demonetization period should be considered as income to be added in gross total income of the F.Y. 2016-17 or not?
Please guide upon the subject
Thanks.
Dear Krishan ..You are the best person to know if it is your income or not.
dear srikanth i am defence person drawing pension,this year my pension was above 5lakh and tds was deducted.when i recieved form16 bank has given their address as employer i.e shown me their employee.on enouiry they have told that for pensioer this is procedure .on earlier IT return i used to show navy as employer.i am totally confused ,who i show employer in my IT return.do you have any idea about it
regards
Dear yashpal ji ..I believe you can show this income as Pension income and there is no need to mention bank as your employer.
dear srikanth thanks for reply ,who i show employer in my tax return
regards
Dear Yashpal ji..If you are filing ITR 1, there is no need to mention your employer's name. In case, TDS gets deducted, you may provide those details and mention the TDS deductor's name .
Dear Sreekanth Reddy,
Thanks for your reply. I am now facing a new problem as mentioned below.
I am filling ITR-2 after downloading excel utility from income tax website and converted into xml file but when I tried to upload xml it gives error of "uploading xml in latest utility".Can you please help.
Warm Regards
Dear Yashpal ji..I am not sure on this..
Dear Sreekanth,
First 3 Quarter i am working as a salary man in different company and in 4th Quarter i am working as a consultant in different company, Which form i can use please help me on this
Thanks & Regards
Dear Pardeep..You may consider filing ITR - 3 (assuming TDS is applicable on your consultancy fee).
Hello Sir,
I am confused on which ITR to use in below case 1) Income from Salary is 20 lacs 2) Income from LTCG from sale of shares is 31 lacs. In this case should I use ITR 2 since total income is > 50 lacs?
Dear Naveen,
Kindly note that LTCG on shares is a tax-exempt income.
I believe that you can file ITR-1 and report the LTCG as Exempt income.
Dear Sreekanth
Thanks for the reply. Does this mean that the maximum limit of Rs 50 lac for filing ITR-1 is only on taxable income and not total income including exempt income? The wording is ambiguous and subject to interpretation...
Best Regards
Naveen
Dear Sreekanth,
Thanks for your lovely article.
Last two assessment years, I was filing ITR 4 as I had a proprietory business.
This assessment year, I also started a private limited company where I am getting salary for being managing director as well as income in the form from business. Now which ITR shall I file for personal return - I am confused because I am getting salary as well as income from company business. Please advise.
Thanks,
Dear vikas,
You can consider filing ITR -3.
Kindly note that the earlier ITR 4 is now re-numbered as ITR 3 form.
Hello Srikanth
My query is I received salary income of 5lacs and also insurance commission income of rs 70000/- please advise on the ITR to be used.
Dear Kiran ..You can file ITR 3.
I am a pensioner receiving
i) pension about Rs 4. lacs,
ii) Bank int of about 2.50 lacs
iii) and also commission of about Rs 1.40 lacs from advisory business as a partner of mutual fund brokerage firm
iv) Rental income 0.70 lacs
Which ITR form should be used ?
ITR-1 or 3
Dear Mr Rao..You may have to file ITR 3 form.
I have house property loss (interest ) i.e deduction u/s 24b. I have no other income. Which itr should i fill for F.y. 2016-17. I have aadhar no but its shown as inactive because i have discontinued my mobile no which was given while applying for aadhar. Can i still quote my aadhar no in return? Is it mandatory to quote?
Dear SN... Suggest you to update your new mobile number for Aadhaar. You may do it online..
If you have only one property, you can file ITR 1.Yes, it is now mandatory to quote Aadhaar num.
Dear Shrikanth
What ITR form I should use if income is only interest on FD
Thank you
Dear Perumal ..You can file ITR-1.
I am Nri living in the UK I closed some recurring deposits in India in 2016. A TDS of Rs.85000 was deducted. What ITR form should I use for claiming refund. I changed my status from resident to Non-Resident in 2016 as I converted my accounts in India to NRO. Also should I use my current address in Uk or my permanent address in India.
Dear kulvinder ..If this is the only source of income, you can file ITR -1 .
As you are expecting a Refund, advisable to provide Permanent address in ITR (provided if anyone is residing in that place).