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..)
Join our channels
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.