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
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.