The July 31 deadline for individual income tax return filing is knocking on our doors but as you rush to file your return make sure you choose the correct ITR form that applies to you. A correctly filed ITR in a form which is not applicable to you would be treated as defective. You would have to rectify such a defective return which would involve additional time and effort. Here's a guide to help you choose the correct return form which applies to you for financial year 2015-16.
TR-1 or Sahaj
This tax return form is to be used by an individual whose total income for the financial year includes any one or all of the following:-
* Income from Salary/ Pension; or
* Income from One House Property; or
* Income from Other Sources
* Any exempted income
Who cannot use ITR-1
An individual having incomes from sources mentioned above still cannot use this form if any of the following condition is fulfilled in the financial year for which the return is being filed:
* If you have any foreign assets located outside India. Foreign assets include foreign bank accounts, immovable property located outside India, financial interest in any entity located outside India and other assets held abroad for investment purposes (like shares listed on NASDAQ).
* If you have agricultural income exceeding Rs. 5,000.
* If you have income from Capital Gains (except for those which are exempted from tax. Capital gains from sale of equity shares or units of mutual funds(equity schemes) which are sold after one year from date of purchase and on which STT (Securities transaction tax) is charged on sale are exempt.)
* If you have income from Business or profession.
* If you have lottery income or winn ..
ITR-2A
This Return Form is to be used by an individual or HUF (Hindu Undivided Family) whose total income for the financial year includes any or all of the following:-
* Income from Salary/ Pension; or
* Income from multiple House Property; or
* Income from Other Sources (including lottery income and winning from horse races)
* Any exempted income (even if agricultural income is exceeding
Rs 5000).
* NRIs can also file ITR-2A, if applicable.
Who cannot use ITR-2A
An individual or HUF having incomes from sources mentioned above still cannot use this form if any of the following condition is fulfilled in a particular financial year:
* If you have any foreign assets located outside India.
* If you have income from Capital Gains (except for those which are exempted from tax)
* If you have income from Business or profession.
ITR-2
This Return Form is to be used by an individual or a HUF whose total income for the financial year includes any or all of the following:-
* Income from Salary/Pension; or
* Income from multiple House Property; or
* Income from Other Sources (including Winnings from Lottery and Income from Race Horses).
* Any exempted income (even if agricultural income is exceeding Rs 5000).
* Income from Capital Gains
* If you have any foreign assets located outside India.
Who cannot use ITR-2
You cannot use ITR-2 if you have any Income from Business or Profession for the relevant financial year.
ITR-3
This Return Form is to be used by an individual or a HUF who is a Partner in a firm or LLP (Limited Liability Partnership). Further, the form should be used if the total income for the year includes any or all of the following:
* Income from Salary/Pension; or
* Income from multiple House Property; or
* Income from Other Sources (including Winnings from Lottery and Income from Race Horses).
* Any exempted income (even if agricultural income is exceeding Rs 5000).
* Income from Capital Gains
* If you have any foreign assets located outside India.
* If you are partner in a Partnership Firm or LLP and where you only receive interest, salary, bonus, commission or remuneration from such firm. If the partner does not have any income from the firm by way of interest, salary, etc. and has only exempt income by way of share in the profit of the firm, then also he has to file his return using this form only.
ITR-4
This form is to be filled by Individual/ HUFs only if they have income from a proprietary business or profession.
ITR-4S OR SUGAM
This Return Form is to be used by an individual, HUF and small businessmen who has Presumptive business income along with other income mentioned below:
* Income from Salary/ Pension; or
* Income from One House Property; or
* Income from Other Sources
* If you have any exempted income
* Income from Presumptive Business Income (like CAs, Doctors, Lawyers, small businessmen)
Who cannot use ITR-4S
An individual/HUF/ Small Businessman having incomes from sources mentioned above still cannot use this form if any of the following condition is fulfilled in the financial year for which the return is being filed.
* If you have any foreign assets.
* If you have agricultural income exceeding Rs. 5,000.
* If you have income from Capital Gains (Chargeable to tax), or income from Business or profession.
* If you have lottery income or winnings from race horses.
* If you have income from more than one House property.
* If you have any brought forward loss under House property.
* If you want to carry forward any losses from previous years.
TR-1 or Sahaj
This tax return form is to be used by an individual whose total income for the financial year includes any one or all of the following:-
* Income from Salary/ Pension; or
* Income from One House Property; or
* Income from Other Sources
* Any exempted income
Who cannot use ITR-1
An individual having incomes from sources mentioned above still cannot use this form if any of the following condition is fulfilled in the financial year for which the return is being filed:
* If you have any foreign assets located outside India. Foreign assets include foreign bank accounts, immovable property located outside India, financial interest in any entity located outside India and other assets held abroad for investment purposes (like shares listed on NASDAQ).
* If you have agricultural income exceeding Rs. 5,000.
* If you have income from Capital Gains (except for those which are exempted from tax. Capital gains from sale of equity shares or units of mutual funds(equity schemes) which are sold after one year from date of purchase and on which STT (Securities transaction tax) is charged on sale are exempt.)
* If you have income from Business or profession.
* If you have lottery income or winn ..
ITR-2A
This Return Form is to be used by an individual or HUF (Hindu Undivided Family) whose total income for the financial year includes any or all of the following:-
* Income from Salary/ Pension; or
* Income from multiple House Property; or
* Income from Other Sources (including lottery income and winning from horse races)
* Any exempted income (even if agricultural income is exceeding
Rs 5000).
* NRIs can also file ITR-2A, if applicable.
Who cannot use ITR-2A
An individual or HUF having incomes from sources mentioned above still cannot use this form if any of the following condition is fulfilled in a particular financial year:
* If you have any foreign assets located outside India.
* If you have income from Capital Gains (except for those which are exempted from tax)
* If you have income from Business or profession.
ITR-2
This Return Form is to be used by an individual or a HUF whose total income for the financial year includes any or all of the following:-
* Income from Salary/Pension; or
* Income from multiple House Property; or
* Income from Other Sources (including Winnings from Lottery and Income from Race Horses).
* Any exempted income (even if agricultural income is exceeding Rs 5000).
* Income from Capital Gains
* If you have any foreign assets located outside India.
Who cannot use ITR-2
You cannot use ITR-2 if you have any Income from Business or Profession for the relevant financial year.
ITR-3
This Return Form is to be used by an individual or a HUF who is a Partner in a firm or LLP (Limited Liability Partnership). Further, the form should be used if the total income for the year includes any or all of the following:
* Income from Salary/Pension; or
* Income from multiple House Property; or
* Income from Other Sources (including Winnings from Lottery and Income from Race Horses).
* Any exempted income (even if agricultural income is exceeding Rs 5000).
* Income from Capital Gains
* If you have any foreign assets located outside India.
* If you are partner in a Partnership Firm or LLP and where you only receive interest, salary, bonus, commission or remuneration from such firm. If the partner does not have any income from the firm by way of interest, salary, etc. and has only exempt income by way of share in the profit of the firm, then also he has to file his return using this form only.
ITR-4
This form is to be filled by Individual/ HUFs only if they have income from a proprietary business or profession.
ITR-4S OR SUGAM
This Return Form is to be used by an individual, HUF and small businessmen who has Presumptive business income along with other income mentioned below:
* Income from Salary/ Pension; or
* Income from One House Property; or
* Income from Other Sources
* If you have any exempted income
* Income from Presumptive Business Income (like CAs, Doctors, Lawyers, small businessmen)
Who cannot use ITR-4S
An individual/HUF/ Small Businessman having incomes from sources mentioned above still cannot use this form if any of the following condition is fulfilled in the financial year for which the return is being filed.
* If you have any foreign assets.
* If you have agricultural income exceeding Rs. 5,000.
* If you have income from Capital Gains (Chargeable to tax), or income from Business or profession.
* If you have lottery income or winnings from race horses.
* If you have income from more than one House property.
* If you have any brought forward loss under House property.
* If you want to carry forward any losses from previous years.
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