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Sunday, 17 July 2016

Income Tax Filing: Types of Income Tax Forms


Income Tax Forms for the Financial Year 2015-16 (A.Y 2016-17) may be downloaded from the Income Tax Department (ITD) official portal. Income Tax Department (ITD) has provided number of forms for the Income Tax payers depending on the source of income of the respective individuals. The various types of Income Tax Return (ITR) and its applicability has been discussed in this post.

Types of Tax Forms and its Applicability

ITR-1

Also known as Sahaj is primarily filled by the Salaried Individuals, this form is applicable for following class of Individuals whose total Income includes:
  • Income from Salary/Pension
  • Income from House Property (Only 1 House)
  • Income from Other Sources

This form is not applicable for following class of Individuals:
  • Income from more than 1 House Property
  • Winnings from Lotteries or Horse Races
  • Income from Capital Gains Not Exempt from Tax (Short or Long)
  • Income from Agriculture Income in excess of Rs 5,000/-
  • Income from Business or Profession
  • Losses brought forward from previous years or Other Head Sources.

ITR-2A

This form has been recently introduced, it is a much simpler and modified form as compared to ITR 2. It is applicable to Individuals and Hindu Undivided Family (HUF) whose Total Income includes:
  • Income from Salary/Pension
  • Income from House Property without Capital Gains (More than 1 House)
  • Income from Other Sources
  • Winnings from Lotteries and Horse Races
  • Long Term Capital Gains from Sale of Shares on which Securities Transaction Tax (STT) is paid.
  • Agriculture Income above Rs 5,000/-
  • NRI’s may also file this form.

This form is not applicable for following class of Individuals:
  • Resident Indian with Foreign Bank Accounts, Assets or Source of Income
  • Income from Capital Gains
  • Income from Business or Professions

ITR-2

This form is applicable for Individuals and HUF whose Total Income is inclusive of the following:
  • Income from Salary/Pension
  • Income from House Property
  • Income from Capital Gains
  • Income from Other Sources
  • Winnings from Lotteries and Horse Races
  • Clubbing of Income with another Individual (Child, Spouse etc)
  • Losses brought forward from previous years
  • Resident Indian with Foreign Bank Accounts, Assets or Source of Income

This form is not applicable for following class of Individuals whose Total Income includes:
  • Income from Business or Profession
  • Income as Partner from Partnership or Limited Liability Partnership Firm

ITR 3

This form is applicable for Individuals or HUF who derives income from partnership firm or limited liability partnership (LLP). This form may be used wherein taxable business income is not inclusive of any other income, except income by way of salary, remuneration, bonus, commission, or interest. Following class of Individuals or HUF may file this form:
  • Income from Salary/Pension
  • Income from House Property
  • Income from Capital Gains
  • Income from Other Sources
  • Winnings from Lotteries and Horse Races
  • Clubbing of Income with another Individual (Child, Spouse etc)
  • Losses brought forward from previous years
  • Resident Indian with Foreign Bank Accounts, Assets or Source of Income
  • Income as Partner from Partnership or Limited Liability Partnership Firm

This form is not applicable for Individuals or HUF whose taxable income includes Income from Proprietary Business or Profession.

ITR 4

This form is applicable for Individuals or HUF whose taxable income includes Income from Proprietary Business or Profession. This form may be filled by following class of individuals or HUF:
  • Income from Salary/Pension
  • Income from House Property
  • Income from Capital Gains
  • Income from Other Sources
  • Winnings from Lotteries and Horse Races
  • Clubbing of Income with another Individual (Child, Spouse etc)
  • Losses brought forward from previous years
  • Resident Indian with Foreign Bank Accounts, Assets or Source of Income
  • Income as Partner from Partnership or Limited Liability Partnership Firm
  • Income from Proprietary Business or Profession

ITR 4S

This form also known as “Sugam” is applicable for Individuals or HUF whose tax is calculated on Presumptive basis. Following Individuals or HUF may use this form:
  • Business Income calculated in accordance with special provisions laid out in Section 44AD and 44AE.
  • Income from Salary/Pension
  • Income from House Property (Only 1 House)
  • Income from Other Sources

This for is not applicable for the following class:
  • Income from more than 1 House Property
  • Winnings from Lotteries or Horse Races
  • Income from Capital Gains Not Exempt from Tax (Short or Long)
  • Income from Agriculture Income in excess of Rs 5,000/-
  • Income from Business or Profession
  • Losses brought forward from previous years or Other Head Sources.
  • If the turnover of business or profession is over Rs 1 crore.

ITR 5

This form is applicable for Firms, Limited Liability Partnership (LLP) firms, Association of Persons (AOPs) and Body of Individuals (BOIs).

Submission of Income Tax Return Forms (ITR)

All income taxpayers with Income above 5 lacs are now mandatorily required to submit their returns online. Individuals with Income below 5 lacs may either submit the same online or in physical form as per their convenience. Individuals having Aadhar Card need to seed their Aadhar card number with the ITR and they would not be required to send a printout of ITR-V Acknowledgement Receipt. Whereas, Individuals without the Aadhar Card need to send the ITR-V to the Income tax office within 120 days of filing the return online.

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