Tuesday, 30 June 2015

ITR Form: Which Income Tax Form should you submit in 2015 ?


ITR Form have been released by the Income Tax Department for Financial Year 2014-15 i.e. Assessment Year 2015-16. There are different ITR Forms (Income Tax Forms) for Different categories of taxpayers and the same has been explained below.

Each type of ITR Form is in 3 Formats – Excel Utility, new Java ITR Utility and PDF File. Taxpayers opting for efiling of Income Tax Returns are requested to use the Java ITR Utility or the Excel Utility and taxpayers opting for Physical Filing of ITR shall download and print the PDF File and physically submit the same after completing all relevant particulars.


Submission of ITR Forms


All taxpayers having income more than Rs. 5 Lakhs are now mandatorily required to submit their income tax form online. Those taxpayers with income below Rs. 5 Lakhs can either submit their income tax form online or can submit the physical forms as well.


No Document (eg: Form 16 / Form 16A/ Form 16B/ Form 26AS etc) is required to be attached with the ITR. In case the taxpayer is filing the Income Tax Returns online without using Digital Signature, the taxpayer shall take a print of ITR-V, duly sign the same and send to the following address within 120 days of filing the Income Tax Return Online by ordinary post to:-

“Post Bag No. 1, Electronic City Office, Bangaluru – 560100, Karnataka”


A taxpayer having a Aadhar Card is not required to send ITR-V Acknowledgement to the above mentioned office. He is only required to mention the Aadhar Card No. in the Income Tax Return.

The following are the different types of ITR Forms which can be filed by a taxpayer depending on his type of income:-

  1. ITR 1
  2. ITR 2A
  3. ITR 2
  4. ITR 3
  5. ITR 4
  6. ITR 4S
  7. ITR 5

ITR Form 1- Sahaj: For Salaried Individuals


ITR Form 1 (Sahaj) can be used by the following class of Individuals for the Financial Year 2014-15 i.e. Assessment Year 2015-16 who’s Total Income includes

  1. Income from Salary/Pension or
  2. Income from 1 House Property (excluding cases where loss is brought forward from previous year)
  3. Income from Other Sources (excluding Winning from Lottery and Income from Horse Race)

This Income Tax Form (ITR Form) shall not be used by the following class of Individuals whose Total Income includes

  1. Income from more than 1 House Property, or
  2. Income from Winning from Lottery or Income from Horse Race, or
  3. Income from Capital Gains which are not exempt from Tax. For eg: Short Term Capital Gains from Sale of Shares, Short Term or Long Term Capital Gains from the sale of House, Plot etc.,or
  4. Income from Agriculture in excess of Rs 5000, or
  5. Any exempted income in excess of Rs. 5000, or
  6. Income from Business or Profession, or
  7. Loss under head Other Sources

This ITR 1 Form can also not be used by a taxpayer who is claiming any double taxation relief under Section 90/ 90A/ 91.

Download


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ITR 2A: Newly introduced Form applicable from AY 2015-16 onwards


The Income Tax Department has introduced a new category of Form i.e. ITR Form 2A. Similar to ITR Form 1, ITR 2A can be filed by a person earning Income only from Salary or House Property or Other Sources.

The main difference between ITR Form 1 and ITR 2A is that ITR Form 1 cannot be used if a person has income from more than 1 house property whereas ITR 2A can be used if a person has Income from more than 1 House Property.

There are several other minor differences as well between ITR 1 and ITR 2A for which you can refer this article: All about New ITR 2A

ITR 2A can be downloaded from here:-


ITR Form 2: For Individuals and HUF not having Income from Business or Profession


This Income Tax Form (ITR Form 2) can be used by Individuals or HUF whose Total Income includes:-

  1. Income from Salary/Pension, or
  2. Income from House Property, or
  3. Income from Capital Gains, or
  4. Income from Other Sources

This Income Tax Form (ITR Form 2) can be used by all individuals specified above but cannot be used by Individuals earning Income from Business or Profession.

ITR 2 for AY 2015-16 have not yet been released by the Govt. They would be uploaded on the following links once released by the Govt.

  • ITR 2: Download PDF File for Physical Filing in 2015
  • ITR 2: Download Java Utility for Online Filing in 2015
  • ITR 2: Download Excel Utility for Online Filing in 2015


ITR Form 3: For Individuals and HUF being partners in Firm but not carrying business under Proprietorship


This Income Tax Form (ITR Form 3) can be used by an Individual or a HUF who is a

  1. Partner in a Firm

However, ITR Form 3 cannot be used by Individuals who are also earning Income from any Proprietorship Firm. ITR 3 for AY 2015-16 have not yet been released by the Govt. They would be uploaded on the following links once released by the Govt.

  • ITR 3: Download PDF File for Physical Filing in 2015
  • ITR 3: Download Java Utility for Online Filing in 2015

ITR Form 3 also contains Schedule AL for the mandatory disclosure of all assets of taxpayers with income more than Rs. 25 Lakhs.

ITR Form 4: For Individuals earning Income from Proprietorship


This Income Tax Form (ITR Form 4) can be used by any Individuals who is earning Income from any Proprietary Business or Profession.

ITR 4 for AY 2015-16 have not yet been released by the Govt. They would be uploaded on the following links once released by the Govt.

  • ITR 4: Download PDF File for Physical Filing in 2015
  • ITR 4: Download Java Utility for Online Filing in 2015

ITR 4 also contains Schedule AL for mandatory disclosure of assets of taxpayers with income more than Rs. 25 Lakhs

ITR Form 4S: Sugam – Presumptive Income Tax Form


This Income Tax Form (ITR Form 4S) can be used by an Individual or HUF whose Total Income includes

  1. Business Income where such Income is computed in accordance with special provisions referred to in Section 44AD and 44AE for the computation of Business Income, or
  2. Income from Salary/Pension, or
  3. Income from 1 House Property (excl. cases where the loss is brought forward from previous years)
  4. Income from Other Sources (excl. Winning from Lottery and Income from Horse Races)

The Income computed above shall be deemed to have been computed after giving full effect to every loss, allowance, depreciation under the Income Tax Act


ITR Form 5: For Firms, AOP’s, BOI’s


This Income Tax Form can be used by a person being a firm, LLP, AOP, BOI, Artificial Judicial Person, Co-operative Society or a Local Authority.

ITR 5 for AY 2015-16 have not yet been released by the Govt. They would be uploaded on the following links once released by the Govt.

  • ITR 5: Download PDF File for Physical Filing in 2015
  • ITR 5: Download Java Utility for Online Filing in 2015

Assessee’s whose Total Sales/ Total Turnover/ Gross Receipts exceeds Rs. 1 Crore from Business or Rs. 25 Lakhs from Profession are mandatorily required to get their Tax Audit done under section 44AB by a Chartered Accountant and the due date of submitting the Income Tax Form for Financial Year 2014-15 shall be 30th September 2015. For all other assessees the due date for submitting the ITR Form is 31st August 2015. Usually the last date for filing income tax return is 31st July but as the income tax forms for this year have been released late – the due date has been extended to 31st August. (Refer: Official Announcement)

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