Friday, 7 April 2017
New Income Tax Return Forms for Financial Year 2016 – 17
If a person’s income exceeds Rs. 2.5 lakhs then he shall have to pay income tax on such income. For this purpose, Income Tax Return (ITR) needs to be filed on or before due date in the forms prescribed by Income Tax Department. Now how can it be done? How many types of ITR forms are there? How to choose ITR form? For all these queries, we are here to assist you anytime.
First of all, Income Tax Return filing shall be mandatory for any person whose income exceeds Rs. 2.5 lakhs. Income Tax Department releases ITR forms every year for filing of ITRs for relevant financial year.
Some basics about ITR forms have been discussed below –
1. ITR – 1 (SAHAJ): This form is particularly for individuals having income from salaries, one house property, other sources (Interest etc.) and having total income up to Rs. 50 lakhs.
2. ITR – 2: This form shall be filled by individuals and HUFs who are not carrying out any business or profession under any proprietorship. Earlier, ITR – 2A was required to be filled if there has been an income from Capital Gains. Now latter has been subsumed in ITR – 2 w.e.f. Assessment Year 2017-18.
3. ITR – 3: Individuals & HUFs having income from a proprietary business or profession shall be required to file ITR – 3 now. Earlier, ITR – 4 was required to be filed for this purpose.
4. ITR – 4 (SUGAM): This form shall be filled by the persons having Presumptive income from Business & Profession. Earlier ITR – 4S was used for this purpose which has now been subsumed.
5. ITR – 5: For persons other than – (i) individual, (ii) HUF, (iii) company and (iv) person filing form ITR – 7; shall be required to file this form.
6. ITR – 6: This form shall be particularly filed by companies registered under Companies Act 2013.
7. ITR – 7: Persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) shall be required to file this form.
Now you can choose which ITR form to file for Income Tax Purposes.
Do not miss our next update on Latest Amendments.