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Due date of filing income tax return For the asst year 2015-16
Due date of filing income tax return For the asst year 2015-16

Income Tax return forms for assessment year 2015-16

 

CBDT has notified Income Tax Return (ITR) forms for AY 2015-16. As usual, there are many forms are released. The taxpayers have to correctly choose the relevant form and file the return. Which form to be used? Here is the simplified version.

 

I am a salaried employee. Which form should I use to file my return?

You can use Form 1. This return is used by Individual taxpayers whose total income for the assessment year 2015-16 includes

  • Income from salary/pension
  • Income from one house property (including loss from self-occupied house)
  • Income from other sources (mostly interest earned on bank account or deposit)

 

I am a salaried employee. I am also getting rental income from a let out property. Which form should I use to file my return?

You can either use Form 1 or Form 2 or 2A. However if you have income from more than one house property you can’t use Form ITR 1. The return form 2 is used by Individual or HUF taxpayers whose total income for the assessment year 2015-16 includes

  • Income from Salary / Pension; or
  • Income from House Property; or
  • Income from Capital Gains; or
  • Income from Other Sources

ITR 2A can be used if there is no capital gain income. It is a simpler version of Form 2 without capital gain.

 

Should I attach Form 16 received from my employer while filing the return?

No document (including TDS certificate) should be attached to this Return Form.

 

Can I file the return manually?

ITR 1, 2 or 2A Return Form can be filed with the Income-tax Department in any of the following ways, –

  • by furnishing the return in a paper form;
  • by furnishing the return electronically under digital signature;
  • by transmitting the data in the return electronically under electronic verification code;
  • by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V

 

Who can’t file manual return?

Any taxpayer having

  • a refund claim or
  • total income of more than Rs.500000
  • relief claim under section 90, 90A or 91

However an option has been given to the super senior citizens whose total income exceeds five lakh rupees or who is claiming income-tax refund, to file return of income in physical form, provided return is furnished in ITR- 1 or ITR- 2.

 

I am a non-resident but have rental income in India. Should I declare my foreign assets in ITR form?

No. Only a resident assessee having any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India, shall fill out schedule FA forming part of ITR

 

Should I still send ITR verification page to CPC, Bangalore?

This is you have the option of not sending the form to CPC, provided you file the return electronically under electronic verification code (EVC). If not, you should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka)

 

My salary for the year ending 31st March 2015 was Rs.400000 and after deduction u/s 80 C (tuition fee and investment in ELSS), the income was less than the basic exemption limit of Rs.250000.Should I still file income tax return?

Yes. Every individual whose total income before allowing deductions under Chapter VI-A of the Income-tax Act, exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of income.

 

I have a business income apart from salary. Which form should I use?

Form 4S can be used by Individuals or HUF whose total income for the assessment year 2015-16 includes

  • business income where such income is computed in accordance with special provisions referred to in section 44AD and 44EE of the Act for computation of business income or
  • Income from salary / pension
  • Income from one house property
  • Income from other sources

 

I am confused, can you summarize who can use what?

A taxpayer can use

  • Form 1 (SAHAJ) – if they have only salary income, interest income (or any other income from other sources), loss under self-occupied property, rental income from only one house property
  • Form 2- if they have salary income, loss under self-occupied property, rental income from more than one house property, interest income, capital gain
  • Form ITR 2A – if they have salary income, loss under self-occupied property, rental income, interest income. (no capital gain)
  • Form ITR 4S (SUGAM) – if they have salary income, business income, loss under self-occupied property, (rental income from only one house), interest income.

 

This apart, a taxpayer can use 

  • Form ITR 3 – For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietor-ship
  • Form ITR 4 – For Individuals and HUFs having income from a proprietory business or profession
  • Form ITR 5 – For Firms, Co-operative Banks, Co-operative Societies, Limited Liability Partnerships (LLP), Association of Persons (AOP), Body of Individuals (BOI) and Artificial Judicial Persons
  • Form ITR 6 – For Companies other than companies claiming exemption under section 11
  • Form ITR 7 – For Companies other than companies claiming exemption under section 11

 

Thought for the day

Weak people revenge. Strong people forgive. Intelligent people ignore. 

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About CA Prasad Chartered Accountant

CA Prasad Chartered Accountant
CA Prasad is a practicing Chartered Accountant and partner in Bangalore -based CA Firm. For further information or query, please email it to [email protected]