Which ITR Form To Use For AY 2016-17 – Know Your ITR Forms

Do you know what are the different ITR forms for AY 2016-17? The income tax return process in India might be very simple these days due to online presence, but there are various itr forms and applicability for ay 2016-17 and if you don’t know which ITR for you have to fill, it will be difficult for you to file your ITR.

Every year one have to file ITR by 31st July. And the time for this year 2016 is also very soon. You should know the correct income tax return form 2016-17 so that you can file your income tax return online without any error. In this article I will share various types of ITR forms available online. Right now there are 7 types of ITR forms available to fill up as per your profession. They are ITR-1, ITR-2A, ITR-2, ITR-3, ITR-4S, ITR-4, ITR-5, ITR-6 and ITR-7. Let’s find out more details about every form.

Know Your ITR Forms to File Income Tax return Online 2016-17

ITR-1 OR SAHAJ

This form is for salaried person or pensioners who have main income sources like salary, pension, income from house rent, agricultural income,  Income from Other Sources (excluding Winning from Lottery and Income from Race Horses).

But in case you have foreign assets, agricultural income more than Rs 5000, you have more than one house or flat or property and claiming relief for foreign tax paid under section 90 and/or 91, then you can’t use ITR-1 Sahaj form to file income tax return.

ITR-2A Form

ITR-2a form can be used by an individual/HUF with income from salary, house property (Single or multiple house properties), other sources, Agricultural/exempt income (no limits) and Exempt Capital gains on sale of long term listed securities on which securities transaction tax (STT) has been paid.

This return cannot be used in case of following incomes

  • Income from Capital Gains
  • Income from Business or Profession
  • Income from foreign sources and/or having any foreign asset

ITR-2 Form

ITR 2 Return Form is to be used by an individual or a Hindu Undivided Family whose total income includes:-

  • Income from Salary/Pension; or
  • Income from House Property; or
  • Income from Capital Gains; or
  • Income from Other Sources (including Winnings from Lottery and Income from Race Horses).

Further, in a case where the income of another person like one’s spouse, child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.

Who cannot use this Return Form:-

  • This Return Form should not be used by an individual whose total income includes Income from Business or Profession or if you receive remuneration as a Partner in a Partnership Firm or LLP.
  • For declaring these types of Income, you may have to use ITR-3 or ITR-4 or ITR-4S.

ITR 3 form

Income tax return form ITR-3 is to be used by an individual or an Hindu Undivided Family (HUF) who is a partner in a Partnership Firm or LLP and where income chargeable to income-tax under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm.

In case a partner in the firm 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, he shall use this form only and not Form ITR-2.

Who cannot use this Return Form:-

This Return Form should not be used by an individual whose total income includes Income from Business or Profession under any proprietorship.

ITR 4 return form

ITR 4 return form can be used by an individual/HUF whose total income includes

  • Income from proprietary Business or profession
  • income from salary/pension
  • Income from house property
  • Income from Capital gains
  • Income from other sources

ITR 4S Sugam Form

ITR 4s sugam form can be used by an individual/HUF whose total income includes

  • Income from presumptive business or
  • income from salary/pension or
  • Income from one house property (excluding cases where losses are brought forward from previous year) or
  • Income from one house property (Excluding winning from lottery and race horses)

Who can not use ITR 4s:-

This return cannot be used in case of following incomes

  • Income from more than one house property
  • Income from winning from lotteries or Race horses
  • Income from Capital gains
  • Agricultural income exceeding Rs.5000
  • Income from speculative business
  • Income from profession
  • Income from foreign sources and/or having any foreign asset

ITR-5

For firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals)

ITR-6

For Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes)

ITR-7

For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).

So now you know your ITR Form. But in case you don’t want to go through all the hassle of choosing the correct ITR for you and if you’re baffled by the mountains of confusing information provided by the Govt. of India IT Dept. website for e-filing returns, don’t worry. There are many income tax efiling website who does the online efiling of income tax for you. You just have to answer simple questions and you don’t have to bother about which ITR is applicable  for you. They will determine the correct ITR applicable for you on the basis of your incomes.

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