Monday, April 4, 2016

New Income Tax Returns Filling Form for AY 2016-17

Income Tax Department has announced new Income Tax Return (ITR) form for Assessment year 2016-17. If you are going to fill Income tax return (TIR Form) for income of April 2015-March, 2016, you need to fill the new ITR Form which has some modification than earlier one.

New Income Tax Returns Filling Form for AY 2016-17

New Income Tax Returns
Central Board of Direct Tax (CBDT) has announced the new ITR form, if your comes in the government defined Income Tax Slabs, you need to file income tax return to give your income’s bureau to Income Tax Department. And if your income exceeds from Basic Exemption Limit, you need to pay income tax too. (I.e Basic exemption limit is Rs.2.5 lac per annum)

What are the new ITR Form for Financial year 2015-16 (Assessment year 2016-17)

As per the CBDT, there are 4 new ITR forms are introduced or made change in. So, when you fill Income tax return for Assessment year 2016-17, follow the below things in mind. As this changes are made it live from new financial year 2016-17. Below is list of new ITR forms;

⦁  ITR Form 1 (Sahaj Form)
⦁  ITR Form 2
⦁  ITR Form 2A
⦁  ITR Form 4S

Read :- Income Tax Exception Limit AY 2016-17

Now check out which forms you need to fill, profession wise,  IT department has divided the new ITR Forms. Do check out them below;

1. ITR Form 1 :- Sahaj Form or ITR 1 form is only for individual, no other assesses can use this form for income tax return. Check out who need to fill ITR Form 1;

⦁  If you are Salaried person  or living on pension income
⦁  Or if you have income from single house property
⦁  If you don’t have any business income/ no earnings from capital gains
⦁  If you don’t have any property in foreign country, or no income source from out of india
⦁  If you have Agriculture income less than Rs.5000 per year
⦁  If you have income from FD/Shares/NSC etc;
⦁  If you don’t have any income from hours racing/lottery

Changes made in ITR 1

⦁  IT department has added TCS (Tax collected at source) section in ITR 1
⦁  Also included Schedule of Assets and liabilities at end of the year (where total income is more than Rs.50 lac).

2. ITR Form 2A :- IF you are comes under individual or Hindu Undivided Family (HUF) you need to use ITR 2A. check out who need to fill ITR 2A;

⦁  If you are salaried person/pension income
⦁  If you are earning from multiple source of income
⦁  If you don’t have any business income/ no earnings from capital gains
⦁  If you have income from FD/Shares/NSC etc;
⦁  If you have income from hours racing and lottery.

3. ITR Form 2:- It is almost same as ITR 2A, can be filled by HUF and any individual who fall in below criteria;

⦁  If you are salaried person or having pension income
⦁  You earn from capital gains
⦁  Earning from multiple house
⦁ You don’t have business income
⦁  You have assets in foreign country or earning from outside India
⦁  You have agriculture income more than Rs.5000
⦁  You are earning from lottery and horse racing

4. ITR Form 4S :-
From now onwards this ITR form can be filled with individual or HUF who have limited liabilities firm, and ;

⦁  Income from business
⦁  He/she don’t have capital gains
⦁  No assets in foreign country and does not earn from outside India income source
⦁  Earning from one house property
⦁  Agriculture income is less than Rs.5000/-

Other changes in ITR 3 and ITR 4 form

ITR 3 Form :- Now individual or HUF who is partner in firm but not have income from business can fill form no 3 where he/she’s business income only taxable after salary, interest.

ITR 4 form :- if you are earning from multiple source, having income source from outside India, capital gain, house property, horse racing, lottery and all other source, you need to fill ITR 4.

Why you should pay income tax?

As per the study of India today, direct tax collection of total tax revenue is just 50%. Which means 50% tax revenue comes from indirect tax (Service tax etc) which paid by poor people of india. So, for rich people, its their duty to pay income tax.

To download ITR Form, you can visit and download all ITR forms in Java Utility and Excel format.

Also read:- 


Post a Comment

Powered by Blogger.