Department of Income Tax has issued various Tax Return Forms to file Income Tax Return as per taxpayer Income & Status of Assessee. The very useful information regarding Income Tax Return forms are as under:
ITR 1 (Sahaj) :
Who can use this form ?
This Return Form is to be used by an Individual whose Total Income for the assessment year 2016-17 includes :-
- Income from Salary/Pension; or
- Income from One House Property (excluding cases where loss is brought forward from previous years); or
- Income from Other Sources (excluding winning from Lottery and Income from Race Horses)
Note:
Further,
in a case where the income from another person like spouse, minor
child, etc. is to be clubbed with the income of the assessee, these
Return Form can be used only if the Income being clubbed falls under the
above categories.
Who cannot use this form ?
1. This Return Form should not be used by an Individual whose Total Income for the assessment year 2016-17 includes:-
- Income from more than one House Property; or
- Income from winning from Lottery or income from winning from Race Horses; or
- Income under the head "Capital Gains", e.g., short term capital gains or long term capital gains from the sale of house, plot, shares etc.; or
- Income from agriculture/exempt income in excess of Rs. 5,000; or
- Income from Business or Profession ;or
- Loss under the head 'Income from other sources'; or
- Person claiming relief of foreign tax paid under section 90 and/or 91;or
- Any resident having an asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.
ITR 2 :
Who can use this form ?
This
Return Form is to be used by an individual or a Hindu Undivided Family
whose total income for the assessment year 2016-17 includes :-
- Income from Salary / Pension; or
- Income from House Property; or
- Income from Capital Gains; or
- Income from Other Sources (including Winning from Lottery and Income from Race Horses).Further, in a case where the income of another person like spouse, minor 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 form ?
This
Return Form should not be used by an Individual or a Hindu Undivided
Family whose Total Income for assessment year 2016-17 includes Income
from Business or Profession.
ITR 3 :
Who can use this form ?
This
Return Form is to be used by an individual or an Hindu Undivided Family
for the assessment year 2016-17 who is a partner in a firm 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 form ?
This
Return Form should not be used by an individual whose total income for
the assessment year 2016-17 includes Income from Business or Profession
under any proprietorship.
ITR 4S (Sugam) :
Who can use this form ?
This Return Form is to be used by an individual/HUF whose total income for the assessment year 2016-17 includes :-
- Business income where such income is computed in accordance with special provisions referred to in section 44AD and 44AE of the Act for computation of business income; or
- Income from Salary/Pension; or
- Income from One House Property (excluding cases where loss is brought forward from previous years); or
- Income from Other Sources (Excluding Horses)
Note:
- The Income computed shall be presumed to have been computed after giving full effect to every loss, allowance, depreciation or deduction under the Income Tax Act.
- Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the Income being clubbed falls into either of the above income categories.
Who cannot use this form ?
This Return Form cannot be used to file the following incomes
- Income from more than one House Property; or
- Income from winning from Lottery or income from Race Horses; or
- Income under the head "Capital Gains", e.g. Short term capital gains or long term capital gains from the sale of house, plot, shares etc.; or
- Income from agriculture/exempt income in excess of Rs. 5,000; or
- Income from Speculative Business and other special incomes; or
- Income from a profession as referred to in subsection (1) of section 44AA or income from agency business or income in nature of commission or brokerage; or
- Person claiming relief of foreign tax paid under section 90,90A or 91;or
- Any resident having an asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.
ITR 4 :
This
Return Form is to be used by an individual or a Hindu Undivided Family
for the assessment year 2016-17 who is carrying out a proprietary
business or profession.
ITR 7 :
This
Form can be used by persons including Companies who are required to
furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D).
