ITR Forms have been released by the Income Tax Department for Financial Year 2016-17 i.e. Assessment Year 2017-18. Income Tax Department released Total 7 ITR forms for Tax Payers. We will Discuss briefly about ITR Forms below.
Each type of ITR Form is in 3 Formats –
- Excel Utility
- Java Utility
- PDF File.
Who will file ITR Forms through Online?
All taxpayers having income more than Rs. 5 Lakhs are now mandatorily required to submit their income tax form online. Those taxpayers with income below Rs. 5 Lakhs can either submit their income tax form online or can submit the physical forms as well.In case the taxpayer is filing the Income Tax Returns online without using Digital Signature, the taxpayer shall take a print of ITR-V, duly sign the same and send to the following address within 120 days of filing the Income Tax Return Online by ordinary post to:-
“Post Bag No. 1, Electronic City Office, Bangalore – 560500, Karnataka”
How to Upload ITR Forms.
After Generating XML file and save in desired path/destination in your desktop/system. Then LOGIN to e-Filing application and GO TO --> e-File --> Upload Return, Select the Income Tax Return Form and the Assessment Year, then Browse and Select the XML file Upload Digital Signature Certificate, if available and applicable. Click 'SUBMIT'. On successful upload, Acknowledgement details would be displayed. Click on the link to view or generate a printout of Acknowledgement/ITR-V Form.
Foe more information about uploading Return, go to http://incometaxindiaefiling.gov.in/-----> select Learn How to e file.
Income Tax ITR Forms Flow Charts-PDF, Images
ITR-1
Who can use this Return Form | Who cannot use this Return Form |
This Return Form is to be used by an individual whose total income for the assessment year 2017-18 includes:-
NOTE: 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 the above income categories. | This Return Form should not be used by an individual whose total income for the assessment year 2017-18includes - · Resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India. If you have foreign assets, you cannot use ITR1.· If you have exempt income which is more than Rs. 5,000, you cannot use ITR-1. |
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ITR-2(Old ITR 2,2A,3)
Who can use this Return Form | Who cannot use this Return Form |
This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2017-18 includes:-
Note: 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. | This Return Form should not be used by an individual whose total income for the assessment year 2017-18 includes Business/Professional Income, Presumptive Business Income(Sec. 44AD and 44AE) |
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ITR-3 (Old ITR 4)
This Return Form is to be used by an individual or a Hindu Undivided Family who is carrying out a proprietary business or profession.
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ITR-4 (Old ITR 4S)
Who can use this Return Form | Who cannot use this Return Form |
Income tax Return to be filed by individuals, HUF and small business taxpayers having:
Note1: 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. Note2: 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 the above income categories. | This ITR Form cannot be used if, taxpayer
|
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ITR-5
This Form can be used by a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form.
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ITR-6
This Form can be used by a company, other than a company claiming exemption under section 11 (Income from property held for charitable or religious purposes)
This return has to be filed electronically only under digital signature to the Income Tax Department.
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ITR-7
This Form can be used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F).
- Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
- Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.
- Return under section 139(4C) is required to be filed by every -
- scientific research association;
- news agency ;
- association or institution referred to in section 10(23A);
- institution referred to in section 10(23B);
- fund or institution or university or other educational institution or any hospital or other medical institution.
- Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.
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Electronic Filing of Returns
Electronic filing of income tax return is mandatory for the taxpayer if the total income is more than Rs. 5 lakh or if there is a claim of refund except for super senior citizen (Age above 80 years) or if ITRs 2, 4, 5, 6 or 7 have to be filed (Rule 12 (3) of the Income Tax Rules, 1962 as amended).Details regarding how to file the income tax return is available at https://incometaxindiaefiling.gov.in/ -> Help tab -> 'How to e-file' and for any other queries on e-filing -> Please go to -> Help tab -> FAQ.
New functionality of electronic verification code (EVC) of the Income Tax return has been introduced vide Notification No. 2/2015, dated 13/07/2015. You can use this facility as an alternative for submission of ITR-V to CPC- Bangalore. To know further details on EVC, please visit www.incometaxindiaefiling.gov.in -> Help tab -> EVC user manual.
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More Information about Income Tax Filing :Welcome To efiling Website (Income Tax)
Thank you friends next time we will meet in Income Tax Savings..........Bye....
--All the above contents only for Public reference and not for any other purpose. Therefore, I can not take any responsibility for the results or consequences of any attempt to use or adopt any of the information presented on this blog---
Thanks & Regards
S. Praveen Kumar Reddy.
S. Praveen Kumar Reddy.
Hello, my name is S Praveen Kumar Reddy, qualified as Chartered Accountant in 2018. Experienced Person with a demonstrated history of working in the Taxation and Accounting industry. Skilled in GST returns Filing, Accounting, Personal Income Tax Returns, Corporate Law, Microsoft Excel and Tally ERP..
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