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Wednesday, 14 June 2017

Different Types Of ITR Forms, From A.Y. 2017-18 With Certain Changes

Government has change the some certain things in the ITR Forms, from A.Y. 2017-18. Some ITR form has been merged or replaced with other ITR form.New Types of ITR Form are as follows to applicable to assesses.

1. ITR-1 (Sahaj) For Individual having income from-
  • Salaries, Pension, 
  • Income from One House property, 
  • Income from Other Sources (except lottery, winning & horse race)
  • Having agriculture income below or equal to Rs. 5,000/-
2. ITR-2 (ITR-2, 2A & 3 merged in ITR-2) For Individual & HUF having income from-
  • Salaries, Pension, 
  • Income from House Property can be more than One,
  • Share of partner Income from Firm,
  • Income From Capital Gain,
  • Income from Other Source, 
  • Foreign Income If any,  
  • Having agriculture income more than Rs. 5,000/-
3. ITR-3 (Existing ITR-4 replaced with ITR-3) For Individual & HUF having income from-
  • Salaries, Pension, 
  • Income from House Property can be more than One,
  • Income from Proprietary Business Or Professions 
  • Share of partner Income from Firm, 
  • Income From Capital Gain,
  • Income from Other Source, 
  • Foreign Income If any,  
  • Having agriculture income more than Rs. 5,000/-
4. ITR-4 (Sugam)(ITR-4S now ITR-4 Sugam) For Individual having income from-
  • Income from Presumptive Business Or Profession covered under section- 44AD, 44ADA & 44AE,
  • Income from One House property, 
  • No Capital Gain,
  • Income from Other Sources (except lottery, winning & horse race)
  • Having agriculture income below or equal to Rs. 5,000/-
  • No Foreign Income,If Any
5. ITR-5 For the Following Entities-
  • Firms,
  • Body Of Individuals (BOI),
  • Limited Liability Partnership (LLP),
  • Association Of Persons (AOP),
  • Artifical Judicial Persons,
  • Local Authorities,
  • Co-Operative Societies.
6. ITR-6 Applicable to-
  • For Companies except those are claiming the exemption under section 11.
7. ITR-7 Applicable to-
  • Section 139(4A)- Trust
  • Section 139(4B)- Political Party
  • Section 139(4C)- Fund/Medical institutions, News Agency, Any institutions or association covered under section 10(23A), Any institutions covered under section 10(23B), 
  • Section 139(4D)- College/Universities or any such institutions. 

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