New ITR form


#1

I want to know about new ITR forms. I have multiple sources of income. Please help.


#2

Hi,

Here is a list of various income tax return forms. You can choose the applicable form depending on your income type.

ITR 1 (Sahaj): For those earning income from salary, pension or property and other sources up to Rs. 50 lakh, the ITR 1 (Sahaj) form is applicable. ITR 1 (Sahaj) is now a simplified one page form with dedicated sections for deductions under Section 80c, 80D, 80G and 80TTA. Other deductions can simply be mentioned with the amount details.

ITR 2 : Any individual or Hindu Undivided Family (HUF) with income from salary, house property, capital gains or other sources excluding lottery or race winnings can file for returns through ITR form 2. This form is not, however, applicable for the ones with business income.

ITR 3 : What used to be called ITR 4 is now renamed as ITR 3. Effectively the form is applicable to any individual or HUF having income from proprietary business, salary or as a partner from a partnership firm.

ITR 4S Sugam: Individuals or HUFs with business or professional income with no foreign asset, income from one house property or capital gains can file for returns through ITR 4 (Sugam). The form is to be used for filing taxes using presumptive income method for business or profession.

You can download the ITR form from the IT department website. When in doubt, consult your tax planner or accountant.

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BB Expert