Income Tax Return Filing AY 2014-15-Which forms to use?

It is once again time for filing IT return. If you have only one source of income then there will be no problem. But in case if your income is from different source then you will get confused in using forms for the same. So let us simplify this in today’s post.

Note-We deactivated commenting option for this post. If you have any doubts, then either ask the same in the latest post “Income Tax Return filing forms for AY 2016-17 (FY 2015-16)-Which form to use?” or use BasuNivesh Forum.

Refer the new forms list for FY 2015-16 (AY 2016-17) details in below post.

• Income Tax Return filing forms for AY 2016-17 (FY 2015-16)-Which form to use?

1) ITR-1 SAHAJ (Indian Individual Income Tax Return)–

Who can use this form?

• Income from Salary/Pension
• Income from one House Property (but excluding those cases where loss is bought forward from previous years)
• Income from Other Sources
• In case when income of spouse or minor child to be clubbed with income of assesses (but do remember that income to be clubbed falls into above income category)

Who can’t use this form?

• Income from more than one House Property
• Income from winning from lottery or income from horses
• Income under the head of Capital Gains (whether it is LTCG or STCG)
• Income from Agriculture/exempt income in excess of Rs.5,000
• Income from Business or Profession
• Loss under the head of “Income from Other Sources”
• Person claiming relief under the Sec of 90 and or 91.
• Any resident having any asset located outside India.

2) ITR-2 (For Individuals and HUFs not having Income from Business or Profession)

Who can use this form?

• Income from Salary or Pension
• Income from House Property
• Income from Capital Gains
• Income from Other Source

Who can’t use this form?

• This form should be not used by an individual whose income for AY 2014-15 includes income.

3) ITR-3 (For Individuals and HUFs being partners in firms and not carrying out business or profession under any ownership).

Who can use this form?

This form can be used by an individual or HUF who is partner in a firm and where income chargeable to tax under the head of Business or Profession. But must not include any income except the income by the way of interest, salary, bonus, commission or remuneration. Also in case partner of firm does not have any income from the firm by way of interest or salary etc. and has only exempt income by way of share in the profit of firm, then he need to use this form only but not ITR-2.

Who can’t use this form? 

This form can’t be used whose total income for AY 2014-15 includes income from Business or Profession under any ownership.

4) ITR-4S SUGAM (Presumptive Business Income both for Individual and for HUF)

Who can use this form?

• Business Income computed in accordance with special provisions referred to in Sec.44AD and 44AE of the Act.
• Income from Salary or Pension
• Income from one House Property ( excluding cases where loss is bought froward from previous years)
• Income from Other Sources (excluding lottery or horses)
• In case when income of spouse or minor child to be clubbed with income of assesses (but do remember that income to be clubbed falls into above income category)

Who can’t use this form?

• Income from more than one house property
• Income from lottery or horse
• Income under Capital Gains
• Income from agriculture/exempt income in excess of Rs.5,000
• Income from special incomes
• Income from a profession referred in sub-section (1) of Sec.44AA or income from any agency, commission or brokerage
• Person claiming relief of foreign tax paid under Sec.90, 90A or 91
• Any resident having any asset located outside India.

5) ITR-4

This form can be used to individual or HUF who is carrying out a proprietory business or profession.

6) ITR-5

Who can use this form?

This form is mainly meant for firm, LLPs, AOP, BOI, artificial judiciary person referred in Sec 2(31) (vii), co-operative society and local authority.

Who can’t use this form?

This form not to be used by Individual, HUF or companies.

7) ITR-6

This form can be used by companies but other than companies claiming exemption under Sec.11.

8) ITR-7

This form can be used by persons including companies who are required to furnish return under Sec.139(4A), 139(4B), 139(4C), or 139(4D).

Note-We deactivated commenting option for this post. If you have any doubts, then either ask the same in the latest post “Income Tax Return filing forms for AY 2016-17 (FY 2015-16)-Which form to use?” or use BasuNivesh Forum.

Image courtesy of [Grant Cochrane] / FreeDigitalPhotos.net