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

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• Dear Sir, In this AY 2016-17 I had professional income from sales Tax practitioner as rS.550000/- in cash whole year. And trading in derivatives occurs losses of Rs.70 k approx, LIC paid from my account rs.30500/- and medical claim policy paid in totality Rs.22000/- so which form I should submit as LTCG is nill and STCG is a net loss. Also, calculate the final tax liability amount if any.

  • Sachin-Use ITR3.

• Hi,
  I am presently employed in some firm as the consultant role. I don't have any other income source. My employer has issued me form 16A and they have deducted TDS of flat 10% every month. In my case, the nature of payment mentioned in Form 16A as 194J(Fees for Professional & Technical services).
  My query is:-
  1. Which form to fill online and submit(ITR-/2/3/4/ any other)?
  2. How can i get refund of rest my 10% TDS after deduction of taxes(as my income tax is much lower than that TDS)?
  3.Is my salary to be mentioned in Income from Other sources column in ITR or other?

  • Sabhajit-1) ITR1.
    2) It is based on your total income. If your tax liability is more than 10%, then you have to pay more tax (less of already deducted TDS).
    3) It is salary income.

    • But does "Fees for Professional &Technical Services" comes under salaries? Or it should come under Professinal fees of ITR -3? I have this doubt as in one of your blog posts in tthe queru of soome otherr peerson for Ay17-18 you have mentioned to fill up Itr-3. So I am confused. Pl help

      • Subhajit-Fees or Professional service income where there is no relation of employee and employer is considered as a business or professional income. Hence, one must use ITR3.

        • I am working on contract basis with no pf or other deductions from the employer. So, I think, I might have to fill ITR-3.
          Now, how can I sybmit ITR-3 online? Or it is in paperform only?

        • Subhajit-If you are a contract employee, then it is considered as salary. Use ITR1.

      • Supratik says:
        Here yu have mentioned to fill Form ITR-3. Hence confused because I have also same type of income except FD interest.

        • Supratik says:
          "July 6, 2017 at 10:03 AM

          Hi Basu, my wife has been working as a management consultant in a private sector diversified conglomerate since January 2017 on contract (as opposed to an employee with benefits like medical insurance pf etc) and has received a total sum which is less than 2 lakh for fy 2016. The company has been deducting TDS @ 10% and has issued form 16A.
          In addition, she also has interest income from fd.
          Should she file ITR 3 or 4 please? I understand that some professionals can claim presumptive taxation under 44ADA and hence the confusion between 3 or 4."
          This is the post after which I am confused to file which ITR

        • Subhajit-Refer my latest post "Income Tax Return Forms AY 2017-18 (FY 2016-17) – Which form to use?".

• Hi, Last Year i entered in Share Market, before that i use file ITR 1 based on Form16, now because of share market, STCG is in profit, and Speculative is in -ve, P& L is almost zero balance, i want to file ITR2, but not understanding how to file, can u guide me, where i have to show STCG, where Speculative

  • Reddy-Refer my latest post "Income Tax Return Forms AY 2017-18 (FY 2016-17) – Which form to use?".

• I am finding difficulty of filling in my Short term capital gains (income from share sell) in ITR 2 of AY 2016-17, please guide me. When I am filling in CG tab of ITR 2 (in row 2i), and starting to "calculate tax " in T1-TT1, it shown error.
  Regards,
  Mitali

  • Mitali-I am not sure of what went wrong.

    • When I start “calculate tax ” in T1-TT1 tab, or, try to "validate" in CG tab, the message comes : "PLEASE ENSURE THAT TOTAL OF THE VALUES IN TABLE f(3) IN STCG 15% IS EQUAL TO ITEM 3iii OF SCHEDULE BLFA - Rs.....".

      • Mitali-Refer this PDF.

        • Thanks

• I am a medical doctor having income from salary ,contractual consultancy fees ,one house property and bank interest. Which form should I use 4or 4S for the current ay

  • Ram-ITR4.

    • Thanks Basavaraj for guiding me to file ITR 4. My querry is that I earned Rs 9 lac from medical consultancy in ay 16-17. upto what percentage of this , I can show as my expenditure to earn this money.

      • Ram-There is no such restriction. But you must in a position to show the proof.

• Sir,
  Thanks for your guidance and support for helping me file my returns successfully.

  • Debadrito-That's great to know.

• ASSESMENT YEAR 2013-14 ITR 1 DUE DATE OVER

  RUBEENA

  • Rubeena-What is your doubt?

    • ASSESMENT YEAR 2014-15 ITR 1 DUE DATE OVER.
      Next solution,
      Please suggest.

      RUBEENA

      • Rubeena-Next solution is to file late ITR.

        • Assesment year 2014-15 ITR 1 filing date over,
          After due date filling but not submit form online.
          Please suggest.

        • Rubeena-Contact any tax expert of your area. I think you missed many years and many doubts.

        • Thanks sir

  • Wrong post

    • Rubeena-Thanks :)

• One of friend has left job in the previous FY. So, no Form 16 this year. This year she had no income. The only income she had in this FY is one maturity sum of amount Rs.148000/- from LIC(in Spet'2015) and soem bank account transfer of her husband/father amounting Rs.50000/-.
  My question is:-
  1. Which ITR is required to fill?
  2. Bank account statement soft copy needed?
  3. Does it require to fill return for her? In previous years she usually fill ITR 1 as salaried professional.

  • Subhajit-The total income is less than Rs.2,50,000. But still she want to file ITR, then let her us ITR1. Bank statement not required.

• HELLO SIR

  I AM HOUSEWIFE

  I FIXED DEPOSIT IN YEAR 2013-14 ONE YEAR PERIOD AMOUNT RS 150000/-.
  BANK TAX DEDUCT SECTION 194A SECTION.

  AMOUNT PAID RS 5637/- AND TAX DEDUCT RS 1377/-
  REFUND RELATED WHAT ITR FORM SUBMIT.

  ITR 1 FORM DUE DATE OVER.

  RUBEENA

  • Rubeena-ITR1.

• Hi Basavraj,

  Slightly deviating from the topic, I have a query on booking status of Form 26AS.
  Lets assume I work for ABC high school. Ideally my From 26AS should have only one deductor.
  But my form 26AS shows 2 deductors, one from ABC high school and the other from ABC PUBLIC school.
  TDS has been cut from ABC PUBLIC school from month of Nov and Dec 2015 and
  the booking status for both is marked as 'U', i.e. mismatch.
  The TAN of both the deductors are different but they almost look the same with few characters different.

  I am guessing there must be a single CA deducting the taxes for both the schools and they have done some mistake and that's why the mismatch.

  Now is it OK if I go ahead and file the returns and claim the refund on the extra tax(with booking status as 'U')?
  or is there any corrective action that needs to be taken from my employer?

  Thanks,

  • Kirthi-I think they changed the organization name with IT. So there are two deductors. Check the same with school. It is better to go with Form 26AS.