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Income Tax Return ITR forms for FY 2015-2016 (AY 2016-2017)

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itr-forms-2016

CBDT has issued the Income tax return (ITR) forms for the financial year 2015-2016 (AY 2016-2017). Normally the last date of filing returns in 31st July.

ITR No Eligibility Forms
     
ITR 1 For Individuals having Income from Salaries, One house property, Other sources (Interest etc.)  itr12016
ITR 2 For Individuals and HUFs not having Income from Business or Profession  itr22016
ITR 2A For Individuals and HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets  itr2a2016
ITR 3 For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship  itr32016
ITR 4 For individuals and HUFs having income from a proprietary business or profession  itr42016
ITR 4A Presumptive business income tax return  itr4s2016
ITR 5 For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7  itr52016
ITR 6 For Companies other than companies claiming exemption under section 11  itr62016
ITR 7 For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)  itr72016

 

Some changes to IT Forms

1) Schedule AL added to all forms (including for ITR1 , ITR 2)  –  Declare Net Worth if Income more than Rs 50 Lakhs.  See detailed post othis requirement.

2) In ITR 4s –  Nature of Business needs to be mentioned, If more than one Business, then indicate three main activities or products. 

 

If you have any queries related to this article or any other personal finance query ( Investment, Taxation etc), please comment below

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4 comments

  1. Dear Sir,

    Kindly guide me with the tax liability for interest accrued from recurring deposits.

    As per my knowledge,
    1) For FD, if the accrued interest for the financial year is more than Rs.10,000, TDS is applicable and if it is less than 10,000 tax has to be paid while filing income tax return.
    2) For SB account, if the accrued interest for the financial year is more than Rs.10,000 , it is taxable otherwise it is non-taxable.

    But, I have not idea about the taxes applicable for RD. Kindly guide me.

    • Hi Vignesh

      You need to show all interest from FD, RD and Saving bank under Income from other sources. All these are taxable.

      However,

      1) FD interest – TDS is dedcuted by Bank if the FD interest is more than 10000 in a year. So if TDS is deducted, you can claim the TDS amount under TDS paid or advance tax section.
      2) Saving Bank – You can claim deduction upto Rs 10000 under Section 80TTA
      3) RD Interest – NO TDS deducted. No tax deduction provisions.

  2. KALAKAR SATAPATHY

    I HAVE NO PAN CARD BUT MY A/C IS SAVINGS PLUS IN SBI MORE THAN RS 500000/- HELD IN MY A/C HOW I CAN EXEMPTED FROM TDS(INTT PAID DURING THE FY BANK) IF I SUBMIT FORM 15G THAT SHOULD BE VALID FOR NON TDS FOR THE FY.

    • PAN is must to submit Form 15G/H. So if you intend to submit these forms for non decuction of TDS, you need to get a PAN and submit to the bank.

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