This return form is to be used by an individual who is a resident other than not ordinarily resident and whose total income for the assessment year 201819. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. Itr2 form filing income tax return income tax india. Time has come to file your income tax return but which itr form to use is still a big confusion for many taxpayers especially for the first timers. Y 201920 page 1 of 67 instructions for filling out form itr 3 these instructions are guidelines for filling the particulars in incometax return form 3 for the assessment year 201920 relating to the financial year 201819. The primary difference between the two is that we cannot use itr2a form in cases where the individual has earned an income from capital gains. We tell you which form out of itr 1, 2, 3, 4, 5, 6 or 7 to use to file your income tax return in ay. Different forms are required to be used for filing your itr depending on whether you are a resident or not and what are the sources of your income. The income tax return itr forms for ay 201920 fy 201819 were notified on april 9, 2019 by cbdt. This form summarizes all of the income or loss you have incurred for the past year. The itr2a form is applicable for the following people. Filling forms can sometimes be a tedious process but the income tax returns itr 1 form is an easy one to file. In case of any doubt, please refer to relevant provisions of the incometax act, 1961.
Also last year after filling itr my refund got deposited in bank account within 5 working days. You can use the link in the table of contents to quickly find out who can and who cannot file itr forms 1,2,3,4,5,6 and 7. The itr 5 form is divided into 2 parts and many schedules. The income tax act, 1961, and the income tax rules, 1962, obligates citizens to file returns with the income tax. While, individuals are due to file their itr by 31 st july. This year, the government has introduced the need toread more. Apr 08, 2019 you can use the link in the table of contents to quickly find out who can and who cannot file itr forms 1,2,3,4,5,6 and 7. This form must be used by resident indians who fall under the belowmentioned. Which itr form to use for income tax filing for fy201415. Income tax return forms ay 201718 fy 201617 which form. Here is a detailed list of who can use this form and who cant. The big question is which form should one use according to their status, income level, sources of income etc.
There are seven types of income tax return forms available in india from itr 1 to. How to use itr utility for filing income tax return. However, in case the losses have been brought forward from the previous year, exclusion is allowed. Sahaj stands for easy in hindi and any salaried person including pensioners, family pension holder and person earn income by interest can use this form to file itr. There are itr 1, itr 2, itr 3 and itr 4 which can be used by individuals. A new format of itr 4 form is notified for the assessment year 2019 20. Lets first look at the classification of source of income as per income tax laws. Jul 18, 2014 which itr to file for assessment year 201415. Filing returns using the right itr form is very important. By shalini jain the central board of direct taxes cbdt notified tax return forms for the financial year fy 201819 on april 01, 2019. The itr2 form is applicable for the individuals who have earned income through the sale of assets or property. Mar 23, 2020 itr 1 or sahaj is a simplified onepage income tax return form that can be used to file the income tax return. I will update this section as and when the cbdt notifies the other forms.
Director in a company or an individual having investment in unlisted equity shares of a company is not eligible to file itr 1 and itr 4. Though the return in itr form 1 can be filed through excel and java utilities, it is advisable to use the efiling platform as it is the easiest way to file the return. It has allowed taxpayers holding a single house property to use itr1 or itr4, even if they hold it jointly. An individual having income above rs 50 lakh cannot use this form. Aug 17, 2015 which itr form to use for income tax filing for fy201415 a. Which itr form to use for filing income tax returns in india. Income from other sources like interest income, dividends earned, etc. As per the central board of direct taxes, forms itr 1, itr 2, itr 3, and itr 4 are applicable to individuals. Learn about these different types of itr forms here and find out which itr form to file. Article discusses who can use itr 1 sahaj, itr 2, itr 3 and itr 4 sugam form for assessment year 201819 or say financial year 201718. These itr forms are related for assessment year 201920 only i. Which itr form to use for assessment year 201920 money boat.
Income from salary, business, commission, house property, capital gains, share trading. Use income tax calendar to know about the due dates of all itr forms. The applicability of itr forms for the current year has been explained in below tables. Thankfully there is no change in the number and name of forms as compared to last year. Itr filing for ay 201920 explained in 3 steps livemint. If you are wondering about which itr forms to use then read on. Itr forms check out various types of income tax return forms and compare.
Itr2a form has been discontinued and merged with itr2 form. Who can use itr1 form for filing returns and who cant. In 20, income tax department issued letters to 12,19,832 nonfilers who had done high value transactions. Every taxpayer should file his itr on or before the specified due date.
The income tax act, 1961, and the income tax rules, 1962. This return form should be used by an individual or an hindu undivided family whose total income for the financial year 201617 includes income from. The income tax return itr forms were notified on april 5 by cbdt. In simple words, if you are using the itr 2a you can, on the other hand, can use itr 2 form too. Now that we have seen different uses of itr 1, itr 2a and itr 2, let us take a look at itr 2 and itr 2a. Who can use itr 1, itr 2, itr 3 and itr 4 sugam for a. The forms available are meant for different purposes so ensure that you understand your scenario first and then pick up which form to use.
My it returns for the last 10 years ever since this was conceived. Itr 5 is to be used by firms, llps limited liability partnerships, aops association of persons and bois body of individuals. However, if someone is needed to file the income tax return us 94a, 94c, 94b, or 94d is not eligible to use this form. However, after concerns raised by taxpayers, the government issued a clarification on january 9, 2020 clarifying that abovementioned high spenders would be eligible to use simple itr1, if they satisfy other conditions for using the same. How to file itr 1 with salary, home loan and other income for. When you file a belated return, you are not allowed to carry forward certain losses.
This form works as a return form for the taxpayers who opt for presumptive income scheme under section 44ad, section 44ae, and section 44ada and those who have income less than rs. How to file an itr for income from trading in the nsebse quora. Which itr form to file ay 201920 fy 201819 investdunia. The form is also applicable to individuals who have income sources outside india. Open the location by default it will be in downloads folder of the system where the zip file compressed file is downloaded. In this post we tell you which is the right itr form for you for ay 201920 fy 201819. Know the correct income tax return form applicable to you. Hence, i have taken this topic which itr form to file ay 201920 to clarify the readers. Income from capital gains short term and long term is eligible for the itr 2 form. The cbdt has notified 7 types of incometax return forms. Itr1 form is also referred as sahaj form, is designed for the salaried person to file income tax return with.
Itr efiling income tax returns which itr should i file. We need to know the source of income for the particular case. A housewife does not have any income unless she is also involved in some activities like home tuitions, some small business or consultancy, has investments like fds, shares, mutual fu. Income tax return is the form in which assessee files information about his income and tax thereon to income tax department. May 01, 2017 filing of itr of nse and bse if you are trading in equities in delivery basis then you can file it by showing capital gain or capital loss if its capital loss you should file the return timely before july 31st to carry forward the losses. Selection and filing of the correct tax return form as per the residential status, source and quantum of income is necessary as filing of an incorrect tax form may render the income tax return as defective. Usually, the deadline for filing income tax return with itr1 form is 31st of july. Log on to efiling portal at if you are not registered with the efiling portal, use the register. The income tax return itr that most people refer to is actually the annual tax form that an individual files every april 15th of the following year.
This return form should be used by an individual or an hindu undivided family whose total income for the financial year 201617 includes income from salary pension, income from more than. Y 201920 page 1 of 67 instructions for filling out form itr3 these instructions are guidelines for filling the particulars in incometax return form3 for the assessment year 201920 relating to the financial year 201819. There are various itr forms namely itr1sahaj, itr2, itr3, itr4, itr4s sugam, itr5, itr6 and itr7. Each return form is applicable according to the status of taxpayer and type of income he earns during the year. Apr 17, 2018 article discusses who can use itr 1 sahaj, itr 2, itr 3 and itr 4 sugam form for assessment year 201819 or say financial year 201718. How to file your annual itr 1701 or 1701a or 1700 using taxumo. For individuals being a resident other than not ordinarily resident having total income upto rs.
In this post we tell you which is the right itr form for you for ay 201819 fy 201718. Form itr1 can be used by individuals who fall in one of the following categories. Thank u income tax department and government of india. Income tax return is a document about the income and tax details that you submit the government concerned tax authority. The sugam itr 4s form is a presumptive income tax return form and is part of the income tax returns filing process with the income tax department of india.
In financial year 201718, maximum number of people filed itr129. If you yet to file income tax returns and looking which it form to use for income tax filing for fy20142015 i. The instructions to fill itr 2 and itr 3 tax return forms released by cbdt last week should help the. Every year income tax department releases itr forms which are to be used in filing tax. For filing of income tax return, the income tax department has provided seven forms named itr 1, itr 2, itr 3, itr 4, itr 5, itr 6 and itr 7, and one form itrv for verification, according. Apr 06, 2017 now let us see the new income tax return forms ay 201718 fy 201617 one by one.
We tell you which form out of itr 1, 2, 3, 4, 5, 6 or 7 to use to file your tax return in 2018. Filing of itr of nse and bse if you are trading in equities in delivery basis then you can file it by showing capital gain or capital loss if its capital loss you should file the return timely before july 31st to carry forward the losses. All the itr forms are already available on income tax website. Income tax return itr form 1, itr2, itr3, itr4, itr5. The choice of itr form mainly depends on the source and amount of income. Now let us see the new income tax return forms ay 201718 fy 201617 one by one. Itr1 sahaj cannot be used by someone whose total income exceeds rs. Click here to download the latest itr3 form from the income tax department. How to use itr utility for filing income tax return step 4. This form must be used by resident indians who fall under the belowmentioned categories. This return form is to be used by an individual who is a resident other than not ordinarily resident and. Also, do remember that as the forms have been notified without the return filing utility, the taxpayer, who is required to file the return before the previous year ends, cannot. Right click on the downloaded zip file and click on extract all. From this assessment year, there is a penalty under section 234f of the income tax act.
The difference between itr1 and itr2 will be clearer now as we have seen the different uses of itr1, itr2a and itr2. Here is a quick guide itr 1 forms eligibility, and procedure. Apr 01, 2019 the income tax return itr that most people refer to is actually the annual tax form that an individual files every april 15th of the following year. The income tax department has provided seven itr forms itr 1, itr 2, itr 3, itr 4, itr 5, itr 6 and itr 7 to enable assessees to file their income tax return online. For individuals, hufs and firms other than llp being a resident having total income upto rs. The sugam itr4s form is a presumptive income tax return form and is part of the income tax returns filing process with the income tax department of india. Individuals use forms itr 1, 2, 3 or 4, depending on their sources of income. Corporate entities are to file by 30 th september the big question is which form should one use according to their status, income level, sources of income etc.
Itr 1 form or the income tax return sahaj form is a singlepage form concerning to individuals earning income up to rs. Thought it is little late now, but still many of us yet to file income tax returns for fy201415 a. Business or professioninitiated individuals can file the itr 2 form if they have an income under a partnership firm where the individual huf is a partner. Further, various basic information and tax details are prefilled in the itr form prepared through the efiling platform. Know the correct income tax return form applicable to you for. If you are preparing for filing your income tax returns in india then you must be wondering which itr form to use. Any income from single or multiple house property is eligible for this income tax return type. Here, we discuss about all the forms to let taxpayers use the correct form to file. Itr1 form is to be used by an individual having income from following sources.
This form can be used by a hindu undivided family huf or an individual taxpayer. How to file itr 1 with salary, home loan and other income. Income from salary pension income from one house property not being brought forward losses from previous years income from other sources not being income from lottery or race horses moreover, in case any income of spouse, minor child, etc. Various forms are itr 1, itr 2, itr 3, itr 4, itr 5, itr 6 and itr 7. Who can file which itr, types of itr forms and who can fill them. The form is required to be filled out and submitted by those who are eligible to use it under the income tax act, 1961, and the income tax rules, 1962. Moreover in that situation you can not use this form and have to use form no. Income tax return itr is a form in which the taxpayers file information about his income earned and tax applicable to the income tax department. Jul 19, 2019 though the return in itr form 1 can be filed through excel and java utilities, it is advisable to use the efiling platform as it is the easiest way to file the return. If we compare itr 2a and itr 2, we will realize that itr 2 is a more comprehensive form. On the other hand, itr 5, itr 6 and itr 7 are applicable to firms and companies.
This form can be used only for the income generated during fy 201617. In case a partner in the firm does not have any income from the firm by way of interest, salary, etc. Download income tax return forms ay 202021 itr1 sahaj. Know the correct income tax return form applicable to you for fy 201819. This return form should not be used by an individual whose total income for the ay 201819 includes income. Any salary or pension earned by an individual from hisher employer and taxable under the category income from salary income from house property. Jul 19, 2019 director in a company or an individual having investment in unlisted equity shares of a company is not eligible to file itr 1 and itr 4. The form varies based on the source of your income and if you use the wrong form to file your itr, it will be considered invalid. How to file an itr for income from trading in the nsebse. Which itr form to use for income tax filing for fy201415 a. In 2014, income tax department has identified additional 22,09,464 nonfilers who have done high value transactions.