Which ITR Form to use for income tax filing for FY2014-15 (A.Y2015-2016)?

Which IT Form to use for income tax filingWhich ITR Form to use for income tax filing for FY2014-15 (A.Y2015-2016)?

Thought it is little late now, but still many of us yet to file income tax returns for FY2014-15 (a.y.2015-2016). If you yet to file income tax returns and looking which IT Form to use for income tax filing for FY2014-2015 i.e. assessment year 2015-2016, this article is for you. In this article, we would provide various ITR forms and which ITR form one need to use.

Who needs to file ITR online?

The process of filing your tax return on the internet is called e-filing. It’s cheaper and more convenient  and anybody (assesse in legal financial speak) whoearned more than Rs 5 lakh per annum in financial year (FY) 2014-15 or Assessment Year (AY) 2015-16, are required to e-file their ITRs.

Also Read: A to Z of current income tax provisions in India

For this, you will need an ITR form to begin based on your income type and who you are in the eyes of law:


Used more than other form, is used by individuals or Hindu Undivided Families or HUFs who have no income other than salary, pension, interest or from a single house/ property (excluding cases where loss is brought forward from previous years), other sources of income (excluding lottery and horse-racing).

Not applicable to:

  • Any resident having any asset or financial interest in any entity outside India.
  • Those having agricultural income more than Rs 5000
  • If you have more than house property
  • If you incurred loss under the head “income from other sources”
  • If claiming relief for foreign tax paid under section 90 and or 91

ITR Form – ITR-2A

Everything in ITR-1 but having income from multiple houses, properties and agriculture and exempt income (For Individuals and  HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets).

Not applicable to:

  • If you have income under capital gains( by selling house or other assets such as stocks, bonds, gold, jewelry, paintings, with an intention to increase wealth).
  • Income from business or profession. By profession,the IT department implies a vacation or a job that required some special skillsand knowledge like doctor, chartered accountants, lawyer, architect, engineer, etc. Primarily activities wherein the livelihood is earned through intellectual or manual skill. While “business” means any economic activity done with a profit motive.

ITR Form – ITR-2

Everything from ITR-2A and income from capital gains, foreign sources and or having foreign assets (for individuals not having business or profession income).

Not applicable to:

  • Individual whose total income includes income from business or profession or if you share profits in a partnership firm or LLP (limited liability partnership firm).

ITR Form – ITR-3

Everything from ITR-2 and profits from partnership firm (and not having proprietorship)

Not applicable to:

  • An individual whose total income includes income from business or profession or under proprietorship.

Below are certain other ITR forms applicable under different income situations:

Also Read: How to claim last minute income tax deductions / exemptions while filing income tax returns?

ITR Form – ITR-4S (SUGAM): Everything from ITR-1 plus income from presumptive business

ITR Form – ITR-4: Individual and HUFs under ITR-3, income from proprietary business or profession

ITR Form – ITR-5: This form is not for individuals, HUF but pertains to firms, associations etc

Now that you have the basic knowledge of all the important ITR forms required to e-file your IT returns, collect all your income statements and decide which ITR fits the bill. Note that the last date of filing income tax returns for individuals has been extended to 31st Aug from 31st July this year.

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This is guest post from Anand of quicko.com

Disclaimer: All information in this article has been provided by Quicko.com and MyInvestmentIdeas is not responsible for correctness of the data. Quicko.com is engaged in assisting in online ITR preparation and filing. The author can be contacted at anand@quicko.com.

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