Filing your IT Return – Which IT Form should you submit?
There are different IT Forms where income tax assesses need to fill based on their sources of income. If you have multiple sources of income and confused which IT form to be used, this article is for you.
Different IT Forms for different assesses
Knowing the correct IT form to be filled is important instead of landing up in a problem. Below are the ITR FORM NO and the details of who can use it.
- ITR Form no 1 – For Individuals having Income from Salary & Interest.
- ITR Form no 2 – For Individuals & HUFs not having Income from Business or Profession
- ITR Form no 3 – For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
- ITR Form no 4 – For Individuals & HUFs having income from a proprietary business or profession
- ITR Form no 4S (SUGAM) – For Individuals/HUF having income from presumptive business
- ITR Form no 5 -For firms, AOPs, BOIs and LLP
- ITR Form no 7 – For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
Confused with high level summary, read on below which has IT Form wise detailed inform as to who can fill this and who CANNOT fill a specific IT Form.
Also read: How to file income tax return online in India
ITR Form no 1 – for Individuals having Income from Salary & Interest
a) This form is meant for salaried assesses and below assesses can fill this form.
- Income from salary and pension
- Income from one house property
- Income from other sources
b) This form is not supposed to be used by below assessee:
- Loss from house property of previous year
- Winning from lottery
- Income from horse races
- Income from capital gains not exempted from tax
- Income from agriculture which is greater than ₹ 5,000
- Income exempted which is more than ₹ 5,000
- Income from business or profession
- Claiming double taxation relief
ITR Form no 2 – for Individuals & HUFs not having Income from Business or Profession
a) This ITR form would be used by below assesses.
- Income from Salary
- Income from Pension
- Income from house property
- Income from capital gains
- Income from other sources
b) This form should not be used by below assessee:
- Income from business
- Income from profession
ITR Form no 3 – For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
- This ITR form would be used mainly for assessee who has Income from partnership.
- Assesses who has income from proprietorship should not use this ITR form.
ITR Form no 4 – For Individuals & HUFs having income from a proprietary business or profession
- This form is mainly used for assessee who has income from proprietary business or profession.
- Assesses who has income > ₹ 25 lakhs from profession should fill schedule AL which is mandatory disclosure of assets.
ITR Form no 4S (SUGAM) – For Individuals/HUF having income from presumptive business
This ITR form would be used by assessee who has below incomes.
- Income from business
- Income from salary
- Income from house property
- Income from other sources
Also read: How to file income tax rectification return onilne in India
ITR Form no 5 – for firms, AOPs, BOIs and LLP
- This ITR form would be used by an assessee who has LLP, Firm, BOI, AOP, Co-op society or local authority.
- Assessee whose sales or turnover exceed ₹ 1 crore in business or who has income from profession for more than ₹ 25 lakhs should mandatorily get tax audit done u/s 44AB by a Chartered Accountant. Due date for filling such returns are 30-Sep-2013.
ITR Form no 7 – for persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
- This ITR is for Companies.
What are your experiences in filing IT return in choosing various IT forms? Have you faced any problems?
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Suresh
Filing your IT Return – Which IT Form should you submit
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I’m a doctor by profession and working as consultant in a private company. I’m getting fixed remuneration from the company after deduction of 10% as TDS every month. My gross receiving are about 13 lakhs annually including TDS amount deducted. In which ITR form should i file my return. is it essential or mandatory to maintain account books, a profit loss account or balance sheet by my side if I’m claiming refund of TDS.or how i can ascertain my expenditures and deduction if i follow the option of non maintenance of account books.I’m not getting form 16 from my employer and TDS deducted under section 194J.
Request you to kindly guide me.
Dear Sir,
I want to know that i having coaching centre and my income is 5,00,000 rs which ITR i should file.
Hello sir,
I want to know that as my dad is having tailoring income operated by home…which ITR I should file…and how I should show his income.
It is treated as business from income, you should file ITR-4
Dear Mr. Suresh,
The only sources of income of my wife is share trading both intraday and short term. Her total income is less than the taxable limit of Rs. 2.5 lakhs p.a. Will she have to pay any tax in that case? If yes, then how the amount of tax to be paid can be calculated?
Regards
Down Syndrome through Steam Cell Treatment is covered or not can I declare under 80DD or 80DDB?
my mother gets her pension and my father's pension. Which income tax form should she fill? There is no other source of income apart from these 2 pensions?
my father was not a govt employee but lecturer in a college. my mother was a govt. teacher. is there any exemption?
Hi Samta, ITR-1 for pension amount. Commutted pension received by Govt. employees is exempted from tax. Pls check with the team from where your mother is getting pension.
Hi,
My mother has rental income only from one house property.
Please let me know which ITR form to be used for return filing.
Regards,
Sumukh Mohan
Sumikh, Use ITR-1 for filing rental income from one house property
Hi Suresh,
I have left my job and and trying to do something on my own. I have been filing tax return while I was on the job. Last financial year, I did not have any income except, interest income ( approx Rs 100,000) and share trading short term gain of approx Rs 2500/-. Do I need to file tax return ? If so, which form should I be using ?
Hi Sony, 1) Since you do not have taxable income of more than Rs 2 Lakhs, you need not file the return 2) If bank has deduced TDS on FD interest, you can file ITR and claim tax refund
Sir,
i worked as a consultant for 8 month than 4 month worked as a salaried employee . for initial 8 month TDS deducted by company . could i know which ITR should fill for ASS Year 2014-15.
To show or not to show exempt interest income on PPF a/c,below Rs.10000 exempt income on savings bank a/c in ITR2?
Thought it is exempted, you should show under tax free income / exempted income column
Dear Mr. Suresh,
My basic income comes from Pension & Interest on Fixed Deposit which accumulated to INR 400000.00 per annum. Apart from that, I do share trading.
Please let me know which ITR Form to be filled up by me for E-filing.
Thanks & regards,
Swapan Banerjee
Pls use ITR2
i think you go for ITR4 or ITR4S. becaus you do share trading if you have short term gain or lose from share trading.
ITR 4: in case your tounover is less then 1 crore and you make 8% profit of ur tournover in financial year.
ITR4S: In case your tournover is more then 1 crore you need CA audit.
ITR4S: In caase your tounrover is less then 1 crore but you are making less then 8% or lose and want to carry fwd that lose to next 8 years then nees CA audit and file itr4s
better counsul a CA.
Dear Sir
My wife having income from FD interest and from stock market short term trading which ITR for she should have to will and where she show her income.
regard
Lokesh
If you have bank FD interest and profits from stock market trading, use ITR2
Sir,
I was started my shop from 2011 but I did not fill ITR from last 2 year, now it is possible to fill old ITR and if yes then please suggest me which form I need to fill
Please reply
You can file ITR for previous years, however IT officer can impose penalty for you. You can still try.
I am fiing ITR2 for the AY 2014-15 in excel utility. My SB account number is not accepted though it is more than 9 digits. Can anybody tell me the way out I have tried my both the bank account number but it is not accepting. When I validating the sheet it is saying Bank account no. is invalid. Pl help.
put ‘ before the number and try
Dear Suresh
Appreciation for your efforts to help us out!
For AY 14-15, I have consultancy fee received for first 15 days of FY13-14. Rest of the year, i have received salary. Could I show that meagre income from consultancy fee as Other Income in ITR 1 or I should file ITR 4. THanks
Use ITR4 to take care of professional income
Hi,
I am housewife & have income from FD near 1lac. I forgot fill form 15g & bank had deducted the tax. So my question is which form should i fill.
You can fill ITR1 or ITR2 and indicate this under “Income from other sources” and indicate tax amount and claim refund
Dear sir,
Thank you for your help..
I also have similar question.. I want to file tax return online for financial year 13-14…
I have earned interest from bank — around 1 lac and
tax deducted is around 10,000 Rupees..
I want to file tax return only for this — I have nothing else.. no employment in india — no other income in india..
In this case, which one should I use?
1) Quick e-File ITR — online
2) ITR 1
3) ITR 2
Thank you in advance…
Pls do efiling ITR online. You can select ITR-1 or ITR-2 as you have only FD interest
I am working and having salary income for which TDS is deducted after adjusting my 80 c savings.
Further I do trading in stocks and shares. I have made Rs.68,560 profit under intradayu and made loss of Rs.1,84,000 under shorterm delivery trade. Kindly advise me how and which Form should be used by me for filing the tax? is its allowed to club the intraday and delivery based trading and offset the gain from the speculative Intrada gain to the delivery based trade loss? Awaiting your reply and guidance.
Hi Suresh,
I resigned my job in April 2013. I recvd Gratuity and Last month salary(March 2013 and a few days of April 2013) which is reported in Form 26AS correctly. Since my gratuity amount is tax exempt under sec 10, where should this be shown in ITR2.
Question 1.
Should be shown under Schedule S under line item 2 "Allowances exempt under section 10 (Not to be included in 7 below)" (iv) Other Allowances in the sheet "PARTB – TI – TTI – SAL" by keeping the Line Item 1 Salary as 0. .. net net showing Gratuity as an 'Exempt Allowance'.
OR
Should it be shown under Schedule EI( exempt income) under Line item 5 – Others and not declaring it in Schedule S
OR
Should it not be shown at all( in which case Form 26AS and ITR may not match).
Please do reply .
Arun – Did you get an answer to this? I have the SAME question as well. My consultant had submitted returns for me, showing it under Schedule EI.. Is that correct?
Hi Suresh,
I have a query regarding gratuity declaration in ITR. I quit my job last year in May 2013. I got gratuity of about 1.5 Lakh. Is ITR 2 the right form to use for filing returns. Again am not sure in which section to declare this gratuity amount as it is tax free( i had completed 8 yrs of employment). I do see Schedule SI, Item 5 – Others, including exempt income of minor child, is this where we can declare gratuity?
Also I got dividends from some shares i hold which amount to around Rs.3000 . Is it also exempt from taxation?
Thanks in advance.
Regards,
Krithika
Hi Suresh,
Can you please answer my query regarding Gratuity and Dividend income? I would really appreciate your advice in this regard.
Thanks in advance,
Krithika
Krithika, Gratuity which is taxable need to be declared under head “Salary”. In case this is exempted as per gratuity rules, you need to declare under “Exempted income”. See this article about tax treatment. https://myinvestmentideas.com/2013/07/what-is-gratuity-and-how-it-is-calculated/
Hey,
I have income from home tutions and house rent income. Can you please suggest which ITR form to use? Thanks.
ITR4S is for income from business / profession
I have rental income from self occupied property only , which itr should i fil.
Dear sir, I am having income of rent from one property only. Which form I should use. Reg
If you have only income from one property, you need to fill ITR-1
Dear Suresh,
Would be grateful for your clarification. For AY 2014-15 my gross income above 15.50L by way of salary. I am also getting monthly honorarium from another company where they deduct TDS. I assume I should file ITR4.
thanks
Hi KVS, When you say honorarium, it should be like professional fees. Then it is ITR4
Hi,
I am a house wife, i take tutions for children and earn Rs. 145000 and last year by trading in stocks i earned Rs.36000 and savings account interest of Rs. 1280, kindly suggest which form to be filled.
Thanks,
Remya
Hi Remya, Since you are getting income from profession as teacher (not as salary in school), you need to fil ITR4S
Hi Suresh,
Need a clarification on Filing the IncomeTax for my Mother. My mother retired on 31/05/2013. She confirms that the tax has been paid for the salary provided for the month of April and May 2013. So, she started drawing the Pension from June 2013 onwards. Can you please let me know, whether
1. She need to show the salary for April and may as well on the ITR or just the Pension from June?
2. Can i use the Quick E-File ITR to file her incometax or do i need to use ITR2?
Regards,
Vignesh. S
Vignesh, 1) She should file from Apr/May for salary and Jun onwards as pension income 2) Since salary and pension covers in ITR1, you can use to file this
Sir kindly clear me can fix assets increase in itr 4 and also withdraw depreciation on it.
Respected Sir,
My uncle was retired in the month of October 2014 and after that now he is receiving the Pension. As his Tax has been deducted from salary upto oct. 14 and also deducted from the pension. Now, we have Form 16 issued from Salary department and also from pension department. Which Form is applicable for submission for online return.
Hi Suresh,
I am filing returns for AY2014-15. I resigned from my job of 7+ yrs in May 2014 and am currently unemployed. I have got Gratuity amount of 103687.00. So I have income from salary for 2 months, interest income from Bank FDs and Gratuity. Which ITR form should I use.
I have another doubt wrt Gratuity amount, since it is less than 10,00,000/- it is exempt from any tax deduction, so should I declare it in the ITR form? If yes, then in which section should it be declared, Income from other sources? And where in the deductions section should I claim exemption.
Thanks for your help in advance.
Regards
Hi Anuradha, AY 2014-15 is for the income received during 2013-14. Hence your 2 months income and gratuity would not come into picture. Next year, when you declare your ITR, you can indicate gratuity as tax free income bucket.
Hi Suresh,
Regarding tax i need your advice.My father is retired from Govt job and he is getting pension and having bank FD interest.
Which ITR he has to fill?
Secondly my mother is getting rented income although it is less than 1 Lac yearly but she is getting interest on RD and FD around 30000.She has no other income.Which ITR form she is to fill in her case?
Many thanks,
Ashwani
Ashwani, Under both cases it is ITR2
Thanks
Dear Sir,
I have some income from my agriculture as well as i am salarised person as per income from salary i have to file ITR 1
but i want to show income from agriculture so which ITR should i file
kindly reply
Regards
Vikas, If you have agriculture income apart from salary, you can use ITR2
Hello,
My mother is housewife. She is having income from bank FD interest and share trading including short term gain. Her total income is below taxable limit.
Please let me know which ITR form she should use for IT return. My father is working and he is having income from salary and he is having taxable income.
My mother is using my income for share market investments. i m also in a 20 % tax slabe and i m also having income from salary.
Please let me know which ITR form she should file ? and is there any chances of clubbing of her income with my father even though i m gifting money to my mummy ?
thanks.
jitendra patel.
Hi Suresh,
I have about 16,000 INR due from Income Tax Department for FY 2012-13. I filed ITR online with my ICICI a/c number. In November 2013, I got email that return got failed due to non-existence of account number. Actualy the problem was — my account number started with a "ZERO", for example 087623934922. But while I filed ITR, I missed this zero (so it was 87623934922, I think in excel, it is not possible to start with ZERO in the begining). Anyway I filled refund reissue request several times (7-8 times) with correct a/c number, even Two times I used my UBI a/c number as well. But every times It gets rejected. When I spoke with customer service officer of income tax department, they told that either a/c number or IFSc code was wrong. I had even sent email to refunds@incometaxindia.gov.in with my bank a/c statement to prove that account number or IFSc code was correct, but have not received any reply. I have no clue whhat to do now. Could you please suggest anything. Is it possible to file RTI. What are the procedure. To which address, it has to be sent. What are the supporting documents needed to be submitted along with it. Kindly give me your opinion. Thanks a lot in advance. Best regards Anupam
Sad to hear this Anupam, Yes you can file RTI. However this is also not clean process. But you can refer this link for more info on how to file RTI. http://www.incometaxindia.gov.in/ccit/rtipage.asp
Dear Mr. Suresh,
I am having salary income and a FD of 1,50000INR for 3 years(started last july).I am really confused because this is the first time,i am filing IT.Please guide me. i think,it is ITR2 to submit.Or am i wrong?And how can i show the interest amount as i don't know the exact amount for this year.Please help me out.
Regards.
Hi Partha, If you have interest income you need to fill ITR-2. Pls approach your bank where they can give the statement of interest along with TDS deducted.
Hi Suresh,
My mom has income of around 1.6 lac from sewing machine and some bank interest. I have filled ITR 1 form yesterday for assesment year 2013-14. Can you please guide me on:
1) which ITR form i should have used.
2) now if i want to change the form, what is the procedure to be followed.
Manoj, In case you have interest income, you should fill ITR Form-2. Have you submitted the ITR or just filled ? I am not sure whether you would be able change the form. You may contact CPC, Bangalore and they should be able to guide you.
Hi Suresh,
I have a question on Avoiding Income Tax without clubbing.
I have already made investment for 80C and beyond that, i am taxable now.
I have 5 Lac money, and i like to invest in my wife name. But, as per clubbing rule, it will be taxed in my name. Hence, can you suggest me a way, that i can invest in her name, so that it will not be clubbed and taxed under my income?
My wife is a house wife and have a PAN CARD.
Regards,
Vignesh. S
Vignesh, Your ultimate goal should be to invest in tax free investment options so that whether they are clubbed or not, you need not pay tax on such returns. Check this article which I have written for individuals like you. https://myinvestmentideas.com/2013/05/best-tax-free-investments-in-india/
Thanks Suresh for the excellent article..Can you please giude me with a doubt regarding which ITR form to fill
1)I am a salaried person.I and my wife own a joint flat which was bought from income from both of us.On a review notice on my IT return in 2011,I submiited rental income as half mine and my wife . My reply was accepted.
2)My wife has a savings and share trading account of ICICI.Her income from savings bank interest (1300),half share of rent(appro 30000 annual) and share trading is below Rs 35000 and not taxable.She received a notice now under sub-section (1) of section 142 for forwarding a duly verified and signed return for AY 2012-13.She has long term gains as nil,short term losses(approx.20000) and around Rs 3000 as speculation income under margin trading.
Can we use ITR-2 or should we go for ITR-4
regards
anand
Anand, you need to use ITR-2 as you have capital gain/loss.
Hi sir, first of all thnx for such a informative article. i am a salaried person and do a bit of trading in future &option segment,now i have filled my return using itr-1, but i have to come to know from someone that i should fill ITR-4 instead of ITR-1 and get it audited as well as per section 44.
so will u plz guide me what is best option for me and what is the last date for filling itr-4 in case it requires auditing??? as info rec through net, if returns are to be audited than last date is 30 sep, so am in dilemma whether to conitnue with itr-1 or modify it to itr-4.
Pawan, if you have STCG or LTCG, you should file ITR-2 and not ITR-4.
Sir,
I work from home as a research associate for a company.
The nature of payment i receive from my employer is 194J (Professional/technical fees). I gather from your advise to others that ITR 4 is the correct form for filing return for such fees.
In ITR 4 i have figured that Schedule BP will be the correct one to enter my income details. However, i am not sure in which cell i will enter my annual income.
Will it be cell G6?
Income/ receipts credited to profit and loss account considered under other heads of income
Also is there a possibilty to claim for deductions like internet charges and mobile bills, as i work from home and incur these costs for my job? In case i can which deduction cell in BP schedule can i put my costs into?
Will be really grateful if you can let me know,
Thanking you
Best Regards
Sejuti, Sorry I am not able to help you with details which you are asking. Since your income falls under “Income from business / profession”, you can show expenses related to that and pay income tax only for real net income. Please consult your local tax expert to know exactly where to fill it.
Dear Sir
I purchased ELSS in Jan 2007 for 10K INR and sold in Nov 2012 for 15288.46 INR (After STT Deduction). Now for AY 2013-14, I need to use ITR-1 or 2.What is my tax exempt income from ELSS for FY 2012-13. I never used ITR 2 earlier.
Thanks
Amit, Returns / Profits from selling ELSS mutual funds are tax free. Please this article for taxation part. https://myinvestmentideas.com/2013/05/best-elss-mutual-funds-to-invest-for-tax-savings-in-2013/
Hi Prabhu
Till feb 2012 , i was getting salary and income from trading in shares. I filed ITR using form ITR 2 and showed short term capital loss of 2 lacs in shares in the form. After feb 2012, i left my job and am a hosewife now having income from trading in shares only.
1) which ITR form should i fill?
2) Last year i showed capital loss of 2 lacs and for this financial yr(2012-2013), i need to show 1 lac short term profit and 12000 long term loss.which colums should be used to fill these details?
thanks
manju
I am housewife and have the income from FD interest, Saving account interest and i sell two share hold for one year(long term) and dividend of share deposited in my saving account.my husband was NRI before one and half year .and that time they deposited approx 12-13 lac to my saving account. In which I invested 9 lac in FD and rest left in saving account and some on share trade.for this finincial year my husband filled ITR-4 as they did some proffessional work and tax prepared suggest not to club my income on that ITR-4 form as the TDS deducted from my PAN no. So now my question is-
(a) The income transfered from my husband account to my account will be taxable?
(b) which ITR form I should fill , I dont have other income of myself ?
(c) If , My husband filled my TDS deduction and interst income still it was arount 3lac and 1.10 lac dedection under 80c and 80tta , still tax was nill.should we revised tha ITR-4 or fill itr for me only.
(d)where to fill these investment entries in ITR form.
Thanks
Sunitha, a) No. Amount gifted from your husband does not fall under taxable b) Since you do not have specific income, your income would be clubbed in your husband income and necessary tax need to be paid by your husband. c) You have not informed what is your total income. If your total inc is 3L and you would get Rs 2 L tax exemption and Rs 1.1 L as 80c andother deductions, obviously you need not pay any tax as there is no taxable income d) you need to fill taxable income after considering this and you need not fill investments seperately in ITR. Pls keep the computation and tax proofs so that in future in case of scrutiny, you need to show them to IT dept. But before doing all these things, you should know that if you are able to prove that u have income and investing like this, it is ok, else it should be clubbed with your husband’s income and tax needs to be paid.
Dear Suresh,
My income source is only my salary.
In form 16, under section 10, my HRA is 55092.
In Feb. 2013 I opened a tax saving FD for 60000/- & ELSS for 40000/-
Please advise should I file ITR 1 or ITR 2? & how do I provide them the proof of investment as there is no option to upload it.
Nadeem, Please use ITR-2. The reason is you have salary income and interest income from Tax Saving FD for Feb and Mar. ELSS mutual funds, you need not include any income as they would be taxed as per process as and when you redeem. You need not provide any additional info. However you need to be ready to show proofs in case of any IT scrutiny. Also as there not part of form-16 (80C deductions) ?
Hi Suresh,
I have got the similar query like Nadeem, I have also invested some amount in Tax Saver FD but have filed ITR 1 as I was not aware of it & suppose to get Rs. 8500/- as refund from IT dept.
I have not sent the ITR V to IT dept yet.
1. Please advise if I can change this to ITR 2 now? If yes, how?
2. Is there is panalty from IT dept. or will I get the IT refund which I'm suppose to, if I failed to change it to ITR 2?
James, Have you invested in Tax saver FD last financial year (Apr-12 to Mar-13)? If yes, do you have amount left in 80C ? Nadeem entire amount was less than Rs 1 Lakh which he wanted to claim as per 80C, hence it was ok. You need to check your status of 80C and you can add tax saver FD and revise through revised return. If you do it before due date, there would not be any penalty. Pls see this article on how to revise the ITR. https://myinvestmentideas.com/2013/06/how-to-file-income-tax-rectification-online-for-any-errors-in-itr/
Hi Suresh,
I would be grateful for your reply.
I am a salaried individual and I have an RD accumulated interest of Rs. 848 till the end of the financial year (The sum is not yet matured).
I filled up ITR-I and added Rs. 848 to 'Income from other sources'. I paid the self assessment tax for this amount and uploaded the return. I have got the acknowledgement for receipt of ITR V from the IT department.
1. Am I correct in the procedures? I want to be dead sure about the accuracy of this legal procedure.
2. I could not specify anywhere in the ITR, what the 'other sources' mean. Is this ok?
Thank you very much.
Sethu, Point no.1, have you digitally signed your ITR? If not, you need to sign the ack and send it to CPC, Bangalore. Just keep the details with you and you need not attach any documents with ack. In future if any scrutiny happens, you should be able to show proofs.
Thanks for your reply Suresh… I just wanted to make sure whether i used the right form. In my scenario i have used ITR-1 is that correct?
Nandini, Often, people say that interest income is there, they are not seeing the option and they are able to see in ITR-2. If you have an option to show interest income in ITR-1, ok, otherwise you should have used ITR-2
Thank you.
I have sent ITRV by speed post and received acknowledgement of its receipt from IT department.
Which ITR need to be fill For AY 2013-14 , if I have Salary Income & also Professional fees.
ITR-4 if you have income from profession along with Salary income
Hi Sir,
My taxable income from salary is 6,25,246. Also, I received an interest of 38907.00 INR from Bank1 and 9370.00 INR from Bank2.
Employer has deducted tax of 35772.00. Bank2 has deducted 937.00 INR as TDS but Bank1 has not deducted any tax as I filled form 15G.
Here, I should get 10k exemption for FD’s so I need to add only 38907 into my taxable income which lead 664153.00 INR.
I have downloaded the Form 26AS from income tax site which also shows the same figure from this 3 sources.
I have below doubts:
Which form ITR-1 or ITR-2 I need to fill to show Salary income and Bank interest?
Does this ITR gets validated against Form-26AS?
Shall I consider interest from bank or what happened if I file ITR using employer Form 16 excluding bank interest?
Bank1 has sent me Form16A for last quarter with an interest paid 19747.00 and No TDS. Can I show Employer + Bank1 with 19747.00 amount
while filling ITR.
If I consider Employer+Bank1 my taxable income will be 654153(excluding 10k exemption for FD) on which I need to pay tax as I falls into 20% slab.
If I consider all incomes (625246+9370+28907) it leads to 663523.00 INR. I calculated from e-filling site and Total tax payable comes as
43256 and TDS deducted 36709 and Remaining tax payable 6950.00. Please confirm is this correct?
Shall I pay remaining tax or file ITR based on using employer Form 16 excluding bank interest? I am afraid as Form26 shows all details.
Do I need to send any Form16 with ITR-v.
Kindly suggest me what should I do?
Thanks in advance,
Yogesh
9422194396
Yogesh, Since you have also sent email, I responded on your email
Hi Suresh,
Can you tell me what should i do in this scenario?
I was employed in an organisation till Sep 2012. I left my job and came to US as dependent to my husband. I have two home loans in my name. I marked one as self occupied and other as let out as my parents are staying in the self occupied one without paying any rent. So the rental income is from one house and home loan payment happens for both the houses.
1> My company has issued me the form 16 without 80C deductions and the tax has been deducted at the source already without deductions. So filed ITR-1 online with the corrected amounts as the income is from salary and one house property. Now i need to get the refund as per the calculation.
2> Calculated and Showed the interest income as loss on house property as well in ITR-1.
I have already sent the ITRV and received the acknowledgement as well. Currently it is in the status of "ITRV Received".
3> How should i send the proof incase if they ask for it or should i have submitted the ITR-2 in this case?
Please clarify me on the next steps.
Regards,
Nandhini
Nandini, You need not send any proofs. If you send ack that sufficient. However you need to preserve all documentations which you are claiming for few years as IT scrutiny can happen anytime and you may be demanded to show the proofs.
Thanks for your reply Suresh.. just wanted to make sure whetheri have used the right form. In my scenario I have used itrv-1. Is that correct?
Which ITR form I should use if I am having other income (Interest, Mis. Income) more than Salary income. Should I use ITR 1 or ITR 2.
Sanjay, If you have salary income + interest, you should use ITR-2
Which ITR form to be filled up if one has salary income and PPF interest more than Rs.5000/-.
Hi GS, PPF interest is tax free. Since you have only salary income, you need to fill ITR-1
Hi,
I have a doubt on E-Filing. Once i E-File using ITR2 for my mother and wife and upload the xml to the Site, do i have any other procedure to follow, as i need to provide the proof of investments and 80DD for claiming Returns, as they will not be having the Form 16 anymore.
Vignesh, You can claim in ITR. However no proofs are required to submit now during E-filing. Once you submit you need to take hard copy of acknowledgmeent, sign and send it to CPC, Bangalore (if you have not digitally signed). In future of any IT scrutiny, you should be able to show all these proofs. Please preserve them when you submit
My souruce of income is from my business…but last year I start my new shop with other name in other area. Now I m at my new shop & my father at my old shop.now I have to file return but how …should I write new shop detail or old …I m at my new shop..
Harish, If you have invested in both these business shops, you should indicate income from both these shops. However if your father has invested in old shop, he anyhow need to file IT Return for old shop and you can file for new shop
I have long term capital gains 2 years back. I re invested in house last year. I have to fill ITR 1 or 2 and how to show it.
Anoop, Please use ITR-2.
Hi,
While online filing of Income Tax Returns, for non salaried persons (where form 16 and income tax deductions are no more applicable), do we need to send the documents of proof of Income / deduction claims like Insurance, 80DD certificate etc to the Income Tax Department? Because, we are filing the income tax returns by downloading itr form and uploading the XML File. After uploading XML File, are there any other procedure?
Regards,
Vignesh. S
Vignesh, You need not send any documents. You should just fill the ITR + send signed copy of the acknwledgement to CPC, Bangalore in case you have not digitally singed. In case of IT Scrutiny in future, you should be able to provide necessary proofs.
Thank you Suresh.
Dear Suresh
Again you have not clarified that if an individual is having income from 1 house property he should fill ITR2 ,otherwise he will not get the deduction of 30%.
Regards
ARnab
Arnab, Please check ITR-2 and assees who should use this form. It says clearly that ITR-2 should be used for assesse who have income from house property. Am I missing.
Hi Suresh,
This query is regarding the tax on the savings bank account interest.
1) With the AY 2013-2014, one can have 10,000 detucted from total interest for computing tax (80 TTA), isn't?
2) My bank has not done TDS on the interest paid to me. Shouldn't Banks do it? Aren't they liable?
3) I have interest of 40,000. So the taxable interest is 30,000. And tax percent is 10%. I should be paying tax of 3000. My tax slab does not come into picture in this case ( it is 30%). Am I correct?
.4) Thise income shall be part of 'Income from Other Sources'. And I have to furnish 'Self Assesment Tax' details. Right?
Prabhu 1) If the interest is below Rs 10,000, it is exempted, else it is taxable 2) Every bank is supposed to deduct TDS. If you submit PAN, they would deduct 10% TDS and if u do not submit 20% TDS is deducted. 3) No. Tax upto Rs 10,000 only is taxblae. If your interest is beyond this, entire interest is taxable. Means Rs 40,000 is taxable. This income should be added to “Other income” and would be taxed based on your income tax slab. If you are in 30% slab, u need to pay 30% Tax on this FD interest 4) Yes, indicate them in “Other income”
HI Suresh,
Thanks for the reply. I think you reffereed to FD. In case of FD, bank would do TDS at 10%. I was enquiring about the Savings account interest. I think banks don't do TDS for that. In savings account under 80ATT ,I can claim deduction of 10,000 from overall taxable income,
Prabhu, If savings interest is not exceeding Rs 10,000, it is exempted from tax and you need not show this income in ITR. Is there any specific column to specify savings interest and interest exemption for savings in ITR ?
Dear Mr.Suresh,
My colleague working with our company as a employee till sept'2012 after that he was retired and company continue his services paying his salary as a professtional charges after deducting TDS. I want to know which form he should submit to file E-return? His half income form salary and half as professional charges.
Thanks & Regards
Anant
Ananth, if you see ITR-4 would be appropriate option for him. It is for individuals, but who also have income from profession.
Hi Suresh,
Most of salaried people fill ITR 1 Form. However its not clear whether LTA, HRA income which are exempted from tax come under the clause "Income exempted more than 5000".If it then ITR 1 from doesn't have any significance.
LTA or HRA is not income. It is the exemption you are getting from salary amount. These are beyond Salary.
Dear Mr. Suresh,
thanks for your post, which I was looking yesterday, and happy to be the first one to post question. I posted a question yesterday on someother topic raegading seel of my residential falt and booking a new residential flat, for which so far I paid more amount that that of capital gain.
Am I right that I dont have to pay tax for this capital gain and I can file ITR form no. 1
regards,
I just responded
Dear Mr. Suresh,
thanks for your post, which I was looking yesterday, and happy to be the first one to post question. I posted a question yesterday on someother topic, which I am repeting here.
I (sole) purchased a flat at Eluru, A.P State during September 2006 with Rs. 8,75,000 (registration amount for the floor). I spent around 3 lakh on improvement (for flooring, painting, slab and wood work , parking etc. but I don’t have any documents on that). Due to my transfer to Delhi, I sold that flat on January 2013 at a cost of Rs. 20,00,000. I have booked a residential flat (jointly with my wife) at Greater Noida costing aprox. 40 Lakh, agreement was signed on 14th April 2013 and I have already paid 16 lakh on that and remaining amount would be paid in due course of time (CLP)
As per my understanding, even if I don’t account the additional amount I spent on improvement, appreciation would be only Rs. 20,00,000 – (8,75,000 X 852/519) = Rs. 563583
(Cost Inflation index during 2006-07 was 519; Cost Inflation index during 2012-13 was 852)
Am I right that I dont have to pay tax for this capital gain and I can file ITR form no. 1
regards,
Pranab, If you are selling your property in one financial year and purchasing it in another financial year, you should deposit such amounts in capital gain account of any bank else it would attract tax. Please consult a tax consultant. As per my feeling these transactions has happened in two financial years and you need to pay long term capital gain tax on Rs 5.63 Lakhs. But check with tax consultant in case there is any way.
Thanks Suresh, but its not FY but the due date of filing return to be considered. This is the text from revelant para (Chapter III) of 'TAX PAYER"S INFORMATION SERIES 3 "How to
Compute Your Capital Gains", PUBLISHED BY INCOME TAX DEPARTMENT DURING 2011
.)
'To claim this deduction, the assessee, after taking into consideration the amount that he has already invested for construction or purchase of the new residential house upto the due date of filing of return of income in his case, should deposit the remaining amount which he intends to use for purchasing or constructing the new residential house in a Capital Gains Deposit Account on or before the due date for filing of the return and enclose proof of investment inconstruction or purchase and proof of making deposit into the capital gains deposit account along with the return of income. Based on this he would be allowed the deduction from the TCG for that assessment year .
MY QUESTION WAS WHICH FORM (BEING A SALARIED EMPLOYEE) I SHOULD FILL FOR ITR, AND HOW DO I SUBMIT THE PROOF OF INVESTMENT WHILE ONLINE SUBMISSION OF ITR IS MUST FOR ME. I MAY CONSULT A TAX CONSULTANT BUT IF YOU CAN PLEASE HELP
REGARDS
Pranab, if you have capital gains, you should use ITR-2
There is no column for uploading the proof( a certificate from a builder etc) that a long term capital gain obtained through sale of a residential house, is duly invested to purchase / construct another residential house in ITR2. But the evidence has to be kept ready if such exemption is claimed . The evidence has to shown if the ITR2 is scrutinized . Kindly confirm.
Which ITR form to fill up if somebody is having both salary income and income from profession ? And how income from profession is different from income bussiness ?
Sambit, ITR no.4