Important Keyword: Assessment Year, ITR Form, ITR-1, ITR-2, ITR-3, ITR-4.
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Income Tax Return (ITR) Form for AY 2016-17 (FY 2015-16)
Filing income tax returns is a fundamental obligation for every taxpayer, and selecting the appropriate Income Tax Return (ITR) form is the first step in this process. For the Assessment Year 2016-17, the Income Tax Department has designated various ITR forms tailored to different types of incomes and taxpayers. Thus, it’s imperative for each taxpayer to ascertain which ITR form is applicable to their specific circumstances before commencing the filing process.
What are the different ITR Forms?
Although the Income Tax Department has prescribed 9 different ITR forms for AY 2016-17, taxpayers have to choose the one which is applicable to them.
Following ITR Forms are prescribed for Individuals (Non corporate assessees):
| ITR-1 (SAHAJ) | The most basic ITR form for individuals having income from salary/pension, one house property and interest |
| ITR-2A | For individuals/HUF having income from salary/pension, multiple house property and interest |
| ITR-2 | For individuals/HUF having income from salary/pension, multiple house property, capital gains and interest |
| ITR-3 | Form individuals/HUF who are partner in a firm and not carrying any business or profession under proprietorship |
| ITR-4S (SUGAM) | For individuals/HUF/Partnership firms having income from presumptive business or profession |
| ITR-4 | For individuals/HUF having income from proprietary business or profession |
Following ITR Forms are prescribed for corporate assessees:
| ITR-5 | For firms, association of persons (AOP), Body of Individuals (BOI), co-operative societies and local authorities |
| ITR-6 | For companies other than companies claiming exemption under section 11 (such as charitable or religious trust) |
| ITR-7 | For trusts, political parties, scientific research organisations, colleges and universities |
Know Your ITR
| Sources of Income | Individual | Individual/ HUF | ||||
|---|---|---|---|---|---|---|
| ITR-1 (SAHAJ) | ITR-2A | ITR-2 | ITR-3 | ITR-4S | ITR-4 | |
| Income From Salary/Pension | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Self-Occupied House Property Income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Income from multiple House Property | ✓ | ✓ | ✓ | ✓ | ||
| Agricultural Income exceeding Rs. 5,000/- | ✓ | ✓ | ✓ | ✓ | ||
| Income from Other Sources | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Winnings from lottery and racehorses | ✓ | ✓ | ✓ | |||
| Capital Gains | ✓ | ✓ | ✓ | |||
| Profit from a Partnership Firm | ✓ | ✓ | ||||
| Income from Proprietary Business/ Profession | ✓ | |||||
| Income from Presumptive Business/ Profession | ✓ | |||||
| Foreign Assets Income | ✓ | ✓ | ✓ | |||
| Tax Relief under sections 90, 90A or 91 | ✓ | ✓ | ✓ | |||
Read More: AY 2021-22 File ITR 2 Form for Income from Capital Gains
Web Stories: AY 2021-22 File ITR 2 Form for Income from Capital Gains
Official Income Tax Return filing website: https://incometaxindia.gov.in/
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