CA Chirag Chauhan

Income Tax Department has released FORM ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 for A.Y. 2014-15 vide its Income-tax Notification No. 28/2014, Dated- 30th day of May, 2014 and SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) , ITR-V FOR A.Y. 2014-15 vide its Income-tax Notification No. 24/2014, Dated: April 1, 2014.

The Income Tax Department has come out with all Return Form applicable for AY 2014-15. The below table will give you details of usage of forms by Assessee.

Forms Who can use this Return Form Who cannot use this Return Form
ITR-1SAHAJ Indian Individual Income Tax Return

This Return Form is to be used by an individual whose total income for the assessment year 2012-13 includes:-

(a) Income from Salary/ Pension; or
(b) Income from One House Property (excluding cases where loss is brought forward from previous years); or
(c) Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)

Further in case of income of another person like spouse, minor child, etc is to be clubbed with the Assessee, this return form can be used only if income being clubbed falls into above form category

This return form should not be used by individual whose total income includes:

a)Income from more than one house property

b) Income from winning lottery or income from race horses

c) Income under head capital gains

d) Income from Agriculture / Exempt income of more than Rs 5000/- .

e) Income from Business or Profession

f) Loss under income from Other Sources

g) Person Claiming relief under Section 90 ot 91

f) any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.

ITR-2
For Individuals and HUFs not having Income from Business or Profession

This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2014-15 includes:

a) Income from Salary / Pension;

b) Income from House Property

c) Income from Capital Gains

d) Income from Other Sources

(including Winning from Lottery and Income from Race Horses)

Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories

This Return Form should not be used by an individual whose total income for the assessment year 2014-15 includes Income from Business or Profession.

 

NOTE:

A resident assessee having any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India, shall fill out schedule FA and furnish the return in return electronically under digital signature or transmit data electronically and submit ITR V

ITR-3 This Return Form is to be used by an individual or an Hindu Undivided Family who is a partner in a firm and where income chargeable to income-tax under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm. In case a partner in the firm does not have any income from the firm by way of interest, salary, etc. and has only exempt income by way of share in the profit of the firm, he shall use this form only and not Form ITR-2. This Return Form should not be used by an individual whose total income for the assessment year 2013-14 includes Income from Business or Profession under any proprietorship.
ITR-4S SUGAM

This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2014-15 includes:

a) Business income were income is computed in accordance with the special provision under section 44AD and 44AE

b) Income from Salary / Pension

c) Income from other source(Excluding Income from Lottery and income from race horse )

Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories

 

This return form should not be used to file following incomes

a)Income from more than one house property

b) Income from winning lottery or income from race horses

c) Income under head capital gains

d) Income from Agriculture / Exempt income of more than Rs 5000/- .

e) Income from Speculative Business

f) Income from Profession

g) Person Claiming relief under Section 90 ot 91

f) any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India

ITR-4

This Return Form is to be used by an individual or a Hindu Undivided Family who is carrying out a proprietary business or profession.

NA
ITR-5

This Form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section

2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form.

This return form should not be used by individual and HUF and Companies
ITR -6 This Form can be used by a company, other than a company claiming exemption under section 11. This return form should not be used by person other than Companies
ITR- 7 This Form can be used by persons including companies who are required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D). This return form should not be used by person other than Companies

 Manner of filing the return form:

a)      By furnishing the return in paper form

b)      By furnishing return electronically with digital signature

c)       By transmitting the data in the return electronically and there after submitting ITR V to be send by speed post to Bengaluru.

A resident assessee having any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India, shall fill out schedule FA and furnish the return in the manner provided at either B) or c) above.

From the assessment year 2013-14 onwards all the assessees having total income more than 5 lakh rupees are required to furnish the return in the manner provided at B) or c) Also in case of an assessee claiming relief under section 90, 90A or 91 to whom Schedule FSI and Schedule TR apply, he has to furnish the return in the manner provided at either B) or c)

From assessment year 2014-15 onwards in case an assessee who is required to furnish a report of audit under section10(23C)(iv), section 10(23C)(v), section 10(23C)(vi), section 10(23C)(via), section 10A, section 10AA, section 12A(1)(b), section 44AB, section 44DA, section 50B, section 80-IA, section 80-IB, section 80-IC, section 80-ID, section 80JJAA, section 80LA, section 92E,  section 115JB or section 115VW he shall file the report electronically on or before the date of filing the return of income. Further, the assessee who is liable to file the above reports electronically shall file the return of income in the manner provided at either B) or c).

Where the Return Form is furnished in the manner mentioned at c), the assessee should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bangaluru–560100 (Karnataka). The other copy may be retained by the assessee for his record.

For any query you can write to Chirag@cachauhan.in . Before making any decisions do consult your Professional / tax advisor.  Author does not take any responsibility for misrepresentation or interpretation of act or rules. Neither the author nor the firm accepts any liability neither for the loss or damage of any kind arising out of information in this document nor for any action taken in reliance there on.

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0 responses to “Income Tax Return – Which form to use for IT Filing AY 2014-15”

  1. Pramiti says:

    I teach in a college and for regular salary I get Form16. I also take evening classes in another institute which provides me with Form16A. Which ITR should I file…..ITR4 or ITR4S????

  2. achin says:

    IF WANT ANY TYPE INCOME TAX RETURN CALL-8273980693

  3. Ashok says:

    Sir,
    I am a retired person & getting 2000/- pm pension only.

    Doing some share trading.

    Is it necessary to fill the IT Return?

    If yes which form?
    Regards

  4. Anand Singh says:

    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. Request you to kindly guide me.

  5. Vaishali says:

    Which ITR to be used where income is received as medical consultation fees & Other sources.

  6. gaurish says:

    i need to file ITR 4S UNDER PORTUGUIES CODE WHERE 50:50 share of income Option available please help me out

    how to cliam

  7. jb patel says:

    i am running proprietor ship firm on the name of my wife . so which ITR will use and whose return i need to file.i used my wife pan in all transaction of my firm
    and what about return file of mine i take a salary as a working in this firm.

  8. PARTH says:

    DEAR SIR,

    I AM TEACHER IN A SCHOOL AND I AM GETTING SALARY FROM THERE AND I AM ALSO RUNNING TUTION CLASSES WHICH ITR SHOULD I FILE?

  9. Hemanta Dhali says:

    Dear Sir,
    I am retired person and not getting any salary income. However,I am receiving pension. I am also receiving interest on deposit.Which ITR Form I should use to file my IT Return for A.Y.2015-16?

  10. SHRUTI SINHA says:

    Rashmi Rani Das, arrear of Rs. 1.8 lakhs for A/Y 2013-14 Received in this month will be liable for income tax for A/Y 2014-15 , but relief will be available u/s 89.

  11. Rajendra says:

    i have income from part time job work of account

  12. Nityanand Sinha says:

    I am retired person and not getting any salary income. However,I am receiving pension. I am also receiving interest on deposit.Besides, I am also receiving commission on insurance agency. Which ITR Form I should use to file my IT Return for A.Y.2014-15

  13. Dharmarajan N says:

    Please revert if Form 4S would be the form to be used for income from private tuitions and interest income

  14. AK Sinha says:

    Sir
    Which ITR form do I use? My earnings are from Pension ( tax deducted under sec192) and Professional fees(tax deducted under sec194j).

    Secondly Can I deduct Rs 30000 from my professional fees, as there is no tax on professional earnings upto Rs 30000 per annum.
    Regards

  15. DDB says:

    ITR – 1 [Sahaj] is for AY 2012-13 ??

  16. Mustafa says:

    I have income from Salary and commission of income from Insurance business.

    Which form i have to use to file the return?

    Pls. help me

  17. S.P. Manchanda says:

    Which form is to be used for public charitable trust whose annual income is about Rs.1.5 lakh and Rs.1.4 lakh is spent for charitable activities?

  18. rashmi rani das says:

    i hav drawn an arrear amount of Rs1.8 lakhs for the yaer 2013-14 in this month .will this amount liable for income tax for yaer2014-15 or what?

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