LAUNCH OF THE NEW ITR FORMS FROM THE START OF THE ASSESSMENT YEAR 2017-18
Right from the beginning there have been emphasis on the changing and incorporating the suitable provisions in respect of Income Tax Return (ITRs) forms. Going are the days for the manual filling and filing of the ITRs. There is continuous emphasis on the e-filing of the ITRs. Now, taxpayers are also realising the utility in e-filing of ITRs. Government, also realising the need of simplification of the forms, is providing simpler forms like Form 1, 2A, 4S. Looking to the practical working at present for the Assessment Year 2016-17, following ITR Forms are available:
Income Tax Return Forms
| ITR No. | Class/type of assesses/persons |
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ITR – 1 (Sahaj)
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For Individuals having Income from Salary & Interest.
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ITR – 2
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For Individuals & HUFs not having Income from Business or Profession.
|
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ITR – 2A
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For Individuals & HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets.
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ITR – 3
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For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship.
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ITR – 4
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For Individuals & HUFs having income from a proprietory business or profession.
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ITR – 4S (Sugam)
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For Individuals/HUF/Partnership Firm having income from presumptive business. |
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ITR – 5
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For the persons other than: (i) individual, (ii) HUF, (iii) company and (iv) person filing ITR-7. |
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ITR – 6
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For the Companies other than companies claiming exemption under section 11 of the Income Tax Act, 1961.
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ITR -7
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For the persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) of the Income Tax Act, 1961. |
It has been seen since the incorporation of e-filing system of ITRs, Forms are introduced on the internet/e-filing site of the Income Tax Department in the last of April or May, which should not be the case. Even if forms are launched early they were of no use if department do not release e-filing utility with the same. Timely release also become important considering the fact that in Budget 2017 government has provide Stringent Late Filing Fees for Late Filing of Income Tax Return. Further Many taxpayers have to file according to their urgent needs e.g. for taking loans or for taking Visas, etc.
Therefore, there should be planning well in advance by Government agencies so that ITRs with e-filing utility are launched in the first week of the start of the Assessment Year 2017-18 (relevant to Financial Year 2016-17) i.e. in first week of April, 2017.
Revenue Depott/Incometax,. may relief to public and extend the date for 2017-18 ,so thant public may file their ITRS for 2017-18, because public are not aware this hard notifications many persons are interested to file their itrs for 2017-18, their TDS deducted by many authorities, some are interested to pay income-tax for 2017-18,soms income is over they want to pay tax
Sir,
There is only one head – income from Salary- for both salary and pension. There should be two different for incomes of salary and pension. Those who are drawing pension only, are filing their return as income from salary. There should have two sub heads under Income (a) Salary and (b) Pension. So that persoss drawing salary and pension can reflect these separately.
The banks are giving 16/16A, certificate upto 15th of June every year how we could file ITR before this pl.
R.Venkatraman is RIGHT. It only helps developers and NOT Tax Payees. Either Last date for filing should be delayed to 31 August or Form 16/16A & 26 AS Final should be made available before 15 April.
The Govt is lenient to Deductors by extending the date till May 30th; whereas penalise the genuine Tax Payer for delay.
income from goat farming is taxable or not?
and how can I file ITR
It is correct that the IT dept. is inefficient in releasing the forms in April itself if not in March. But they stick on to the last date for filing returns. Funny , this happens only in India. You have to bear it or you are not patriotic.
Forms should be available in the last week of March and acceptance from April 1.
The forms should be available before 31.03.2017 online filing of Income Tax Return. Why not?
Manual filingup of ITR`s should be reintroduced. Because, all senior ITP`s nor public don`t e-filing up process. Few senior ITP`s have been sitting idle after inroduction of e-filing process because they are not perfect in e-filing process. In this regard the government has to give option for filing the manual filing in the concerned jurisdiction. Because, to e-file it they loose the money out of there feeses. if they charge e-filing fee they will loose their clients.
R VENKATARAMAN IS RIGHT
start early is good.
correct. LATE RELEASE OF FORMS MEANS THE DEVELOPERS R NOT UPTO THE MARK. EVERY YEAR THERE R ONLY ONE OR TWO MINOR CHANGES FOR WHICH THE DEVELOPERS REQUIRE 2-3 MONTHS AFTER PASSING OF BUDGET. HV ALL THE EFFICIENT SOFTWARE DEVELOPERS FLED BHARATH AND GONE TO ” TRUMP-LAND ” I WONDER.
but TDS as well as 26AS will be available only after May 15th. then what is the use of early launching of ITR?