Income Tax Return forms Applicable for A.Y 2017-18

ROHIT YADAV , Last updated: 23 May 2017
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Rule 12 of Income tax rule, 1962 prescribes the ITR forms to be furnished by a person in the manner specified therein. The CBDT vide Notification No. 21/2017 dated 30.03.2017 amended rule 12 to prescribe new ITR forms applicable for AY 2017-18. In order to reduce the compliance burden on the individual tax payer, one page simplified ITR1 (SAHAJ) is prescribed. This form replaces the existing four page SAHAJ ITR-1. Simultaneously, the number of ITR forms have been reduced from the nine to seven.

Specified fields have been inserted in these new ITRs requiring disclosure of cash exceeding Rs. 2 lakhs in aggregate during the period of demonetization and certain other details to give effect to the amendments made by the finance act, 2016 and taxation laws (second amendment) Act, 2016. Further. A specific field for quoting Aadhar Number or Aadhar Enrolment ID has been inserted in ITR 1, 2, 3 & 4 in line with insertion of new section 139AA by the finance act, 2017, with effect from 01.07.2017. Further ITR 5 requires quoting of Aadhar Number of Partner/Members in the firm/AOP/BOI and ITR 7 requires quoting of Aadhar Number of Author(s)/founder(s)/Trustee(s)/Manager(s) of the trust. The significant changes made in the ITR forms applicable for AY 2017-18 vis-a-vis AY 2016-17 are shown below:

ITR FORMS (A.Y. 2016-17)

ITR FORMS (A.Y. 2017-18)

FORM SAHAJ ITR-1

For individual having income from salaries, one house property and Income from other sources (Interest etc.), irrespective of Total income limit.

ITR-1 (SAHAJ)

For individual having income from salaries, one house property and income from other sources (Interest etc.) and having total income up to Rs. 50 Lakh.

Individuals having dividend income taxable under section section 115BBDA or having income of the nature referred to sec. 115BBE are, however, not eligible to file ITR 1 for A.Y. 2017-18. These are additional exclusions this year.

FORM ITR-2, 2A, & 3

ITR-2 applicable for individuals and HUFs not having income from business/profession.
ITR 2A applicable for individual and HUFs not having income from business/profession and capital gains and who do not hold foreign assets,
ITR-3 applicable for individual and HUFs being partners in firms and not carrying out business or profession under any proprietorship.

ITR-2

For individual and HUFs not carrying out business or profession under any proprietorship.

Hence, ITR-2 for AY 2017-18 would substitute ITR-2, 2A and 3 of AY 2016-17

FORM ITR-4

For individual and HUFs having income from a proprietary business or profession.

ITR-3

For individuals and HUFs having income from a proprietary business or profession.

Hence, ITR-3 for AY 2017-18 would substitute ITR-4 for AY 2016-17.

FORM ITR -4S

Presumptive business income tax return applicable in cases where business income is computed as per section 44AD or Section 44AE.

ITR-4 SUGAM

For presumptive income from business and profession applicable in cases where business income is computed under section 44AD or 44A or income from profession is computed under 44ADA.

Individuals having dividend income taxable under section section 115BBDA or having income of the nature referred to sec. 115BBE are, however, not eligible to file ITR 4 for A.Y. 2017-18. These are additional exclusions this year.

FORM ITR-5

For person other than,-(i) individual, (ii) HUF, (iii) company and (iv) person filing form ITR-7

ITR-5

For person other than,-(i) individual, (ii) HUF, (iii) company and (iv) person filing form ITR-7

FORM ITR-6

For companies other than companies claiming exemption under section 11.

ITR-6

For companies other than companies claiming exemption under section 11.

FORM ITR-7

For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(D) or 139(E) or 139(F)

ITR-7

For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(D) or 139(E) or 139(F)

MANNER OF FILING ITR FORMS

There is no change in the manner of filing ITR forms as compared to last year. All the ITR forms are to be filed electronically. However, where return is furnished in ITR-1 (SAHAJ) or ITR-4 (SUGAM), the following persons have an option to file return in paper form:-

An individual of age of 80 years or more at any time during the previous year; or
An individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund In the return of income.

The author can also be reached at mannrohit224@gmail.com.