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Relevant itr form for ay2015-16

27 June 2015

I am a resident individual tax payer having income from pension and bank interest only.

In addition, I earned some amount more than Rs. 5000/- during FY 2014-15 from MF redemption invested nearly two years ago.

I want to know the following under the above scenario.

1. What is my appropriate form, ITR1 or ITR2 or ITR2A?

2. Wll the above mentioned income from MF come under the category 'exempt income for reporting purpose only'

3. What is the last date for filing return for AY 2015-16? Is this date same for all types of form?

Will be obliged for a reply.

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3 Replies

Vikas Gupta (Tax Executive) (530 Points)
Replied 29 June 2015

1. Use ITR-1 2. Income earned from MF is taxable (exempt in few cases) 3. Last date for filing IT Return for FY 2014-15 (AY 2015-16) is 31st August,2015 for all types of returns.

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Amit Kumar Das (Retd) (236 Points)
Replied 29 June 2015

Thank you for reply.

But, I would like to know specifically whether income earned by way of gain from mutual funds of open ended equity based growth schemes redeemed after more than one year of investment will be taxable or not.

So far I know gains from MF within one year of investment come under short term capital gain tax but not those redeemed after more than one year.

Please, confirm.

Vikas Gupta (Tax Executive) (530 Points)
Replied 30 June 2015

Yes, you are right. In your case if this is gains from redemption/sale of mutual funds older than one year, this is long term capital gains. And LTCG from long term open ended equity based growth scheme MF is NOT TAXABLE.