ITR Type: Which Revenue Tax Type do you have to submit in 2016?

ITR Type have been launched by the Revenue Tax Division for Monetary 12 months 2015-16 i.e. Evaluation 12 months 2016-17. There are totally different ITR Varieties (Revenue Tax Varieties) for Totally different classes of taxpayers and the identical has been defined beneath.

Every sort of ITR Type is in 3 Codecs – Excel Utility, new Java ITR Utility and PDF File. Taxpayers choosing efiling of Revenue Tax Returns are requested to make use of the Java ITR Utility or the Excel Utility and taxpayers choosing Bodily Submitting of ITR shall obtain and print the PDF File and bodily submit the identical after finishing all related particulars.

ITR 1 and ITR 4S will also be furnished on-line on the revenue tax web site with out downloading any Excel/ Java Utility.

  • Really useful Learn: Revenue Tax Slab Charges

Submission of ITR Varieties

All taxpayers having revenue greater than Rs. 5 Lakhs at the moment are mandatorily required to submit their revenue tax kind on-line. These taxpayers with revenue beneath Rs. 5 Lakhs can both submit their revenue tax kind on-line or can submit the bodily types as nicely.
  • Really useful Learn: Obligatory on-line submitting of Revenue Tax Type if Revenue is greater than Rs. 5 Lakhs

No Doc (eg: Type 16 / Type 16A/ Type 16B/ Type 26AS and many others)  is required to be hooked up with the ITR. In case the taxpayer is submitting the Revenue Tax Returns on-line with out utilizing Digital Signature, the taxpayer shall take a print of ITR-V, duly signal the identical and ship to the next tackle inside 120 days of submitting the Revenue Tax Return On-line by strange put up to:-

“Submit Bag No. 1, Digital Metropolis Workplace, Bangaluru – 560100, Karnataka”

  • Really useful Learn: Process for sending ITR V Acknowledgement

A taxpayer having a Aadhar Card shouldn’t be required to ship ITR-V Acknowledgement to the above talked about workplace. He’s solely required to say the Aadhar Card No. within the Revenue Tax Return and the revenue tax return will robotically get verified offered the Aadhaar Card has been linked to the ITR. (Refer: Advantage of linking Aadhaar Card with ITR)

The next are the several types of ITR Varieties which will be filed by a taxpayer relying on his sort of revenue:-

  1. ITR 1
  2. ITR 2A
  3. ITR 2
  4. ITR 3
  5. ITR 4
  6. ITR 4S
  7. ITR 5
  8. ITR 6

ITR Type 1- Sahaj: For Salaried People

ITR Type 1 (Sahaj) can be utilized by the next class of People for the Monetary 12 months 2015-16 i.e. Evaluation 12 months 2016-17 who’s Whole Revenue consists of

  1. Revenue from Wage/Pension or
  2. Revenue from 1 Home Property (excluding instances the place loss is introduced ahead from earlier 12 months)
  3. Revenue from Different Sources (excluding Profitable from Lottery and Revenue from Horse Race)

This Revenue Tax Type (ITR Type) shall not be used by the next class of People whose Whole Revenue consists of

  1. Revenue from greater than 1 Home Property, or
  2. Revenue from Profitable from Lottery or Revenue from Horse Race, or
  3. Revenue from Capital Features which aren’t exempt from Tax. For eg: Brief Time period Capital Features from Sale of Shares, Brief Time period or Lengthy Time period Capital Features from the sale of Home, Plot and many others.,or
  4. Revenue from Agriculture in extra of Rs 5000, or
  5. Revenue from Enterprise or Career, or
  6. Loss underneath head Different Sources
This ITR 1 Type also can not be utilized by a taxpayer who’s claiming any double taxation aid underneath Part 90/ 90A/ 91.
Obtain
  • ITR 1: PDF File for Bodily Submitting in 2016
  • ITR 1: Java File for On-line Submitting in 2016
  • ITR 1: Excel Utility for On-line Submitting in 2016
Really useful Learn:-
  • All about furnishing ITR 1 Type in 2016
  • Computation of Tax on Wage Revenue

ITR 2A: Newly launched Type relevant from AY 2015-16 onwards

The Revenue Tax Division has launched a brand new class of Type i.e. ITR Type 2A. Much like ITR Type 1, ITR 2A will be filed by an individual incomes

 

 

  1. Revenue solely from Wage, or
  2. Revenue from Home Property, or
  3. Revenue from Different Sources

The principle distinction between ITR Type 1 and ITR 2A is that ITR Type 1 can’t be used if an individual has revenue from greater than 1 home property whereas ITR 2A can be utilized if an individual has Revenue from greater than 1 Home Property.

There are a number of different minor variations as nicely between ITR 1 and ITR 2A for which you’ll refer this text: All about New ITR 2A

ITR 2A will be downloaded from right here:-

  • Obtain ITR 2A in PDF Format for Bodily Submitting in 2016
  • ITR 2A: Obtain Java Utility for On-line Submitting in 2016
  • ITR 2: Obtain Excel Utility for On-line Submitting in 2016

ITR Type 2: For People and HUF not having Revenue from Enterprise or Career

This Revenue Tax Type (ITR Type 2) can be utilized by People or HUF whose Whole Revenue consists of:-

  1. Revenue from Wage/Pension, or
  2. Revenue from Home Property, or
  3. Revenue from Capital Features, or
  4. Revenue from Different Sources

This Revenue Tax Type (ITR Type 2) can be utilized by all people specified above however can’t be utilized by People incomes Revenue from Enterprise or Career.

ITR 2 for AY 2016-17 will be downloaded from the next hyperlinks:-

  • ITR 2: Obtain PDF File for Bodily Submitting in 2016
  • ITR 2: Obtain Java Utility for On-line Submitting in 2016
  • ITR 2: Obtain Excel Utility for On-line Submitting in 2016
  • Really useful Learn: All about furnishing ITR Type 2 in 2016

ITR Type 3: For People and HUF being companions in Agency however not carrying enterprise underneath Proprietorship

This Revenue Tax Type (ITR Type 3) can be utilized by an Particular person or a HUF who’s a

  1. Companion in a Agency

Nevertheless, ITR Type 3 can’t be utilized by People who’re additionally incomes Revenue from any Proprietorship Agency. ITR 3 for AY 2016-17 haven’t but been launched by the Govt. They’d be uploaded on the next hyperlinks as soon as launched by the Govt.

  • ITR 3: Obtain PDF File for Bodily Submitting in 2016
  • ITR 3: Obtain Excel Utility for On-line Submitting in 2016
  • ITR 3: Obtain Java Utility for On-line Submitting in 2016

ITR Type 4: For People incomes Revenue from Proprietorship

This Revenue Tax Type (ITR Type 4) can be utilized by any People who’s incomes Revenue from any Proprietary Enterprise or Career.

ITR 4 for AY 2016-17 have additionally been launched by the Revenue Tax Dept and will be downloaded from the next hyperlinks:-

 

 

  • ITR 4: Obtain PDF File for Bodily Submitting in 2016
  • ITR 4: Obtain Excel Utility for Bodily Submitting in 2016
  • ITR 4: Obtain Java Utility for On-line Submitting in 2016
ITR 4 additionally incorporates Schedule AL for necessary disclosure of property of taxpayers with revenue greater than Rs. 50 Lakhs. Really useful Learn: Necessary Disclosure of Property in Revenue Tax Return.

ITR Type 4S: Sugam – Presumptive Revenue Tax Type

This Revenue Tax Type (ITR Type 4S) can be utilized by an Particular person or HUF whose Whole Revenue consists of

  1. Enterprise Revenue the place such Revenue is computed in accordance with particular provisions referred to in Section 44AD and 44AE for the computation of Enterprise Revenue, or
  2. Revenue from Wage/Pension, or
  3. Revenue from 1 Home Property (excl. instances the place the loss is introduced ahead from earlier years)
  4. Revenue from Different Sources (excl. Profitable from Lottery and Revenue from Horse Races)

The Revenue computed above shall be deemed to have been computed after giving full impact to each loss, allowance, depreciation underneath the Revenue Tax Act

  • ITR 4S: Obtain PDF File for Bodily Submitting in 2016
  • ITR 4S: Obtain Excel File for On-line Submitting in 2016
  • ITR 4S: Obtain Java File for On-line Submitting in 2016

ITR Type 5: For Corporations, AOP’s, BOI’s

This Revenue Tax Type can be utilized by an individual being a agency, LLP, AOP, BOI, Synthetic Judicial Particular person, Co-operative Society or a Native Authority.

ITR 5 for AY 2015-16 have additionally but been launched by the Revenue Tax Dept and will be downloaded from the next hyperlinks:-

  • ITR 5: Obtain PDF File for Bodily Submitting in 2016
  • ITR 5 – Obtain Excel Utility for On-line Submitting in 2016
  • ITR 5: Obtain Java Utility for On-line Submitting in 2016

Assessee’s whose Whole Gross sales/ Whole Turnover/ Gross Receipts exceeds Rs. 1 Crore from Enterprise or Rs. 25 Lakhs from Career are mandatorily required to get their Tax Audit achieved underneath part 44AB by a Chartered Accountant and the due date of submitting the Revenue Tax Type for Monetary 12 months 2015-16 shall be 30th September 2016. For all different assessees the due date for submitting the ITR Type is 31st July 2016.

ITR Type 6: For Corporations

ITR Type 6 is relevant for all firms besides these firms which have held property for charitable or spiritual function. The due date for submitting revenue tax returns for firms is thirtieth Sept regardless of whether or not the Tax Audit is required to be performed or not.

ITR Type 6 is mandatorily required to be submitted on-line and signed by way of Digital Signature. Really useful Learn: All about ITR Type 6

ITR 6 relevant for FY 2015-16 i.e. AY 2016-17 will be downloaded from the beneath hyperlinks:-

  • ITR Type 6 – Excel Utility
  • ITR Type 6 – Java Utility

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