New ITR Forms AY 2017-18 : Which ITR Form should you file?

Central Board of Direct Taxes has notified the new ITR Forms AY 2017-18 (for FY 2016-17). In order to make Income Tax Return filing easy, quite a few changes in ITR Forms have been implemented.

The new ITR forms in PDF format have been made available, while the excel utilities (or) Java Utilities for AY 2017-18 will soon be made available on income tax India e-filing website.

What is AY & FY?

Financial year is the year in which you have earned the income. If you are filing a return this year, the financial year will be 2016-17.

For example, if you have had an income between 1st April 2016 and 31 March 2017, then 2016-17 will be referred to as FY. Assessment Year is the year in which you file returns i.e., 2017-18. The last date to file returns for the financial year 2016-2017 is July 31st 2017.

Income Tax Slabs & Rates for FY 2016-17 (AY 2017-18)

The below table gives you clear idea about Income tax slabs / rates for all Tax payer categories.

Taxconsultant in India

Income Tax Returns Filing & New ITR Forms AY 2017-18 | Which ITR Form should you file?

Below are the main details about new ITR forms. You can download the ITR Forms which are in PDF format.

• The number of ITR Forms have been reduced from the existing nine to seven forms.
• Kindly note that it is now mandatory to quote your Aadhar number / Aadhar Enrollment ID and also disclose Cash deposits of more than Rs 2 lakh made during demonetisation period.
• The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms.
• The existing ITR 4 has been re-numbered as ITR 3.
• ITR 4S (Sugam) is now ITR 4 (Sugam).
• All ITR forms have to be filed electronically. The only exception being ; in the case of individuals of the age of 80 years or more, whose income does not exceed Rs 5 lakh and who has not claimed any refund in the return of income, have an option to file return in paper form.

New ITR 1 (Sahaj) Form For Assessment Year 2017-18 :

• The existing multiple pages ITR 1 form has now been simplified into a single page ITR Form.
• ITR 1 Form (Sahaj) can be filed by an individual having income of up to Rs 50 lakh from salary, one house property and interest income.
• In this ITR form, important tax deductions like Section 80C, 80D, 80G & 80TTA have only been provided. For other tax deductions, you can just mention the section and amount details.
• If you have LTCG of Rs 2.5 Lakh or more, It is mandatory to e-file tax returns, even if your total taxable income may be below Rs 2.5 lakh.
• A separate provision has been provided to disclose Long Term Capital Gains (LTCG) as Exempt income under section 10 (38).
• A separate provision has been provided to disclose Dividend income received from an Indian company as Exempt income under section 10 (34).

Read more from here:http://bit.ly/2pFTjHr

You may concern with Tax consultant in India for all queries.