Filing The Return Of Income - India

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FILING THE RETURN OF INCOME
The taxpayer has to communicate the details of his taxable income/loss to the Income-tax
Department. These details are communicated to the Income-tax Department in the form
of return of income. In this part you can gain knowledge about various provisions and
procedure relating to furnishing (i.e. filing) the return of income. The provisions
discussed in this part are applicable for furnishing the return of income for the assessment
year 2016-17, i.e., financial year 2015-16.
Forms of return prescribed under the Income-tax Law
Under the Income-tax Law, different forms of return of income are prescribed for
different classes of taxpayers. The return forms are known as ITR forms (Income-tax
Return Forms).
The following table gives a brief overview of the return forms and is not an exhaustive
discussion on the return forms. For more provisions of applicability/non-applicability of
the ITR Forms, the readers should go through the discussion on each ITR Form covered
in this topic in later part.
Forms of return prescribed under the Income-tax Law for the assessment year
2016-17
Return Form
Brief Description
ITR – 1
Also known as SAHAJ is applicable to an individual having salary or
pension income or income from one house property (not a case of
brought forward loss) or income from other sources (not being lottery
winnings and income from race horses).
ITR 2A
It is applicable to an individual or HUF whose total income for the
assessment year 2016-17 does not include income from business or
profession, capital gains. Further, an individual or HUF claiming
foreign tax credit or having any asset (including financial interest in
any entity) located outside India or having any signing authority in
any account located outside India or having income from any source
outside India cannot use this form for filing of return of income.
ITR – 2
It is applicable to an individual or a Hindu Undivided Family having
income from any source other than “Profits and gains of business or
profession”.
ITR – 3
It is applicable to an individual or a Hindu Undivided Family who is
a partner in a firm and where income chargeable to tax under the head
“Profits or gains of business or profession” does not include any
[As amended by Finance Act, 2016]

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