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ITR for AY 16-17 released with extra burden on ultra-rich

Financial Year 2015-16 has ended and it indicates that Income Tax Return filing for this financial year is to be done on priority. With our past experience, we are relaxed thinking that ITR Forms will be released near to the due date and then automatically the due date shall get extended.

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If you are in the same category then wake up my friend. This year this is not the scenario. CBDT has already released the ITR Forms. Government has notified the new forms with the onset of the new financial year i.e., 1 st April, 2016.

 

CBDT vide its Notification No. 24/2016 dated 30-03- 2016 (F.No.370142/2/2016-TPL) has notified new forms for Filing Income Tax Return for A Y 2016-17.

 

In line with the promises made by the CBDT, this time the CBDT has notified and released new ITR forms for AY 2016-17 well in time through Income-tax (9th Amendment) Rules, 2016.

 

The Form has already been released by the Department, so the taxpayers should get prepared with their documents and start filing their returns within the stipulated time (31 st  July, 2016). As the forms are released with the start of the Assessment Year 2016-17, this time the extension of the above due date is not likely to be made by the department, so it’s time to get the returns filed at the earliest.

 

Before filing of Forms, you must be aware that there have been few changes in the new ITR released. The changes can be summarized as:

ITR-1

 Declaration of value of assets and liabilities by Individuals earning above Rs.50 lakhs

 TCS (Tax Collected at Source) credit for individual taxpayers

 Additional deduction for contribution to NPS under Section 80CCD

 

ITR-2/ 2A

 Details of Pass – Through Income received from business trust or/ and investment fund

 Declaration of value of assets and liabilities by Individuals earning above Rs.50 lakhs

 TCS (Tax Collected at Source) credit for individual taxpayers

 Additional deduction for contribution to NPS under Section 80CCD

 

ITR-3

 Declaration of value of assets and liabilities by Individuals earning above Rs.50 lakhs

 Additional deduction for contribution to NPS under Section 80CCD

 Details of Pass – Through Income received from business trust or/ and investment fund

 Disclosure of details regarding partnership firm by a partner in Schedule IF

 Disclosure of exempt income has been done away with in new ITR forms.

 

ITR-4

 Declaration of value of assets and liabilities by Individuals earning above Rs.50 lakhs

 Additional deduction for contribution to NPS under Section 80CCD

 Details of Pass – Through Income received from business trust or/ and investment fund

 Disclosure of details regarding partnership firm by a partner in Schedule IF

 Disclosure of exempt income has been done away with in new ITR forms

 Deduction of additional investment allowance

 Effect of ICDS has been inserted

 

ITR-4S

 A new section has been added to the ITR- 4S seeking code, nature and description of the three main businesses–activities or products that you earn from

 It can now be filed by partnership firms too

 Three additions -specifying nature of business, salary and interest paid to partners (applicable only to firms) and schedule AL

 

Know your income tax return for AY 2016-17 and download it:

 

ITR Forms (View/ Download) Remarks
Form Sahaj (ITR-I) For Individuals having Income from Salaries, One house property, Other sources (Interest etc.) Refer to Instructions for eligibility
ITR-2 For Individuals and HUFs not having Income from Business or Profession
ITR-2A For Individuals and HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets
ITR-3 For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
ITR-4 For individuals and HUFs having income from a proprietary business or profession
Sugam (ITR-4S) Presumptive business income tax return
ITR-5 For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7
ITR-6 For Companies other than companies claiming exemption under section 11
ITR-7 For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)
ITR-V Acknowledgement of Filing Return with Income Tax Department

File your return with makeyourtax.

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