How to choose correct ITR Form for AY 2015-16



Choose right ITR Form for AY 2015-16

Sr. No.
Form No.
Assessee type
Who can use this File & Source of Income
1.
ITR – 1
Only Individual
Who can use this Return Form?
This Return Form is to be used by an individual whose total income for the assessment year 2015-16 includes:-
(a) Income from Salary/ Pension; or
(b) Income from One House Property (excluding cases where loss is brought forward from previous years); or
(c) Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)
NOTE Further, in acase where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return
Form can be used only if the income being clubbed falls into the above income categories
Who cannot use this Return Form
This Return Form should not be used by an individual whose total income for the assessment year 2015-16 includes:-
(a) Income from more than one house property; or
(b) Income from Winnings from lottery or income from Race horses; or
(c) Income under the head “Capital Gains’ e.g., short-term capital gains or long-term capital gains from sale of house, plot, shares etc.; or
(d) Agricultural income in excess of  Rs.5,000; or
(e) Income from Business or Profession; or
(Q Loss under the head ‘Income from other sources’;or
(g) Person claiming relief under section 90 and/or91; or
(h) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India or
(i) Any resident having income from any source outside India
2.
ITR-2
Individual/HUF
Who can use this Return Form?
This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:-
(a) Income from Salary / Pension; or
(b) Income from House Property; or
(c) Income from Capital Gains; or
(d) Income from Other Sources (including Winning from Lottery and Income from Race Horses).
Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used where such income falls in any of the above categories.
Who cannot use this Return Form?
This Return Form should not be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes Income from Business or Profession.
3.
ITR – 2A(New Form)
Individual/HUF
Who can use this Return Form?
This Return Form is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes:-
(a) Income from Salary / Pension; or
(b) Income from House Property; or
(c) Income from Other Sources (including Winning from Lottery and Income from Race Horses).
Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with theincome of the assessee, this Return Form can be used where such income falls in any of the above categories.
Who cannot use this Return Form?
This Return Form should not be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2015-16 includes,-
(a) Income from Capital Gains; or
(b) Income from Business or Profession; or
(c) Any claim of relief/deduction under section 90, 90A or 91; or
(d) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India; or
(e) Any resident having income from any source outside India.
4.
ITR-3
Individual/HUF(who is partner in firm)
1. PGBP income includes only Interest/Salary/Bonus/Commission remuneration from partnership firm in which the Individual or HUF is a partner.
2. Salary
3. More than one house property – B/F Losses
4. Capital Gains
5.
ITR -4S(SUGAM)
Individual/HUF
Who can use this Return Form?
This Return Form is to be used by an individual/ HUF whose total income for the assessment year 2015 -16 includes:-
(a) Business income where such income is computed in accordance with special provisions referred to in section 44AD and 44AE of the Act for computation of business income; or
(b) Income from Salary/ Pension; or
(c) Income from One House Property (excluding cases where loss is brought forward from previous years); or
(d) Income from Other Sources (Excluding winning from lottery and Income from Race Horses).
Note: The income computed shall be presumed to have been computed after giving full effect to every loss, allowance, depreciation or deduction under the
Income-tax Act.
Note: Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.
Who cannot use this Retum Form?
SUGAM cannot be used to file the following incomes
(a) Income from morethan one house property; or
(b) Income from winnings from lottery or income from Race horses; or
(c) Income under the head ·Capital Gains”, e.g. Short-term capital gains or long-term capital gains from sale of house, plots,  shares etc’ or
(d) Agricultural income in excess of  Rs. 5,00 0; ,
(e) Income from Speculative Business and other special incomes; or
(ij Income from aprofession as referred to in sub-section (1) of section 44AA
or income from an agency business or income in the nature of commission for
brokerage; or
(g) Person claiming reliefofforeign tax paid under section 90, 90A or91; or
(h) Any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside
India or
(i)Any resident having income from any source outside India
SUGAM form is not mandatory
SUGAM Business Form shall not apply at the option of the assessee, if-
(I) the assessee keeps and maintains all the books of account and other documents referred to in section 44AA in respect of the business.
(ii) the assessee gets his accounts audited and obtains a report of such audit as required under section 44AB in respect of the business.
In the above scenarios, Regular ITR-4 should be filed and not SUGAM.
6.
ITR -4
Individual/HUF
1. Proprietary PGBP
2. Salary
3. More than one HP- B/F Losses
4. Other Sources – B/F Losses5. Capital Gains
7.
ITR – 5
Firm/AOP/BOI/Local Authority/ Artificial Juridical Person
Any Income
8.
ITR -6
Company (Except Section 25/Section 8 companies)
Any Income
9.
ITR -7
Trust/Political Party/Section 10 Exempt Institutions/Section 35  college/institutions
Any Income

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