Applicability of Income Tax Return Forms to be filed for AY 2017-18

It's that time of the year when we have to file income tax return. But which one & when? Let's find out!

ITR No.		Who can use the return	Who cannot use the return	Is Annexure Required	How can the return be filed	Can Paper return be filed	Is Audit compulsory	Is Digital Signature Certificate Compulsory
1	Individual whose total Income for the AY 2017-18 includes: a)  Income from Salary/Pension b) Income from ONE house property (no brought forward loss) c) Income from other sources (Exceptions noted in next column)		1. The income should not include income from more than one house property 2.If there is brought forward loss from house property from any previous year 3.Income from other sources include Lottery income, income from race horses and income taxable u/s 115BBDA or income  of the nature referred in section 115BBE 4.Income under the head Capital Gains 5. Agricultural Income in excess of Rs 5000 6.Income from Business or Profession 7.Loss under the head “Income from other sources” 8.Person claiming relief u/s90 or 91 9.Any resident having any asset (including financial interest in any entity)located outside India or signing authority in any account located outside India 10.Any resident having income from any source outside India Note: Such Individuals can file ITR 2	No	1.By Furnishing return in paper form 2.By furnishing return electronically under digital signature 3.By transmitting the data in the return electronically under Electronic verification Code(EVC) 4.By transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR V	Yes, but only in below mentioned two conditions: 1.An individual of the age of 80 years or more at any time during the previous year 2.An individual whose  income does not exceed Rs 5 lakhs and no refund is claimed in the return	No	No
2	1.Individual and HUF who cannot file ITR1 2.Income under the head “Profits and gains from Business & Profession” is received form Partnership only (not proprietorship)		Individual and HUF having income from Business or Profession from Proprietorship Note: Such individual/ HUF can file ITR 3	No	1.By furnishing return electronically under digital signature 2.By transmitting the data in the return electronically under Electronic verification Code(EVC) 3.By transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR V	No	No	No
3	Individual/HUF carrying out proprietary business or profession		N.A.	No	1.By furnishing return electronically under digital signature 2.By transmitting the data in the return electronically under Electronic verification Code(EVC 3.By transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR V	No	No, the accounts are required to be audited only u/s 44AB(If conditions of the section are met)	No, only in the case where accounts are required to be audited u/s 44AB
4(Sugam)	Individual/ HUF/ Partnership Firm whose total income for the AY 2017-18 includes : 1.Business or Profession income are computed in accordance with section 44AD, 44 AE or 44ADA 2.Salary/Pension 3.ncome from One House Property(Excluding where loss is brought forward from previous year) 4.Income from other sources (Excluding winning from lottery or Race Horses)		1.The income should not include income from more than one house property 2.If there is brought forward loss from house property from any previous year 3.Income from other sources include Lottery income, income from race horses and 4.Income under the head Capital Gains 5.Agricultural Income in excess of Rs 5000 6.Income from speculative business 7.ncome from agency business or income in the nature of commission or brokerage 8.Person claiming relief u/s 90 or 91 9.Any resident having any asset (including financial interest in any entity)located outside India or signing authority in any account located outside India 10.Any resident having income from any source outside India Note: In such case, the assessee can file regular ITR 3 or 5 as the case may be.		1.By Furnishing return in paper form 2.By furnishing return electronically under digital signature 3.By transmitting the data in the return electronically under Electronic verification Code(EVC) 4.By transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR V	Yes, but only in below mentioned two conditions: 1.An individual of the age of 80 years or more at any time during the previous year 2.An individual whose  income does not exceed Rs 5 lakhs and no refund is claimed in the return	No	No
5.	LLP/ AOP/BOI/Artificial Juridical Person/co-operative societies/ registered societies and Local authority		Person filing return u/s 139(4A)/ 139(4B)/ 139(4C)/ 139(4D)/ 139(4E)/139(4F) Note: Assessee can file ITR 7	No	1.By furnishing return electronically under digital signature 2.By transmitting the data in the return electronically under Electronic verification Code(EVC) 3.By transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR V	No	No, the accounts are required to be audited only u/s 44AB(If conditions of the section are met)	No, only in the case where accounts are required to be audited u/s 44AB
6	Companies (except company claiming exemption u/s11)		Companies claiming exemption u/s 11	No	Only electronically under digital signature	No	No, the accounts are required to be audited only u/s 44AB(If conditions of the section are met)	Yes in all cases
7	Person furnishing return u/s 139(4A)/ 139(4B)/ 139(4C)/ 139(4D)/ 139(4E)/139(4F)		NA	No	1.By furnishing return electronically under digital signature 2.By transmitting the data in the return electronically under Electronic verification Code(EVC) 3.By transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR V Note: Political parties should compulsorily file return electronically under digital signature	No	No, the accounts are required to be audited only u/s 44AB(If conditions of the section are met)	No, Only political party has to file return under digital signature

Notes:

1.      It is advisable to check your Tax Credit Statement ( Form 26 AS). If there is any discrepancy between TDS claimed and TDS as appearing in form 26AS, there is delay in processing of refund.

2.      Individuals filing ITR 1 will be required to provide details of cash deposited between 09/11/16 to 30/12/2016 in their bank account or any other account (such as loan account). However the details are required to be furnished only if the aggregate amount deposited exceeds Rs 2 lakhs.

3.      Where the Return Form is furnished by manually sending the ITRV, the assessee should print out two copies of Form ITR-V. One copy of ITR-V, duly signed by the assessee, has to be sent by post to - Post Bag No. 1, Electronic City Office, Bengaluru— 560 100, Karnataka. The other copy may be retained by the assessee for his record.

4.      Due date for filing return is as follows:

·         If the accounts are not required to be audited – 30^th July 2017

·         If the accounts are required to be audited         –30^th September 2017

5.      Tax slab for AY 2017-18

1.      In case of every individual (other than resident individual who is of the age of 60 years or more at any time during the financial year 2016-17) –

	Income (Rs)	Tax Liability (Rs)
1	Upto 2,50,000	Nil
2	Between 2,50,001 – 5,00,000	10% of income in excess of 2,50,000
3	Between 5,00,001 – 10,00,000	25,000 + 20% of income in excess of 5,00,000
4	Above 10,00,000	1,25,000 + 30% of income in excess of 10,00,000

2.      In case of every individual who is of the age of 60 years or more but less than 80 years  at any time during the financial year 2016-17–

	Income (Rs)	Tax Liability (Rs)
1	Upto 3,00,000	Nil
2	Between 3,00,001 – 5,00,000	10% of income in excess of 3,00,000
3	Between 5,00,001 – 10,00,000	20,000 + 20% of income in excess of 5,00,000
4	Above 10,00,000	1,20,000 + 30% of income in excess of 10,00,000

3.      In case of every individual who is of the age of 80 years or more at any time during the financial year 2016-17–

	Income (Rs)	Tax Liability (Rs)
1	Upto 5,00,000	Nil
2	Between 5,00,001 – 10,00,000	20% of income in excess of 5,00,000
3	Above 10,00,000	1,00,000 + 30% of income in excess of 10,00,000

Be informed and file correct return to avoid tax notice! Wish you all a very happy July!

Thanks for Reading!