ITR Forms 2017 for FY16-17, AY17-18. Income Tax Return

New ITR forms 2017

To file income tax return IT Department has issued a series of new online ITR forms with effect from 1st April 2017 that are applicable to different types of assesses. You can choose the type of form based on your income.

FY16- 17, AY17- 18- ITR forms

ITR Form to be Used Income Source Caution
ITR-1 (Sahaj) for salaried employees, HUFs and Individuals having net worth up to Rs.50 lakhs and dividend income upto Rs. 10 lakh
  • Income from salary, pension
  • Other income such as interest
  • Income from only one house property
  • Income from other sources should not include income from lottery and income from horse race.
  • Income from house property should be exclusive of loss that is brought forward from previous year
  • Cannot be used in case of income from capital gains or business or profession or if income from agriculture exceeds Rs. 5000 or if one has to claim double taxation relief
ITR-2 For individuals and HUFs not carrying out business or profession under any proprietorship
  • Income from salary, pension
  • Other income such as interest
  • Income from not more than one house property
  • Income from capital gains
  • Income from business or profession for HUFs, individuals and partnership firms
  • Cannot be used in case of income from proprietorship firm
ITR-3 For individuals and HUFs
  • Income from proprietary business or profession
ITR-4 (Sugam) - Presumptive income tax form for HUF’s and individuals
  • Income from salary/ pension
  • Business income where income is computed on a presumptive basis under section 44AD and 44AE
  • Income from not more than one house property
  • Income from other sources
  • Turnover must not exceed Rs. 2 cr in case of businessmen and Rs. 50 lakhs in case of professionals
  • For truckers, must not own more than 10 trucks
ITR-6 Income of companies Not for companies which have held property for charitable or religious purpose

Key changes in ITR Forms for Filing Income Tax Return for AY 2017-18 (FY 2016-17)

The Central Board of Direct Tax (CBDT) through the Income Tax Department has notified new and simplified ITR forms for filing income tax return for FY17. Note that the ITR has to mandatorily be filed used e-filing facility only. The e- filing facility has been enabled from 1st April, 2017 on income tax website: The last date of filing ITR is 31st July, 2017.

Government has simplified the ITR forms and the key changes in the forms are as follows:

  • Simplified one page ITR Form 1 (Sahaj): Sahaj (ITR Form 1) for salaried employees, individuals and HUFs is reduced to simplified one page form as compared to 7 pages earlier. ITR Form 1 (Sahaj) can be filled by salaried employees, individuals and HUFs having total income up to Rs. 50 lakhs and hold one house property.
  • Quoting Aadhaar Number is now mandatory: Lok Sabha introduced a new Section 139AA in Finance Bill 2017, requiring every taxpayer to furnish his or her 12 digit Aadhaar number while filing income tax return. In case the applicant doesn’t possess Aadhaar number, he or she is required to provide the Enrollment ID of Aadhaar Application Form in ITR.
  • Disclosure of cash deposits made during demonetization: A new column has been added in all ITR forms whereby a taxpayer has to provide the details of cash deposits made in withdrawn notes of Rs. 500 and Rs. 1,000 during the demonetization period i.e. 9th November, 2016 to 31st December, 2016. However, a taxpayer is required to fill this column in case the amount deposited is Rs. 2 lakh and above.
  • Income from dividend above Rs. 10 lakhs: As per Section 115BBDA of Income Tax Act, dividend earned is taxable at the rate of 10% if the total amount of such dividend exceeds Rs. 10 lakh. Income Tax Department has inserted a new column in ITR Forms to declare income from dividend if it exceeds Rs 10 lakhs.
  • Tax deductions under Section 80 of Income Tax Act: Columns for tax deductions as Income Tax Act has been reduced to four in Sahaj Form as compared to twenty earlier. Now, ITR Form includes details in respect of tax deductions under Section 80C, 80D, 80G and 80TTA as against deductions under Section 80C to 80U.
  • ITR 2 instead of old ITR form 2, ITR 2A and ITR 3: Income Tax Department has replaced old ITR form 2; ITR form 2A and ITR form 3 with new ITR form 2. The new form is applicable to individuals and HUFs not carrying out business or profession under proprietorship.
  • ITR Form 4 Sugam instead of ITR Form 4S: Income Tax Department has replaced ITR Form 4S Sugam with ITR 4 Sugam and renamed ITR Form 4 to ITR Form 3.
  • Mandatory e-filing except in case of super senior citizens: As per new provisions, all forms shall be filled electronically except in case of individuals of 80 years and above age with income less than Rs. 5 lakh in a year and who have not claimed any refund in ITR. Such individual taxpayers have been given the option to file a paper return.
  • TDS to be auto filled: Information related to the TDS, TCS, advance tax and self assessment tax paid will be auto filled by the system at the time of filing ITR.

Details of New ITR Forms for filing ITR for FY 2016-17, AY 2017- 18

ITR Form 1 (Sahaj)- Part A- General Information

This section of ITR Form 1 includes the following information:

  • PAN (mandatory) of taxpayer
  • Aadhaar Number (mandatory) of taxpayer
  • Personal details of taxpayer such as name, address, mobile number, type of employment
Part B- Gross Total Income

This section of the form explains the details of the income earned during the year which includes the following:

  • Income from salary
  • Income from not more than one house property
  • Income from other sources such interest or dividend
Part –C -Income Tax Deductions as per Income Tax Act

Under this section of ITR Form 1, taxpayer can claim tax deductions as per Income Tax Act under following Sections:

  • Section 80C (deduction claimed against PPF, LIC premium, tuition fees, EPF with the maximum limit of deduction of amount Rs 1.5 lakh)
  • Section 80D (deduction claimed against medical insurance premium and health check up)
  • Section 80G (deduction claimed against donations of any recognized society)
  • Section 80TTA (deduction claimed against interest earned on savings account)
Part D- Computation of Tax payable

This section of the form includes the computation of amount of tax paid by taxpayer. Taxpayer is required to pay tax on his income at a marginal rate of interest as per Income Tax Slabs for FY 2016-17. In order to compute the tax liability following information is required to be provided:

  • Tax payable on total income as per Income Tax Slabs
  • Rebate under Section 87A
  • Cess
  • Relief under Section 89 (I)
  • Interest under Section 234A, 234B, 234C
  • Income exempt from tax
  • Agriculture Income
Part E- Other Information

Details of bank account such as IFSC code of bank branch, name of the bank, bank account number, cash deposits during 9/11/2016 to 31/12/2016 (if aggregate cash deposit during the period exceeds Rs. 2 lakh

  • Details of Advance Tax, Self Assessment Tax Payments

    Information including BSR code date of deposit, serial number of Challan, amount of tax paid)

  • Details of TDS and TCS (As per Form 16/ 16A/27D) issued by deductor/ employer/ collector

    Information including TAN of deductor, name of deductor/ collector, amount which is subject to tax deduction, tax deduction/ collection year

Information Required to File ITR

  • PAN for all assessees
  • Aadhaar - mandatory for individual taxpayers. In case of non individual taxpayers, Aadhaar of authorized person filing the return is mandatory
  • Personal details such as name, address, mobile number, type of employment
  • Income from salary, house property, other sources (such as interest), capital gains, profession, agriculture
  • Deductions under chapter VI-A, chapter 10 and various sections such as 80C to 80U including 80D, 80G, 80TTA
  • Bank account details (for all accounts held in the name of the taxpayer) – Bank, branch, IFSC code, account number
  • Details of cash deposits of old demonetized notes of more than Rs. 2 lakhs made from 9th Nov to 31st Dec 2016
  • Advance tax paid, self assessment tax paid, TDS and TCS will be auto updated at the time of e-filing and need not be entered
Our News - Feb 2018
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