GOYAL NITIN & COMPANY

Due Date for Filing Income Tax Returns has been extended to 7th September 2015

How to choose correct ITR forms for FY 2014-15 (AY 2015-16)


ITR-1: (Only Individual)
1.Salary
2. Only one House Property – No B/F losses
3. Other Sources – No B/F lossesException:-Ordinary Resident &
(1) Asset located o/s India; or
(2) Relief/Deduction U/s 90, 90A and/or 91; or
(3) Agricultural Income (Substituted for has any income not chargeable to tax), exceeding Rs. 5000/-

ITR-2: (Individual/HUF)
1. Salary
2. More than one House Property or B/F Losses under the head
3. Capital Gains
4. Other Sources-B/F LossesException:- No PGBP Income

ITR-2A (New Form): (Individual/HUF)
1. Salary
2. More than one House Property or B/F Losses under the head
3. Other Sources – B/F LossesException:-No PGBP Income No Capital Gains Exception:- Ordinary Resident &
(1) Asset located o/s India; or
(2) Relief/Deduction u/s 90,90A and/or 91.

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.

ITR-4S (SUGAM): (Individual/HUF)
1. PGBP:-Presumptive income u/s 44AD or 44AE
2. Salary
3. More than one House Property –B/F Losses
4. Other Sources – B/F Losses
5. Capital Gains
Exceptions:- Ordinary Resident &
(1) Asset located o/s India; or
(2) Relief/Deduction u/s. 90,90A and/or 91;or
(3) Agricultural Income (Substituted for has any income not chargeable to tax), exceeding Rs. 5000/-

ITR-4: (Individual/HUF)
1. Proprietary PGBP
2. Salary
3. More than one HP- B/F Losses
4. Other Sources – B/F Losses
5. Capital Gains.


ITR-5: (Firm/AOP/BOI/Local Authority/ Artificial Juridical Person)
Any Income

ITR-6: [Company (Except Section 25 companies)]
Any Income

ITR-7: (Trust/Political Party/Section 10 Exempt Institutions/Section 35 college/institutions)
Any Income

5 Years
18 Papers
22 Different Subjects
Exam on Diwali & Summer (Very Odd Time, when everybody is having vacation)
+500 Different Laws
+50,000 Sections, Sub Section, Sub Sub Sections
+500,000 Rules
Normal Man cant bear it……..
Remaining abnormals are called "Chartered
Accountant"😎😎
We are a Rare Breed! Congratulations

Our income increases with increase in prosperity of people and nation and hence CA's always wish for the prosperity of people and nation.

Happy Chartered Accountants Day

NEW ITR Form ITR-1 & ITR-4S released by Income tax department for filing a return of Assessment Year 2015-16.
ITR-2 & 2A will be enabled Shortly