Jul 262018
Applicability of ITR forms for AY 2018-19
With the 31st July, 2018 is approaching nearby you are rushing behind your consultant for completing self-assessment process and filling your ITR. As you are aware that forms you submit to the department plays an important role in the assessment procedure and correct filing of forms saves you from needless penalties action. Under section 139(4) a return filed in wrong ITR can be treated as defective and you would returned to the consequences as if you have not filed the return. Hence, here we are trying to explain applicability of ITR in very simple manner.
Applicability of income tax return (ITRs’) forms based on nature of income:
| ITR 1 | |||||
| NATURE OF INCOME | (only | ITR 2 | ITR-3 | ITR-4 | |
| Resident | |||||
| IND) | |||||
| Income from salary/pension (for ordinarily resident person) | YES | YES | YES | YES | |
| Income from salary/pension (for RNOR & NR person) | – | YES | YES | YES | |
| Income or loss from one house property (excluding brought forward & carried forward losses) | YES | YES | YES | YES | |
| Income or loss from more than one house Property | – | YES | YES | – | |
| Agricultural income exceeding Rs. 5,000 | – | YES | YES | – | |
| Total income exceeding Rs. 50 lakhs | – | YES | YES | YES | |
| Income from other sources (other than winnings from lottery and race horses or losses under this head) | YES | YES | YES | YES | |
| Income from other sources (including winnings from lottery and race horses or losses under this head) | – | YES | YES | – | |
| Capital gains/loss on sale of Capital assets | – | YES | YES | – | |
| Interest, salary, share of profit, etc. received by a partner from a partnership firm. | – | – | YES | – | |
| Income from business or profession (Non Speculative) | – | – | YES | – | |
| Income from presumptive business | – | – | YES | YES | |
| Income from Speculative Business and other special incomes | – | – | YES | – | |
| Income from an agency business or income in the nature of commission or brokerage | – | – | YES | – | |
| Income from foreign sources/assets/any account outside India | – | YES | YES | ||
| Claim of relief of tax under sections 90, 90A or 91 | – | YES | YES | ||
| Dividend income exceeding Rs. 10 lakhs taxable under Section 115BBDA | – | YES | YES | ||
| Voluntary offer of income under Sections 68, 69, 69A, etc. [taxable at 60% u/s 115BBE) | – | YES | YES | ||
| Income to be apportioned under Section 5A (Relating to clubbing of Income for Portuguese Citizens) | – | YES | YES | YES | |
| Adjustments of Brought Forward Losses of earlier years | – | YES | YES |
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