Simplifying Tax for C.A's and Taxpayers
Type of income tax return forms for A.Y.2016-2017

Type of income tax return forms for A.Y.2016-2017

Type of income tax return forms for A.Y.2016-2017

Criteria for selection and due dates for filing of income tax return for A.Y.2016-2017.

Following income tax forms are used depending on the income/loss criteria for A.Y.2016-2017:

ITR1:

“For individuals having income from salaries, one house property, other sources”

ITR2:

“For individuals and Huf’s not having Income from business or Profession”

ITR2A:

“For individuals and Huf’s not having income from business or Profession and capital gains and who does not hold foreign assets”

ITR 3:

“For individuals/Huf’s being partners in firms and not carrying out business or profession under any proprietorship”

ITR 4:

“For individual and HUF’s having income from a proprietary business or profession”

ITR 4S:

“Presumptive business income tax return”

ITR5:

“For persons other than individuals, huf’s, company and person filing form ITR 7”

ITR 6:

For companies other than companies claiming exemption under section 11”

ITR7:

“For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) or section 139(4E) or section 139(4F)”

Following are the due dates for filing the income tax returns for the A.Y.2016-2017:

Section 139(1):

30/09/2016: Where the assessee is a person other than company

  • In case where accounts of the assessee are required to be audited under any law
  • Where the assessee is a “working partner” in a firm whose accounts are required to be audited under any law

30/09/2016: Where the assessee is a company

30/11/2016: Where the assessee is required to furnish a report under section 92E pertaining to                  

                       International/specified domestic transaction(s)

31/07/2016: In any other case

Return of loss (section 139):

Any person, who has sustained a loss, should file a return of loss by the due dates as mentioned above.

Belated income tax return [section 139(4)]:

If return is not furnished within the time allowed as above, the return may be furnished at any time before the expiry of one year from the end of relevant assessment year or the completion of assessment whichever is earlier.

However it is very important to note that w.e.f. A.Y.2017-2018, if return is not furnished within the time allowed, the person may furnish the return of any previous year at any time before the end of relevant assessment year or the completion of assessment, whichever is earlier.

Therefore belated return for A.Y.2015-2016 can be submitted till 31.03.2017, belated return for A.Y.2016-2017 can be submitted till 31.03.2018, and however belated return for A.Y.2017-2018 can be submitted till 31.03.2018.

Revised income tax return [section 139(5)]:

If any person having furnished a return within the time allowed discovers any omission or any wrong statement, therein, he may furnish a revised return within one year from the end of the relevant assessment year or before the assessment is made, whichever is earlier.

Upto A.Y. 2016-2017 belated return cannot be revised, however w.e.f.A.Y.2017-2018 belated return can be revised within one year from the end of the relevant assessment year or before the assessment is made, whichever is earlier.

Consequences of late submission of income tax return:

  1. The assessee will be liable for penal interest under section 234A.
  2. A penalty of Rs.5, 000/- may be imposed under section 271F, if belated return is submitted after the end of the assessment year.
  3. If return of loss is submitted after due date a few losses cannot be carried forward
  4. Deduction under sections 10A, 10B, 80-IA,80-IB,80-IC,80-ID and 80-IE will not be available.
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