The Income Tax Department has released the ITR (Income Tax Return) Forms for Financial Year 2016-2017 (i.e. Assessment Year 2017-2018).
These ITR forms will be applicable for your income tax return for income earned from 1st April 2016 to 31st March 2017. FY 2016-17 (AY 2017-18).
The due date of submission of these ITR Forms will be31st July 2017.
The forms are available for you to download. We will also update our e-filing, so you can file your tax returns quickly!
Major Changes in the ITR- Forms
Single page ITR Form for those with income upto Rs 50LITR -1 can only be filed by those with ONE house propertySchedule AL has been taken off from ITR-1
Old ITR-2, ITR-2A and ITR-3 have been done away with and merged to NEW ITR-2Old ITR-4 is now NEW ITR-3 and Old ITR-4S(Sugam) is now NEW ITR-4(Sugam)
Mentioning Aadhaar number or Aadhaar enrollment id is Mandatory
New section added in ITR-1 for mentioning exempt long term capital gains.
Mandatory to e-file tax returns for those with LTCG of Rs 2.5L or more, even though their total taxable income may be below Rs 2.5L.
Paper returns can only be filed by those who are
1.above 80 years of age OR
2.by an individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the return of income.
