Income Tax Return (ITR) Form for AY 2016-17 (FY 2015-16)

Every taxpayer is required to declare incomes earned and taxes paid, to the Income Tax Department in prescribed income tax return forms called ITR Forms. Different ITR Forms are prescribed for AY 2016-17 based on different types of incomes and taxpayers. So every taxpayer has to first determine which ITR should be filed before he can start filing.

Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore
Check which ITR Form to file?
Income Tax Return Forms to file depends on your Income Source, Residential Status, and other financial situation. Know which ITR Form you should file.
Explore

What are the different ITR Forms?

Although the Income Tax Department has prescribed 9 different ITR forms for AY 2016-17, taxpayers have to choose the one which is applicable to them.

Following ITR Forms are prescribed for Individuals (Non corporate assessees):

ITR-1 (SAHAJ) The most basic ITR form for individuals having income from salary/pension, one house property and interest
ITR-2A For individuals/HUF having income from salary/pension, multiple house property and interest
ITR-2 For individuals/HUF having income from salary/pension, multiple house property, capital gains and interest
ITR-3 Form individuals/HUF who are partner in a firm and not carrying any business or profession under proprietorship
ITR-4S (SUGAM) For individuals/HUF/Partnership firms having income from presumptive business or profession
ITR-4 For individuals/HUF having income from proprietary business or profession

Following ITR Forms are prescribed for corporate assessees:

ITR-5 For firms, association of persons (AOP), Body of Individuals (BOI), co-operative societies and local authorities
ITR-6 For companies other than companies claiming exemption under section 11 (such as charitable or religious trust)
ITR-7 For trusts, political parties, scientific research organisations, colleges and universities

Know Your ITR

Sources of Income Individual Individual/ HUF
ITR-1 (SAHAJ) ITR-2A ITR-2 ITR-3 ITR-4S ITR-4
Income From Salary/Pension
Self-Occupied House Property Income
Income from multiple House Property    
Agricultural Income exceeding Rs. 5,000/-    
Income from Other Sources
Winnings from lottery and racehorses      
Capital Gains      
Profit from a Partnership Firm        
Income from Proprietary Business/ Profession          
Income from Presumptive Business/ Profession          
Foreign Assets Income      
Tax Relief under sections 90, 90A or 91      

FAQs

Should NRI file return?

It is not mandatory for NRI to file an income tax return in India. However, there are three conditions in which NRI must file the return.
1. Their income in India exceeds the basic exemption limit
2. If excess taxes were deducted and they wish to claim the refund
3. If they wish to carry forward capital losses

Do I need to file return if my income is not taxable?

No, you are not required to file income tax return if your income is not taxable (i.e below basic exemption limit for given assessment year). However if you incurred any losses (Business or Capital), you must file income tax return to carry forward such losses.

Do I need to file return if I have already paid taxes?

It is very common for salaried individuals to have all their taxes deducted by their employer. Still, you must file income tax return to claim any refund and/or carry forward any losses.

What happens if I do not file a return?

If you do not file income tax return, I-T Department will send you a notice telling you to file your return. If you have an outstanding tax liability then you will incur interest penalty u/s 234A, 234B and 234C. If you have refund and you do not file returns then you will not be able to claim refund. Hence, it is always advisable to file income tax return.

Are there any benefits of filing return?

It is always beneficial to file income tax return. Here are few benefits
1. You can only claim refund if you file return
2. You can avoid interest penalty and/or default
3. IT return is a documentary evidence of your incomes
4. Banks, Consulates, other Financial Institutions demand IT return

Can a minor file income tax return?

Any person under the age of 18 is considered a minor. Although income earned by minor is taxable just like any other, minor can not file their independent tax return baring few exceptions. Minor’s income is clubbed with his/her parents income under section 64(1A). However in following instances, a minor can file Income Tax Return
1. None of the parents are alive
2. When minor earns income using special skills or knowledge

Got Questions? Ask Away!

  1. Hey @TeamQuicko

    Thanks for the blog! Just one quick question - Why do we have to report a quarterly breakdown of Dividend Income under IFOS?

    Thank you!

  2. I had received dividend recently but I had noticed that TDS had been deducted. any idea as to why has it happened and is there a way I can claim this TDS?

  3. Hey @HarshitShah

    After the introduction of Budget 2020, dividend income is now taxable in the hands of the shareholder; and is also subject to TDS at 10% in excess of INR 5000 u/s 194 & 194K. Foreign Dividend is taxable at slab rates. TDS is not applicable to such dividends. The taxpayer should report such income under the head IFOS in the ITR filed on the Income Tax Website.

    Hope this helps!

  4. Hi @ameyj

    The amount of TDS deducted shall reflect in your Form 26AS only and it will also reflect the name of the deductor.
    Using the name of the deductor you can find out on which share you have received the dividend and you can also cross-check the same in your bank statement.

    Yes, you are right, TDS is to be deducted when the dividend paid exceeds 5000 INR in a financial year. However, the 5,000 INR limit pertains to all the dividends an individual gets in a year, or the total dividend per shareholder that a company pays out in a year, is left to interpretation, and hence registrars and share transfer agents (RTA) are not taking any chances and are deducting TDS even on small amounts.

    Hope this helps

  5. Hi @TeamQuicko

    Consider that I have 10 shares each of 10 different Indian companies. Each of the 10 companies are declaring a dividend of INR 100 before the FY ends. Now I will be recieving 1000 as dividend from each company, thereby a total of 10,000.

    The 5,000 dividend limit, is it applicable to each company / total dividend recieved by me in a year. If it is applicable to each company, then I would not attract TDS of 10% for dividend.

    Also pl clarify, how would the company B know that I have got shares of Company A,C,D,E so on…

  6. Hey @Abdul_Kaleem_shah

    As per sec.194 of income tax act, TDS liability will arise when the amount of such dividend or the aggregate of the amounts of such dividend distributed or paid or likely to be distributed or paid during the financial year by the company to the shareholder, exceeds 5000 Rs.

    Here, the term company not includes aggregate companies and hence limit of 5000 Rs. should be applicable to each company.

    Here, you can read below article covering TDS on dividend income:

    Since, it is purely based on interpretation and ambiguous as opinion vary from experts.

  7. Hey @TeamQuicko

    I tried to file ITR-3 via Quicko’s integration with Zerodha. While filing the ITR, I got an option to switch to the New Tax regime to save additional taxes.
    Since I had some turnover from intraday and FnO (speculative/ business), am I eligible to switch to the new regime through Quicko while filing?
    How do I fill the Form 10-IE? If I haven’t filled the form, would the portal preent me from filing returns altogether?
    Also, once I get rebate (if opted for new regime) / pay dues (if opted for old regime), do I need to go through the hassles of replicating it on the new ITR portal (i.e manually answering the schedule sections)?

    Kind regards

  8. Hi @ChinmayB,

    Yes, you can opt for the new tax regime. However, keep in mind in case a taxpayer has business income and they opt for the new tax regime, they can switch to the old tax regime only once.

    If you opt for the new tax regime, you need to file Form 10-IE before filing the ITR

    Here’s how you can file the Form 10-IE

    When filing your ITR through Quicko, you do not need to enter details on the new ITR portal, since Quicko is a ERI (e-return intermediary) registered with the Income Tax Department.

    Note: ITR filing will be enabled on Quicko in the coming week. So stay tuned for more exciting features!

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