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ITR Forms, TDS Certificate, Tax Credit Statement and Filing

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Nireka Dalwadi

Form 26AS
ITR Forms
TDS Certificate
Last updated on June 21st, 2021

The Income Tax Department has prescribed different ITR Forms for various income situations. The taxpayer is required to prepare and file the ITR Form applicable to them for that particular financial year.

Index

ITR Forms Types

The Income Tax Department has prescribed 7 different ITR Forms. The ITR Form type should vary based on the income situation.

Which ITR to File?
Know which ITR Form you are required to file this Assessment Year.
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Which ITR to File?
Know which ITR Form you are required to file this Assessment Year.
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ITR 1

ITR-1 (SAHAJ) for Resident Salaried Individuals. Individuals earning income from the following sources can file ITR 1:

ITR for Salaried Individuals
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ITR for Salaried Individuals
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ITR 3

ITR 3 is for individuals and HUFs having income from business or profession. ITR 3 can be filed by a taxpayer having:

Any other entity except Individuals and HUFs cannot file ITR 3. Entities like LLPs, Partnership Firm, Companies, Charitable Trusts, Local Authorities, etc. cannot file ITR 3.

List of Documents Required to file the ITR 3

Methods to file ITR 3

ITR 3 can be submitted online or physically. However, if the income is more than INR 5 Lakhs, it is mandatory to file ITR 3 electronically.

ITR for Proprietors with Business Income
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ITR for Proprietors with Business Income
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Taxpayers having income from capital gains, speculative business, foreign sources of income cannot file ITR 4.

List of documents required to file ITR 4

Methods to file ITR 4

However, it is mandatory to file ITR-4 online for taxpayers who have:

ITR for Businesses under Presumptive Scheme
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ITR for Businesses under Presumptive Scheme
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ITR Documents

Form 16

Form 16 is a TDS certificate on Salary. It contains details of income earned and taxes deducted on it. The employer issues Form 16 to its employee after the end of a financial year. The due date to issue Form 16 for FY 2018-19 is 15th June 2019. Form 16 is divided into 2 Parts:

Sample Form 16 Part A

Form-16-Part A_Sample

Sample Form 16 Part B

Form-16-Part-B_Sample
Upload your Form 16 here
Prepare and e-File your ITR for FREE!
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Upload your Form 16 here
Prepare and e-File your ITR for FREE!
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You may have multiple Form 16 if you had multiple employers or changed jobs during the Financial Year.

Form 16A

Form 16A is a certificate on TDS income other than Salary, like commission, interest, professional fees, rent. Form 16A is issued by the deductor(Payer) to the deductee(Payee) within 15 days of from the date of filing the TDS return.

Form 26AS

Form 26AS is a consolidated Tax Credit Statement. It contains the following details:

You can set off the tax credit against your net taxable liability while filing the ITR.

You can view and download your Form 26AS from your account on the income tax e-filing website.

Form 12BB

Form 12BB is an investment declaration form submitted by an employee to its employer. The employer uses this Form 12BB for accurate TDS deduction on the employee’s salary, and avoid excessive TDS deduction.

What are the details required to file Form 12BB?

Generate Form 12BB
Enter details of tax saving investments, exempt allowances and share it with your employer in a jiffy.
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Generate Form 12BB
Enter details of tax saving investments, exempt allowances and share it with your employer in a jiffy.
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Form 10BA

Form 10BA is for taxpayers to claim deduction u/s 80GG i.e. for rent paid on house property. Form 10BA contains details of the taxpayer, property, rent paid and the landlord.

How to submit Form 10BA?

You can submit Form10BA for a financial year using the Income Tax Department website.

Form 15G & Form 15H

Form 15G & Form 15H is to avoid TDS deduction on the taxpayer’s income. It is usually submitted to banks to avoid TDS being deducted on the interest income. Form 15G & Form 15H is required to be at the beginning of the financial year.

Form 15H is for taxpayer above the age of 60 years i.e. senior citizens. Whereas, non-senior citizens use Form 15G.

When to submit Form 15G/15H?

Form 15G/15H can be submitted to avoid tax deduction in the following income sources:

Details required to file Form 15G or Form 15H

Methods file Form 15G & Form 15H

If the tax liability for the financial year is zero, you can file Form 15G & Form 15H with the deductor.

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 :slightly_smiling_face:

  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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