ITR Forms, TDS Certificate, Tax Credit Statement and Filing

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Nireka Dalwadi

Form 26AS
ITR Forms
TDS Certificate

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.

What is the difference between Form 16 and Form 16A?
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What is the difference between Form 16 and Form 16A?
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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.

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