ITR Forms, TDS Certificate, Tax Credit Statement and Filing

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

ITR 1

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

  • Salary
  • Pension
  • One House Property
  • Other Sources: Savings Interest, Fixed Deposit, etc
  • Agricultural Income less than INR 5,000
ITR for Salaried Individuals
[Rated 4.8 stars by customers like you]
ITR for Salaried Individuals
[Rated 4.8 stars by customers like you]

ITR 3

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

  • Partner Income from a partnership firm or LLP
  • Businesses with income more than INR 1 crore not covered under presumptive taxation scheme.
  • Professionals under presumptive taxation scheme with income more than INR 50 Lakhs
  • Capital Gains
  • House Property
  • Salary
  • Other Sources

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

  • Business & Professional income: Bank account Statement/ Passbook
  • Capital Gains: land/building Sales and Purchase Deed, Stock Ledgers, Trading Statement, expenses on a transfer of the capital asset, etc.
  • House Property Income: Rent Agreement, co-owner details, Loan repayment certificate/statements.
  • Salary: Form 16, Salary Slips, Pension Statement/Passbook
  • Other Sources: Dividend warrants, interest certificates, other receipts

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.

  • Physical Submission:
    • paper form or
    • bar-code return form
  • Online/ Electronic Submission:
    • After adding Digital Signature
    • Sending the signed copy for verification to CPC Bangalore
    • e-Verification of ITR
ITR for Proprietors with Business Income
[Rated 4.8 stars by customers like you]
ITR for Proprietors with Business Income
[Rated 4.8 stars by customers like you]

Taxpayers having income from capital gains, speculative business, foreign sources of income cannot file ITR 4.

List of documents required to file ITR 4

  • Business/ Professions: Profit & Loss Statement, Balance Sheet, Supporting documents for expenses, Cash Register, etc.
  • Salary Income: Form 16, Salary Slips, Passbook, Pension Statement
  • House Property: Rent Agreement, co-owner details, Loan repayment certificate/statements
  • Other Sources: Dividend warrants, interest certificates, other receipts

Methods to file ITR 4

  • Physical Submission:
    • paper form or
    • bar-code return form
  • Online/ Electronic Submission:
    • After adding Digital Signature
    • Sending the signed copy for verification to CPC Bangalore
    • e-Verification of ITR

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

  • income more than INR 5 Lakh
  • any assets outside of India, including financial interest in any entity; or signing authority in any account outside of India
  • claiming relief u/s 90/90A/91 to whom Schedule FSI and Schedule TR to apply
ITR for Businesses under Presumptive Scheme
[Rated 4.8 stars by customers like you]
ITR for Businesses under Presumptive Scheme
[Rated 4.8 stars by customers like you]

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:

  • Part A: contains employer, employee details and TDS deducted by the employer
  • Part B: is an annexure of income chargeable under the head of ‘Salary’. It contains a detailed breakdown of salary components.

Sample Form 16 Part A

Sample Form 16 Part B

Upload your Form 16 here
Prepare and e-File your ITR for FREE!
Explore
Upload your Form 16 here
Prepare and e-File your ITR for FREE!
Explore

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:

  • Tax Deducted from the taxpayer’s income
  • Tax Collected from taxpayer’s payments
  • Taxes paid during the financial year: Advance Tax, Self-Assessment Tax, Regular Assessment Taxes paid by the taxpayer
  • Details of Tax Refund received during the financial year
  • Details of any high-value transactions

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

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.

  • Go to Income Tax Forms under e-file on the Income Tax Website
  • Select Form 10BA from the drop-down
  • Choose the submission mode- Prepare and Submit online
  • Enter the relevant details,
  • Preview and Submit the Form 10BA

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:

  • TDS on EPF withdrawal
  • TDS on Rent
  • TDS on the interest income from Fixed Deposits with bank/ post office
  • TDS on Corporate Bonds
  • TDS on Insurance Commission

Details required to file Form 15G or Form 15H

  • PAN
  • Residential Status
  • Address Details
  • Contact Information
  • Estimated Income Details
  • Previously Filed Form 15G/ 15H details

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.

  • Physical Submission
    • Download Form 15G/H from the income tax website,
    • Prepare and Submit it with the deductor
  • Online Submission
    • Go to the Deductor’s website (Bank website)
    • Log in to your account
    • Fill in and submit Form 15G/ 15H

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!

Continue the conversation on TaxQ&A

11 more replies

Participants