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Income Tax Return for AY 2016-17: All you need to know!
April, 20th 2016

It is mandatory for individuals and companies to file income tax return at the end of a financial year on the income earned in the entire year. Different forms for return of income are prescribed for filing of IT returns for different status and nature of income. The income earned and taxes paid are communicated to the Income-tax Department.

New Income Tax Return filing forms for AY 2016-17 are now available after getting notified on 30th March, 2016 by the Income Tax department. The income tax return filing forms are available here www.incometaxindia.gov.in and can be easily downloaded.

Understanding difference between FY and AY

1. Financial Year (FY):

FY is the year during which you earned your income and on which you are required to pay taxes. Any income that you have earned between April 1, 2015 to March 31, 2016 falls in the financial year 2015-16 and can be referred as FY 2015-16.

2. Assessment Year (AY):

On completion of financial year, you are required to file income tax return on the income earned. The year just after particular FY year is called Assessment Year (AY) for that particular FY. For FY 2014-15, the following year is 2015-16 (AY), for which you will file IT return for income generated during FY 2014-15.

Income tax slab and rate impact for FY 2015-16 or AY 2016-17:

1. Individual Tax Payers

Up to Rs 2,50,000 NIL

Rs 2,50,001 to Rs 5,00,000 10% Rs 3,000 (Savings)

Rs 5,00,001 to Rs 10,00,000 20% NIL

Rs 10,00,001 to Rs 1 crore 30% NIL

Above Rs 1 crore 30% 3% higher surcharge

 

2. Senior Citizens 60 years but less than 80 years

Up to Rs 3,00,000 NIL

Rs 3,00,001 to Rs 5,00,000 10% Rs 3,000(Savings)

Rs 5,00,001 to Rs 10,00,000 20% NIL

Rs 10,00,001 to Rs 1 crore 30% NIL

Above Rs 1 crore 30% 3% higher surcharge

 

3. Senior Citizens 80 years and above

Up to Rs 5,00,000 NIL Rs 3,000 (Savings)

Rs 5,00,001 to Rs 10,00,000 20% NIL

Rs 10,00,001 to Rs 1 crore 30% NIL

Above Rs 1 crore 30% 3% higher surcharge

Additional 10 percent tax has been proposed in case dividend income received from a domestic company exceeds Rs 10 lakh.

 

Due Date of Income Tax Filing

For all other persons like Individuals/HUF/BOP/AOI the due date of income tax filing is 31st July of relevant assessment year.

Income Tax Return filing forms for AY 2016-17

The forms of return prescribed under the Income-tax Law for filing of return of income for the assessment year (AY) 2016-17(i.e., financial year 2015-16) are as follows:

Return Form

Brief Description

ITR - 1

Also known as SAHAJ is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses).

ITR 2A

It is applicable to Individuals and Hindu Undivided Family not having income from business or profession and capital gains and resident who do not hold foreign assets do not have foreign income.

ITR - 2

It is applicable to an individual or a Hindu Undivided Family having income from any source other than "Profits and gains of business or profession".

ITR - 4S

Also known as SUGAM is applicable to individuals and Hindu Undivided Family who have opted for the presumptive taxation scheme of section 44AD/44AE.

ITR - 4

It is applicable to an individual or a Hindu Undivided Family who is carrying on a proprietary business or profession.

 
 
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