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New Income Tax Return forms for companies, firms are finally here
August, 03rd 2015

The income tax department has notified tax return forms for non-salaried class, including companies, partners in firms and individuals deriving their income from proprietary business or profession.

The Central Board of Direct Taxes (CBDT) has notified ITR 3, 4, 5, 6 and 7 for Assessment Year 2015-16. These forms are used by non-salaried entities to file income tax returns.

As per the notification, companies and firms filing returns under ITR-5 and 6 would be required to specify whether they are Foreign Institutional Investors (FII)/Foreign Portfolio Investors (FPIs) and will have to furnish Sebi registration numbers.

"E-filing of ITR 3,4,7 has been enabled and for ITR 5 and 6, it will be available shortly," the I-T department said.

ITR-5 has to be filed by firms, Association of Persons (AoPs), and Body of Individuals (BoIs), or any other persons (other than individuals, HUF, company and person filing ITR-7).

ITR-6 is to be filed by companies other than those which claim exemption under Section 11 of I-T Act dealing with income from property held for charitable purposes.

ITR-3 and 4 are filed by individuals and HUFs who are partners in firms or those persons deriving income from a proprietary business or profession. The ITR-7 is meant for companies for belated filing of returns.

The government has earlier notified ITR forms 1 (Sahaj), 2, 2A and 4S (Sugam) for Assessment Year 2015-16. These are used for filing income tax returns by salaried individuals.

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