ITR forms - Filing made simpler....

With increasing importance of filing the Income Tax returns on time and with  filing facility made simpler online, every individual wants to contemplate filing returns on his own. It is not a difficult job considering the income tax portal made simple and with online help manuals in multiple languages. There are few simple IT return forms online, amongst which we just have to select in the right one and submit. 

A few starters to be kept in mind before preparing to file your returns:

a)   All tax payers having income above Rs 5 lakhs has to compulsorily file their returns online.

b)   It is necessary to keep your PAN CARD number and Income Tax E filing password handy.

c)   All it is not necessary to attach any investment proofs to the online file.

d)   In case of no digital signature of the tax payer, a physical copy of form ITR V needs to be sent to the Bengaluru address of Income Tax.

e)   It is now mandatory to link your Aadhar card to your IT returns.

For the Assessment Year 2015-16, the following forms can be used appropriately to file your Tax returns.

For Individuals or HUF

Form No	Income included	Rules to  use the form
ITR 1	· Salary income · Income from only one house property · Income from other sources (except lottery and races)	· This form cannot be used if you have any asset outside India · Exempted Income more than Rs 5000 (like agricultural income) · Any capital gains not exempted under Income tax
ITR 2A	All of income under ITR 1 plus ·  Income from more than one property ·  Exempt income beyond Rs 5000 ·  Capital gains allowed if Securities Transaction Taxation paid ·  Income from lottery and horse races also allowed after making proper disclosure.	·         This form cannot be used if you have any asset outside India
ITR 2	All of income under ITR 2A plus ·  Foreign assets/income	·         This form is not helpful to be filled by people earning income from business or profession ·         Partners of a firm
ITR 3	All of income under ITR 2 plus ·  Income from partnership/LLP firm with earnings only in form of interest, commission or salary to partners.	·         This form is not helpful to be filled by proprietary business owners.
ITR 4	All of income under ITR 3 plus ·         Income from proprietary based business

A detailed study of the appropriate form application can be clarified at the income tax portal link at https://incometaxindiaefiling.gov.in/e-Filing/Services/DownloadItrLink.html