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Income Tax Return Form for FY 2014-15

Today we discuss on the Income Tax Form for FY 2014-15 and assessment year 2015-16. Government of India has notify the form for the income tax as per the income class. In this blog we will share the income tax return form to be filed by the HUF or Individual as per their nature of income.  We have describe all this form after amendment by the government in the form for AY 2015-16.

Income Tax Return Form ITR-1

Applicability of  Form No ITR-1

This form can be used by you if you have any exempt income and taxable income from  the sources as defined below.

Source of income for filing the ITR Form will be  – SALARY or PENSION Income , HOUSE PROPERTY INCOME ( in case 1 house only) and (Interest income on saving, recurring & fixed deposits with bank and post offices.)

Can use this form even if your other exempt income exceeds the threshold of Rs. 5,000

Non Applicability of  the Form No – ITR-1

  • You cannot use this form in case your agricultural income exceeds Rs. 5,000/- in the previous year 2014-15 as the same need to be added to your regular income for the purpose of determining the average rate of tax on which your other income shall be taxed.
  • Can’t be used – in case of lottery income, if owned more than 1 house, Asset out-side India/sources out- side India

Income Tax Return Form ITR 2A

This is newly added form by the government for the assessment year 2015-16.

Applicability of  Form No ITR 2A

Can be used only if you either do not have any income from business or profession or capital gains as well as do not own any foreign asset or have foreign income

Can use this form in case you have more than one house property or have agricultural income exceeding Rs. 5,000.

Income Tax Return Form ITR 2



Applicability of  Form No ITR 2

  • Can be used in case you have income taxable under the head Capital Gains in addition to the income taxable under the head “Salaries” and “Income from other Sources”
  • Can be used in case you have income from lotteries of horse races.
  • Can be used in case you have agricultural income exceeding Rs. 5,000/- or you own more than one house property.

This form can even be used by the resident tax payers who have any foreign asset or any income from foreign source

Non Applicability of  the Form 2

Can’t use the form if you have any  income taxable under the head “Profits and gains of business or profession

Income Tax Return Form ITR 4S

Applicability of  Form no ITR 4S

This form Can be filed by any individual or an HUF who has income from the business or profession which is taxable at certain predefined basis either as certain percentage of your gross receipt /sales  or your income is presumed at fixed amount per income yielding asset owned by you like truck etc.

Can be used only and only if your income from business  is taxable on  some presumptive basis not on actual basis


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