Income Tax Department Announces New ITR Forms For Companies Firms

The income tax domain notified tax return forms for non-salaried category that include companies, individuals and partner in corporation acquiring their income from proprietary business or occupation. For 2015 to 2016 estimate year, the Central Board of Direct Taxes (CBDT) has advised ITR 3, 4, 5, 6 and 7. To register income tax returns, non-salaried organizations use these forms.

New ITR forms

According to notification all the enterprises and companies applying under ITR-5 and 6 might necessarily specify whether they are Foreign Portfolio Investors (FPIs) or Foreign Institutional Investors (FII) and should have to confer Sebi registration numbers. Required firms who have to fill ITR-5 are Association of Persons (AoPs) and Body of Individuals (BoIs) or any other particular person’s apart from company, person’s filing ITR-7, individuals and HUF.

IT department stated, “E-filing of ITR 3,4,7 has been enabled and for ITR 5 and 6, it will be available shortly.”

ITR-6 should be categorized by the organizations other than those which claim dispensation under Section 11 of I-T Act trading income from property for humanitarian motivation. ITR-7 is purpose for companies to fill returns belated. ITR-3 and 4 should be filed from HUFs and individuals who are partners in enterprises or those people obtaining from proprietary business or occupations. For 2015 to 2016 evaluation year, earlier government has cautioned ITR forms 1 (Sahaj), 2, 2A and 4S (Sugam). Salaried individuals use this for filling income tax returns.

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