New ITR Forms for AY 2016-17 notified by CBDT

CBDT notifies new ITR forms (ITR-1 Sahaj, ITR-2, ITR-2A, ITR-3, ITR-4S Sugam, ITR-4, ITR-5, ITR-6, ITR-7 and ITR-V) for AY 2016-17

The CBDT has notified new ITR forms for AY 2016-17 well in time, vide CBDT Notification No. 24 dt 31st March 2016 through Income-tax (9th Amendment) Rules, 2016, effective from 1st April, 2016.

ITR Form No. & Description

ITR 1 Sahaj

For Individuals having Income from Salary & Interest.


For Individuals and HUFs not having Income from Business or Profession


For Individuals and HUFs not having Income from Business or Profession and Capital Gains and who do not hold foreign assets


For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship


For individuals and HUFs having income from a proprietary business or profession

ITR Form No. & Description

ITR 4S Sugam

For Individuals/HUF/Partnership Firm having income from presumptive business.


For persons other than,- (i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7


For Companies other than companies claiming exemption under section 11


For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F)


E-Filing Acknowledgement

It may be noted that while abolishing the charge of Wealth-tax, the Finance Minister also announced that information which was required to be furnished in the return of wealth will now form a part of the Income-tax return.

Individuals and HUFs with income above Rs.50 Lacs, filing returns in ITR-3 and ITR-4 are already required to furnish information of their assets and liabilities in their annual return of income. With effect from the Assessment Year 2016-17, individuals and HUFs filing their returns of income in ITR-1, ITR-2, ITR-2A and ITR-4S, having income exceeding Rs.50 lakh will now be required to furnish information regarding assets and liabilities in Schedule-AL of the relevant ITR form. This will help in identifying accumulation of illegal wealth, black money and also help minimise tax evasion.