New Return Forms notified - Salient features
May, 14th 2007
CBDT introduces New Series of Forms for filing of Income Tax Return for the Assessment Year 2007-08
New Return Forms notified - Salient features
CBDT Introduces New Series of Forms for Filing of Income Tax Return for the Assessment Year 2007-08
The Forms for Return of Income are assessment year specific. For the assessment year 2007-08, the Central Board of Direct Taxes have introduced the following eight Return Forms under a new series:-
(i) ITR-1 - Return of income for Individuals having salary and interest income and no other income.
(ii) ITR-2 - return of income for Individuals and HUFs having income from any source except from business or profession.
(iii) ITR-3 - return of income for Individuals and HUFs being partners in firms and not having proprietory business or profession.
(iv) ITR-4 - return of income for Individuals and HUFs having proprietory business or profession.
(v) ITR-5 - combined form for return of income and fringe benefits for Firms/AOP/BOI .
(vi) ITR-6 - combined form for return of income and fringe benefits for Companies.
(vii) ITR-7 - combined form for return of income and fringe benefits for Charitable/religious trusts, political parties and other non- profit organizations.
(viii) ITR-8 - stand alone form for return of fringe benefits for persons who are not liable to file return of income but are liable to file return of fringe benefits
All these Forms (except Form ITR-7) have been designed as annexure-less so as to make them amenable for electronic filing.
The new forms are available on the Income Tax Department's website http://www.incometaxindiaefiling.gov.in . Government proposes to take the views of the Institute of Chartered Accountants of India on these forms. In the meanwhile taxpayers have been advised to familiarize themselves with the new forms.
From India, Coimbatore
733May, 14th 2007
CBDT introduces New Series of Forms for filing of Income Tax Return for the Assessment Year 2007-08
New Return Forms notified - Salient features
CBDT Introduces New Series of Forms for Filing of Income Tax Return for the Assessment Year 2007-08
The Forms for Return of Income are assessment year specific. For the assessment year 2007-08, the Central Board of Direct Taxes have introduced the following eight Return Forms under a new series:-
(i) ITR-1 - Return of income for Individuals having salary and interest income and no other income.
(ii) ITR-2 - return of income for Individuals and HUFs having income from any source except from business or profession.
(iii) ITR-3 - return of income for Individuals and HUFs being partners in firms and not having proprietory business or profession.
(iv) ITR-4 - return of income for Individuals and HUFs having proprietory business or profession.
(v) ITR-5 - combined form for return of income and fringe benefits for Firms/AOP/BOI .
(vi) ITR-6 - combined form for return of income and fringe benefits for Companies.
(vii) ITR-7 - combined form for return of income and fringe benefits for Charitable/religious trusts, political parties and other non- profit organizations.
(viii) ITR-8 - stand alone form for return of fringe benefits for persons who are not liable to file return of income but are liable to file return of fringe benefits
All these Forms (except Form ITR-7) have been designed as annexure-less so as to make them amenable for electronic filing.
The new forms are available on the Income Tax Department's website http://www.incometaxindiaefiling.gov.in . Government proposes to take the views of the Institute of Chartered Accountants of India on these forms. In the meanwhile taxpayers have been advised to familiarize themselves with the new forms.
From India, Coimbatore
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