Income Returns - New forms for AY 2007-08
For the assessment year 2007-08, the Central Board of Direct Taxes have introduced the following eight Return Forms under a new series:-
1) ITR-1 - return of income for Individuals having salary and interest income and no other income.
2) ITR-2 - return of income for Individuals and HUFs having income from any source except from business or profession.
3) ITR-3 - return of income for Individuals and HUFs being partners in firms and not having proprietory business or profession.
4) ITR-4 - return of income for Individuals and HUFs having proprietory business or profession.
5) ITR-5 - combined form for return of income and fringe benefits for Firms/AOP/BOI .
6) ITR-6 - combined form for return of income and fringe benefits for Companies.
7) ITR-7 - combined form for return of income and fringe benefits for Charitable / religious trusts, political parties and other non- profit organizations.
8) 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 Government would urge taxpayers to use the e-filing option, since it will help the Department to serve them better, said the Finance Minister.
Last year, electronic filing was made compulsory for corporate tax-payers. E-filing of corporate returns has been a resounding success. Therefore, it is important to carry forward this successful initiative. In the Budget Speech - 2007, the Finance Minister had announced that electronic filing of returns would be made mandatory for more categories of taxpayers. Accordingly, for assessment year 2007-08, it would be mandatory for firms liable to tax audit under section 44AB to file their returns electronically. Corporate taxpayers and such firms may either file their return electronically under digital signature or may transmit the data of the return electronically and thereafter submit a one page verification Form which contains a summary of the return transmitted electronically.
All other categories of taxpayers (other than charitable trusts, institutions, etc.) will have the option to file the return in a paper form or electronically, as mentioned above, or in a bar-coded return form.