Grand Success! CBDT finally manages to notify new forms
CBDT had announced on April 28th that the new IT returns would be officially notified on 14th May. On 14th May nothing was heard from the Board, but finally they were successful in notifying the forms and amending the Rules late yesterday- of course the notification is dated 14th May 2007. Rule 12 of the Income Tax Rules has been substituted with a new Rule, which ordains that
the return of income or the return of fringe benefits relating to the assessment year commencing on the 1st day of April, 2007 or any subsequent assessment year shall be submitted in the following forms;
ITR-1 return of income for Individuals having salary / pension / family pension and interest income and no other income.
ITR-2 return of income for Individuals and HUFs having income from any source except from business or profession.
ITR-3 return of income for Individuals and HUFs being partners in firms and not having proprietory business or profession.
ITR-4 return of income for Individuals and HUFs having proprietory business or profession.
ITR-5 combined form for return of income and fringe benefits for Firms/AOP/BOI .
ITR-6 combined form for return of income and fringe benefits for Companies.
ITR-7 combined form for return of income and fringe benefits for Charitable / religious trusts, political parties and other non- profit organizations.
ITR-8stand 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
Except for ITR-7, the returns should not have any enclosures of
1. statement of computation of the tax payable
2. Proof of TDS
3. proof of advance tax
The returns can be filed in any of the following ways:-
1. in a paper form
2. electronically under digital signature
3. transmitting the data in the return electronically and later, the verification of the return in Form ITR-V
4. a bar-coded return in a paper form
For the earlier years, the old forms have to be used.
When we carried the draft forms on 30th April, some netizens pointed out that the instructions to fill up the forms were missing. We had to inform them that the instructions were not published at that time. We are happy to report now that the notified forms do contain the instructions.
CBDT Notification S.O. No. 762 (E).- dated 14th May 2007.