The Forms for Return of Income are assessment year specific. Vide Notification S.O. No. 762(E) dated 14th May, 2007, the Central Board of Direct Taxes have notified following eight Return Forms for assessment year 2007-08 under a new series:-
(i) ITR-1 - return of income for Individuals having salary / pension / family pension 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.
Last year, electronic filing was made compulsory for corporate tax-payers. This year, electronic filing has been made compulsory for firms also which are liable to tax audit under section 44AB. Corporate taxpayers and such firms may either file their return electronically under digital signature or may transmit the data of the return electronically. On successful electronic transmission of data (without digital signature), the Income Tax Department will electronically send the taxpayer a duly filled one-page verification form (Form ITR-V). The taxpayer will have to take a print out of two copies of Form ITR-V, duly verify and sign the two copies, furnish one copy to the Income tax Department and obtain acknowledgement on the other copy for his own record.
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.
These forms alongwith the instructions for guidance to fill these forms are available on the Income Tax Department’s website http://www.incometaxindiaefiling.gov.in . These forms are applicable from 14.5.2007. The return for assessment year 2007-08 shall not be accepted in the old forms. However for earlier years, taxpayers should use old forms. The old forms for Assessment year 2006-07 are also available on above mentioned website.
BSC/BY