8 new Return Forms introduced

New Delhi, Apr 28 (UNI) The Ministry of Finance today introduced eight return forms for assessment year 2007-08 under a new series which are annexure-less and are amenable for electronic filling.

The only form which will not be annexure-less is form ITR-7, meant for Income of charitable trusts and institutions.

''Last year, electronic filling was made compulsory for corporate tax-payers. E- filling of corporate returns has been a resounding success. Therefore, it is important to carry forward this successful intiative,'' Finance Minister P Chibambaram told a Press Conference here.

The following are the new forms: (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 HUF being partners in firm and not havin proprietary 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/ Association of Persons (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 organisations.

(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.

The Finance Minister in his Budget Speech 2007 made an announcement that electronic filling of returns would be made mandatory for more categories of tax payers.

Accordingly, for the assessment year 2007-08, it would be mandatory for firms liable to tax audit under section 44 AB to file their returns electronically. Corporate tax payears and such firms may either file their return electronically under digital signature or may transmit the data of the return electronically and submit a one page verification form which contains a summary of the return transmitted electronically.

Mr Chidambaram said seven to eight lakh additional assessees would come under the purview of E- filling as a result of the new measure.

All other categories of tax payers (other then charitable trust and institutions filing a return under ITR-7) will have the option to file the return in a paper form or electronically.

UNI