CBDT notifies new series of forms for filing returns

New Delhi, May 16 (UNI) The Central Board of Direct Taxes (CBDT) has notified eight new forms for the assessment year 2007-08 under a new series. The notification was issued yesterday.

The new series of forms are: (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 and 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 and 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 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.

UNI