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IT Return Forms
New IT Return Forms
The Ministry of Finance notified the
salient features of new Return Forms for the AY 2007-08, whereby firms were
mandatorily made liable to tax audit under s.44AB of the Income Tax Act
1961. Corporate taxpayers had an option to either file their return
electronically under digital signature or transmit the data of the return
electronically and thereafter submit a verification Form containing a
summary of the return transmitted electronically. All other categories of
taxpayers (other than charitable trusts, institutions, etc.) could file the
return in a paper form or electronically, or in a bar-coded return form.
Individual and HUF taxpayers were required to furnish only that information
with regard to transactions, which were reported through Annual Information
Returns (AIR).
CBDT Introduces New Series of Forms for Filing of Income Tax Return for the
Assessment Year 2007-08
The Forms for Return of Income are assessment year specific. For the
assessment year 2007-08, the Central Board of Direct Taxes have introduced
the following eight Return Forms under a new series
| ITR 1 |
Return of income for Individuals having
salary and interest income and no other income. |
| ITR 2 |
Return of income for Individuals having salary and
interest income and no other income. |
| 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 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. |
| ITR V |
Return Verification Form |
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.
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. Last
year, the Government had introduced a cash flow statement for Individuals
and HUFs. However, in response to representations against the cash flow
statement, the same has been withdrawn. Individual and HUF taxpayers would
now be required to furnish only information with regard to transactions
which are reported through Annual Information Returns (AIR).
