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New IT Return Forms
The Ministry of Finance notified the
salient features of new Return Forms for the AY 2009-10, 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
CBDT Introduces New Series of Forms for Filing of Income Tax Return for the
Assessment Year 2009-10
The Forms for Return of Income are assessment year specific. For the
assessment year 2009-10, the Central Board of Direct Taxes have introduced
the following eight Return Forms under a new series
|ITR 1 (Sahaj)
||Return of income for individuals
having income from Salary/ Pension/ family pension and interest.
||Return of income for individuals and HUFs not
having income from business or profession.
||Return of income for individuals/HUFs being
partners in firms and not carrying out business or profession under
||Return of income for individuals and HUFs having
income from a proprietory business or profession.
|ITR 4S (Sugam)
||Presumptive business income tax return
||Combined form for return of income
(Including Fringe Benefit Tax Return) For firms, AOPs and BOIs
||Combined form for return of income (Including
Fringe Benefit Tax Return) for companies other than companies
claiming exemption under section 11.
||Combined form for return of income and fringe
benefits for Charitable / religious trusts, political parties and
other non- profit organizations.
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 2009-10, 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).