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| Govt notifies eight tax return forms | | Salaried person can file return without TDS certificate | |
May 16
NEW DELHI
The government notified eight tax return forms for the income year 2006-07 and assessment year 2007-08.
This will be the first time when a salaried person can file his tax return without the Form 16, which he gets from his employer for paying taxes in advance during the year itself. An assesses need not submit any TDS (tax deducted at source) certificate along with the form.
All the forms, except ITR 7, that are notified, have been designed as annexure-less. This has been done to enable one to file the return on-line.
According to the instruction given in the form, an individual tax payer who will file his return through Form ITR-1 will not have to file in duplicate as was the practice earlier. The form has no column for cash flow statement this time. The department has dropped the requirement for providing with the information regarding his/her cash-flow.
In the present format, Form ITR-1 will be used only by individuals having salary / pension / family pension and interest income and no other income to file their income tax return.
Form ITR-2 will be used by those individuals having income from any source except from business or profession. While Form ITR-3 is for the individuals and HUFs who are partners in firms and do not have proprietory business or profession, Form ITR-4 can be used by those who have income from proprietary business or profession.
Form ITR-5 and 6 are for companies. Form ITR-7 will be used by charitable and religious trusts to file the return. Form ITR-8 is stand alone form for persons who are not liable to file return but are liable to file return of fringe benefits.
All categories of taxpayers except charitable trusts and institutions will have the option to file the return in a paper form or electronically. They can also file return in a bar-coded return form.
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