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Indian Finance Department Publishes Updated Income Tax Forms

by Lorys Charalambous, for LawAndTax-News.com, Cyprus

31 March 2008


India's Ministry of Finance on Sunday announced the publication of updated income tax forms for assessment year 2008-09.

The Ministry explained that:

"The Forms for Return of Income are assessment year specific. Central Board of Direct Taxes have prepared and notified following eight Return Forms for assessment year 2008-09. The changes made by the Finance Act 2007 have been incorporated.

(i) ITR-1 - For Individuals having salary and interest income and no other income.

(ii) ITR-2 - For Individuals and HUFs (Hindu Undivided Family), having income from any source except from business or profession.

(iii) ITR-3 - For Individuals and HUFs being partners in firms and not having proprietory business or profession.

(iv) ITR-4 - For Individuals and HUFs having proprietory business or profession.

(v) ITR-5 - Combined Form For return of income and fringe benefits for Firms/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 organizations.

(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 Ministry went on to reveal that the e-filing initiative has been well received, and for assessment year 2007-08 over 2 million e-returns have been filed.

It added that:

"Electronic filing of returns for assessment year 2008-09 is compulsory for corporate tax-payers and for firms liable to tax audit u/s 44AB. These tax-payers 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."

And concluded:

"The Government would urge taxpayers to use the e-filing option, since it will help the Department to serve them better."


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