Income Tax


The Income Tax Forms have been revised

Vide Central Board of Direct Taxes notification, dated 14 May 2007 notifying new forms or return of income and return of fringe benefits in place of the existing forms by amending Rule 12 of the Income-tax Rules, 1962.Contact at malpaniconsultant@gmail.com for any quires.

Indian Income Tax Return (Forms) Prescribed for
ITR-1 (For Individuals having Income from Salary/Pension/Family Pension & Interest)
ITR-2 (Individuals and HUFs having income from any sources other than income from business or profession.)
ITR-3 (Individuals and HUFs being partners in firms and not carrying out business or profession under any proprietorship.)
ITR-4 (Individuals and HUFs (other than who are required to file ITR-1, ITR-2 and ITR-3) deriving income from proprietory business or profession. )
ITR-5 (Combined form for return of income and fringe benefits for other tax payers such as Firms or Association of Persons or Body of Individuals.)
ITR-6 (Combined form for return of income and fringe benefits for companies, other than companies claiming exemption U/S 11.)
ITR-7 Combined form for return of income and fringe benefits for Charitable or religious trusts/companies and other specified organizations.
ITR-8 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 shall be used for the assessment year 2007-08 (financial year 2006-2007) onwards.

Bare Text of Rule 12 for your reference.

Return of income and return of fringe benefits

12.(1) The return of income required to be furnished under sub-section (1) or sub-section (3) or sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D) of section 139 or clause (i) of sub-section (1) of section 142 or sub-section (1) of section 148 or section 153A or the return of fringe benefits required to be furnished under sub-section (1) or sub-section (2) of section 115WD relating to the assessment year commencing on the 1st day of April, 2007 or any subsequent assessment year shall, -
(a) in the case of a person being an individual where the total income includes income chargeable to income-tax under the head salaries or income in the nature of family pension as defined in the Explanation to clause (iia) of section 57 but does not include any other income except income by way of interest chargeable to income-tax under the head “Income from other sources”, be in Form No. ITR-1 and be verified in the manner indicated therein;
(b) in the case of a person being an individual [not being an individual to whom clause (a) applies] or a Hindu undivided family where the total income does not include any income chargeable to income-tax under the head “Profits or gains of business or profession”, be in Form No. ITR-2 and be verified in the manner indicated therein;
(c) in the case of a person being an individual or a Hindu Undivided family who is a partner in a firm and where income chargeable to income-tax under the head Profits or gains of business or profession does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm, be in Form No. ITR-3 and be verified in the manner indicated therein;
(d) in the case of a person being an individual or a Hindu undivided family other than the individual or Hindu undivided family referred to in clause (a) or clause (b) or clause (c) and deriving income from a proprietory business or profession, be in Form No. ITR-4 and be verified in the manner indicated therein;
(e) in the case of a person not being an individual or a Hindu undivided family or a company or a person to which clause (g) applies, be in Form No. ITR-5 and be verified in the manner indicated therein;
(f) in the case of a company not being a company to which clause (g) applies, be in Form No. ITR-6 and be verified in the manner indicated therein;
(g) in the case of a person including a company whether or not registered under section 25 of the Companies Act, 1956 (1 of 1956), required to file a return under sub-section (4A) or sub-section (4B) or sub-section (4C) or sub-section (4D) of section 139, be in Form No. ITR-7 and be verified in the manner indicated therein;
(h) in the case of a person who is not required to furnish the return of income but is required to furnish the return of fringe benefits, be in Form No. ITR-8 and be verified in the manner indicated therein.
(2) The return of income and return of fringe benefits required to be furnished in Form No.ITR-1 or Form No ITR-.2 or Form No. ITR-3 or Form No.ITR-4 or Form No.ITR-5 or Form No.ITR-6 or Form No.ITR-8 shall not be accompanied by a statement showing the computation of the tax payable on the basis of the return, or proof of the tax, if any, claimed to have been deducted or collected at source or the advance tax or tax on self-assessment, if any, claimed to have been paid or any document or copy of any account or form or report of audit required to be attached with the return of income or the return of fringe benefits under any of the provisions of the Act.
(3) The return of income or return of fringe benefits referred to in sub-rule (1) may be furnished in any of the following manners, namely:- (i) furnishing the return in a paper form;
(ii) furnishing the return electronically under digital signature;
(iii) transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;
(iv) furnishing a bar-coded return in a paper form:

(a) a firm required to furnish the return in Form ITR-5 and to whom provisions of section 44AB are applicable or a company required to furnish the return in Form ITR-6 shall furnish the return in the manner specified in clause (ii) or clause (iii);
(b) a person required to furnish the return in Form ITR-7 shall furnish the return in the manner specified in clause (i).
(4) The Director-General of Income-tax (Systems) shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall also be responsible for evolving and implementing appropriate security, archival and retrieval policies in relation to furnishing the returns in the manners specified in clauses (ii), (iii) and (iv) of sub-rule (3).
(5) Where a return of income or return of fringe benefits, relates to the assessment year commencing on the 1st day of April, 2006 or any earlier assessment year, it shall be furnished in the appropriate form as applicable in that assessment year.
(b) in appendix-II, for Form No. 1, Form No. 2, Form No. 2D, Form No. 2F, Form No. 3, Form No. 3A and Form No.3B, the following forms shall be substituted, namely:-
( Gopal Malpani)
Malpani Consultants Private Limited
*This is for private circulation only addressed to our clients.
** While due care has been taken to incorporate the contents of this update, but we hold no responsibility for any action taken based on this update article.
If you find any mistake please bring it to our notice.
Please feel free to contact us for further query.
(This article may also be referred on our website www.malpani.net).