CBDT notifies new forms for filing returns

The Central Board of Direct Taxes (CBDT) has notified the new forms for income tax returns from the accounting year of 2007-08.

Accordingly, the income tax returns by all categories of assessees, from the year 2007-08 onwards, need to be furnished in the new format as returns in old forms would not be accepted, the Income Tax Department said in a release issued here today.

Individuals having income from salary and interest would have to file their return in form ITR 1, while individuals and HUFs (Hindu Undivided Family) not having income from business or profession but having income from heads like property rent and capital gains will have to file them in ITR 2.

Individuals and HUFs being partners in firms and not carrying out business or profession under any proprietorship will have to file their returns in ITR 3 and those having income from a proprietary business or profession will have to file their returns in ITR 4.

There are new forms for other categories, including return for fringe benefits.

The new forms can be downloaded from the Department's websites, www.incometaxindia.gov.in or www.incometaxindiaefiling.gov.in, the release said.