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ITR Forms for Year 2008-09

 

ITR Forms for 2008-09 AY:

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Central Board of Direct Taxes [CBDT] has notified new return forms for Assessment year 2008-09. The new return forms are continued to be termed as ITR and known to be Return of Income/Fringe Benefits.

The notification NOTIFICATION NO. S.O. 752(E), DATED 28-3-2008 amemnded the earlier ITR forms and made the relevant changes in Rule 12 of Income Tax

The ITR forms starts from ITR 1 to ITR 8. In the form, individuals and HUFs will be required to furnish information with regard to transactions that are reported through annual information returns (AIR). Large transactions like investment in real estate and mutual funds running into lakhs is automatically reported to the department by banks and other authorities using the investor's permanent account number (PAN).

Similarly, large expenditure incurred by an individual is also reported to the department through AIR. Therefore, if an individual tries to hide his income he can be caught through AIR reporting from various agencies, a tax official said. What the new stipulation does is that it makes it mandatory for the tax assesses themselves to submit the same information to the IT department. A senior finance ministry official said that the earlier idea was to use the cash flow statement to get information both on the source of funds as well as expenditure.

For individuals, the four forms, ITR-1, ITR-2, ITR-3 and ITR-4, will continue to remain.

Companies also have the same two forms ITR 6 and 7. Either should be used as per applicability. The Firms, AOP and BOI’s should go for only Form ITR - 5. This has made all earlier confusions on status to form relation ZERO.

It has also kept ITR-8 as Exclusive Return on Fringe Benefits. But this should not be used by the assessees who are eligible for ITR 5, 6, and 7.

 

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