NEW ITR FORMS 2008-09 NOTIFIED

The CBDT has notified the new ITR forms for Assessment Year for 2008-09


however the software speceification for efiling of return has not notified yet and will be notified in due cource.



ITR-1 (in Regular Font)
ITR-1 Instructions For Individuals having Income from Salary & Interest
ITR-1 (in Large Font)
2
ITR-2 ITR-2 Instructions For Individuals & HUFs not having Income Business or Professionfrom
3
ITR-3 ITR-3 Instructions For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
4
ITR-4 ITR-4 Instructions For Individuals & HUFs having income from a proprietory business or profession
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ITR-5 ITR-5 Instructions For firms, AOPs and BOIs
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ITR-6 ITR-6 Instructions For Companies other than companies claiming exemption under section 11
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ITR-7 ITR-7 Instructions For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 13(4C) or section 139(4D). (Not available for e-Filing)

8
ITR-8 ITR-8 Instructions Return for Fringe Benefits


e-filing of Income tax return for Assessment Year 2008-09 has been been started.Initially it has been started for three forms .All the three Return preparation Utilities (RPU)software are excel based.you can use them as e filing software or you can also use them as manual return preparation and can print it for record .All the rpu use Macro in M S Excel so before using it set enable macro and set security setting accordingly to use the same.


so start using efiling now


you can download e-filing RPU(SOFTWARE) for ITR from below


ITR-1 EXCEL:For Individuals having Income from Salary/ Pension/ family pension & Interest RELEASED ON 15/04/08

ITR-2 EXEL:For Individuals and HUFs not having Income from Business or Profession RELEASED ON 21/04/2008

ITR-3 EXCEL :For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship RELEASED ON 21/04/2008
ITR-4 EXCEL:For Individuals & HUFs having income from a proprietory business or profession
ITR-5 EXCEL:For firms, AOPs and BOIs
UPDATE 21.04.2008,27.04.08>




CA Punkaj aggarwal has made a broad review of new forms and found the following changes in the forms for 2008-09 as compared to ITR forms of 2007-08



1. Assessment year has been changed from 2007-08 to 2008-09 in every form.




2. The column provided for ‘E-filing Acknowledgment Number has been removed from all the forms.




3. In schedule CG of Capital gains, the following changes has been made in all the schedules:


a. In A2e the sections 54,54EC,54F has been deleted and now the line reads as “ Exemption under section 54B/54D”.

b. In A3, sections 54 and 54F has been deleted and 54G and 54GA has been added. Now it reads as “Amount deemed to be short term capital gains under section 54B/54D/54EC/54ED/54G/54GA”.

c. In B2d, the word ‘deduction’ has been replaced with ‘Exemption’ and sections 54G and 54GA has been added.

d. In B3d, the word ‘deduction’ has been replaced with ‘Exemption’.



4. In Schedule CYLA, a new row of ‘Loss to be adjusted’ has been added and the sub-columns for losses has been merged.




5. In Schedule CFL, the year 1999-00 has been deleted and year 2007-08 has been added.




6. In Schedule SPI, it has been specifically mentioned that the income of minor child is to be included after Rs. 1500/- per child.




7. In ITR 3, the heading of Schedule BP has been changed to “ Details of Income from Firms of which partner”.


8. In ITR 4 and ITR 6



a. In Balance Sheet Part A BS, 2b ‘Trade Investments’ has been changed to ‘Short-term investments’.


b. In 2bi, ‘including share application money’ has been added after Equity Shares. (Only in ITR4)



c. In Schedule BP A 23 has been changed as under:


“Any other income (including salary, commission, bonus and interest from firms in which individual/HUF/Prop. Concern is a partner) not included in Profit and loss account.” /any other expenses not allowable.

(Added portion highlighted and deleted portion strike off.)


d. A37 is also changed as under:

Net Profit or loss from business or profession (same as above in 36 except in case of special business after applying rule 7A, 7B or 7C).