Avoid Getting Your Income Tax Return Invalidated

As per the orders of the Supreme Court, it is now compulsory to file income tax return using the new prescribed forms ITR-8. Those who had filed their returns for A.Y. 2007-2008 in the form no. 2D i.e. SARAL form or any other old forms on or after 14th may, 2007 can re-file their returns in new proscribed forms ITR 1 to ITR 8 on or before 29th Feb, 2008 without being penalized.

New form has many benefits, such as:

  • There is no need of attachments.
  • It helps IT department in data management for hassle-free tomorrow for you.
  • Proper authentication of your returns.

Form ITR 1 is applicable to individuals having income from salary or pension or family pension or interest.

Form ITR 2 is applicable to individuals and HUFs not having income from business or profession.

Form ITR 3 is applicable to individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship.

Form ITR 4 is applicable to individuals and HUFs having income from a proprietary business or profession.

Form ITR 5 is applicable to firms, AOPs and BOIs.

Form ITR 6 is applicable to companies other than companies claiming exemption under section 11.

Form ITR 7 is applicable to persons including companies required to furnish return under section 139(4A) or Section 139(4B) or section 139(4C) or Section 139 (4D).

Form ITR 8 is applicable to return for fringe benefits. 

Form ITR V is applicable to where the data of the return of income/ fringe benefits in form ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, ITR 7 and ITR 8 transmitted electronically without digital signature. 

Acknowledgement form is applicable for e-Returns and non e-Returns.

For further information, please visit www.incometaxindia.gov.in or www.tin-nsdl.com