New ITR-1, ITR-2 Notified
Update : Check this GConnect’s online ITR generating tool
Income tax deparment has recently notified New Income Tax returns Form ITR 1, Form ITR 2, Form ITR 3, From ITR 4, Form ITR 5, Form ITR 6, Form ITR 7, Form ITR 8, and ITR V for the year 2008-09 (Assessment year 2009-10) vide Notification No: 32/2009 dated 27-03-09.
Salaried class including central government employees will be required to file Form ITR-1 or Form ITR-2 based on Form-16 issued by their respective Pay Drawal and Disbursal authorities (DDO). Individuals having income from salary / pension / family pension and Interest will be required to file Form ITR-1. Similarly, individuals and HUF not having income from Business or profession will be required to Form -ITR-2.
Put it simply, those who have income only from salary / pension / family pension and Interest will be required to file Form ITR-1. On the other hand those who in addition to their salary / pension income, have to declare income / loss from house property or short / long term capital gains due to income / loss from Mutual funds, shares etc., will be required to file Form ITR-2 with the income tax department.
Last date to file Income tax return for Non tax audit cases is 31.07.2009 and for tax audit case 30.09.2009 for the assessment year 2009-10.
As you are aware, GConnect provides an online software for generating Income Tax work sheet and Income tax Statement for the year 2008-09 (assessment year 2009-10) to filed with their respective employers for getting Form-16.
Now, GConnect is to come up with an online provision soon to generate ITR-1 and ITR-2 given your income and deductions. Watch out !
Income-tax (9th Amendment) Rules, 2009
TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
CENTRAL BOARD OF DIRECT TAXES
NOTIFICATION NO. 32/2009 Dated: March 27, 2009
In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:
(1) These rules may be called the Income-tax (9th Amendment) Rules, 2009.
(2) They shall come into force on the 1st day of April, 2009.
2. In the Income-tax Rules, 1962,
(a) in rule 12,
(i) in sub-rule (1), for the words, figures and letters “on the 1st day of April, 2008″, the words, figures and letters “on the 1st day of April, 2009″ shall be substituted;
(ii) in sub-rule (5), for the words, figures and letters “on the 1st day of April, 2007″, the words, figures and letters “on the1st day of April, 2008″ shall be substituted;
(b) in Appendix- II, for Form ITR 1, Form ITR 2, Form ITR 3, From ITR 4, Form ITR 5, Form ITR 6, Form ITR 7, Form ITR 8, and ITR V, the following forms shall be substituted.