Notification | Saral 2 Form | New ITR-V

Income Tax Department has released new ITR forms (paper format) for Assessment year 2010-11. With this notification, department renames the earlier ITR-1 to Form “Saral - II”. Along with this, Department also notifies the new ITR-V / acknowledgement form, where the caption has been changed to “Saral-II (ITR-1)”.

Facts about Saral-II form:

1. ITR-1 has been renamed to Saral - II (ITR-1)
2. E-Filing will be also available in lines of last year ITR-1.
3. New addition to the format of ITR-1 is that, assessee can show “Income from House Property”.
1. But, this House Property income can be of maximum ONE property. If more, use ITR-2.
2. Also, assessee can show the loss under House Property (interest paid) as negative figure over here. This should be arithmetically deducted to obtain “Total income”.
4. This new form gets covered almost in 2 pages

Other ITR forms:

Department will issue a subsequent notification, confirming final ITR-2 to ITR-7 Forms. This is expected in short while.

e- Filing structure:

For e-Filing, department will be issuing the schema shortly, based on latest ITR Forms. This is expected over a short duration.

We are working hard in incorporating the changes in the software, as per the first-hand information from ITD. The customers of Saral IncomeTax and Saral TaxOffice Software will be provided with relative update in a few days

Department offices also states, “No ITR forms would be accepted as per last year format of ITR-1 or other forms, those forms state ‘only for 2009-10 AY’.” We request all our customers, not to use last year formats by manually filling them or by generating from other softwares.