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:
- ITR-1 has been renamed to Saral - II (ITR-1)
- E-Filing will be also available in lines of last year ITR-1.
- New addition to the format of ITR-1 is that, assessee can show “Income from House Property”.
- But, this House Property income can be of maximum ONE property. If more, use ITR-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”.
- 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.