The most awaited SARAL II form i.e ITR-1 has been notified by the CBDT for the A.Y 2010-11 vide notification dated 23/04/2010. The new SARAL II Form is different from the earlier ITR-1 form in many respects.
The new SARAL II (ITR-1) form is of two pages only. The earlier ITR-1 form was also of two pages but the earlier ITR form could be filed by only those assessee who had income from the salaries/Pension and Income from Interest if any. But the new form can be filed by the asseessees having salary/pension Income, Income from one house property (excluding loss brought forward from previous years),Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses).
The new SARAL II form is quite saral in the respect that there is no need for the assessee to mention the detail of his house property the income of which is to be declared in the form nor any need to provide details about the other source income(except the TDS details) which is to be declared in the SARAL II form, which normally one needs to provide in the other forms. However if an assessee has income U/H House Property from more than one house or has brought forward losses U/H House Property then in such case new SARAL II form cannot be filed.
The ITR-V form has also been notified for the A.Y 2010-11. The Fringe benefit part has been deleted from the new ITR-V form as the fringe benefit tax is no more applicable in the A.Y 2010-11.
The notification as well as the new SARAL II Form is available at the official website of the Income Tax Department. The notification is reproduced herebelow for ready reference
[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY,
PART II, SECTION 3, SUB-SECTION (ii)]
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 23rd April, 2010
INCOME-TAX
S.O. 943 (E).- In exercise of the powers conferred by section 295 of the Incometax
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. (1) These rules may be called the Income-tax (Third Amendment) Rules, 2010.
(2) They shall come into force on the 1st day of April, 2010.
2. In the Income-tax Rules, 1962,
(a) in rule 12, –
(i) in sub-rule (1), for the figures “2009”, the figures “2010” shall be
substituted;
(ii) in sub-rule (5), for the figures “2008”, the figures “2009” shall be
substituted;
(b) in Appendix-II, for Forms ITR-1 and ITR-V, the following forms shall be
substituted, namely:-
[Notification No.29 / 2010 / F.No.142/28/2009 -TPL]
(PAWAN K. KUMAR)
Director to the Government of India
Note.- The principal rules were published vide Notification No.S.O.969(E), dated the 26th
March, 1962 and last amended by Income-tax (2nd Amendment) Rules, 2010 vide Notification
S.O. No.775(E)dated 8th of April, 2010.
The new SARAL II form can be downloaded at the following link
http://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/PDF/Ay2010-11/SARAL-II-ITR-1.pdf
The new SARAL II (ITR-1) form is of two pages only. The earlier ITR-1 form was also of two pages but the earlier ITR form could be filed by only those assessee who had income from the salaries/Pension and Income from Interest if any. But the new form can be filed by the asseessees having salary/pension Income, Income from one house property (excluding loss brought forward from previous years),Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses).
The new SARAL II form is quite saral in the respect that there is no need for the assessee to mention the detail of his house property the income of which is to be declared in the form nor any need to provide details about the other source income(except the TDS details) which is to be declared in the SARAL II form, which normally one needs to provide in the other forms. However if an assessee has income U/H House Property from more than one house or has brought forward losses U/H House Property then in such case new SARAL II form cannot be filed.
The ITR-V form has also been notified for the A.Y 2010-11. The Fringe benefit part has been deleted from the new ITR-V form as the fringe benefit tax is no more applicable in the A.Y 2010-11.
The notification as well as the new SARAL II Form is available at the official website of the Income Tax Department. The notification is reproduced herebelow for ready reference
[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY,
PART II, SECTION 3, SUB-SECTION (ii)]
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION
New Delhi, the 23rd April, 2010
INCOME-TAX
S.O. 943 (E).- In exercise of the powers conferred by section 295 of the Incometax
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. (1) These rules may be called the Income-tax (Third Amendment) Rules, 2010.
(2) They shall come into force on the 1st day of April, 2010.
2. In the Income-tax Rules, 1962,
(a) in rule 12, –
(i) in sub-rule (1), for the figures “2009”, the figures “2010” shall be
substituted;
(ii) in sub-rule (5), for the figures “2008”, the figures “2009” shall be
substituted;
(b) in Appendix-II, for Forms ITR-1 and ITR-V, the following forms shall be
substituted, namely:-
[Notification No.29 / 2010 / F.No.142/28/2009 -TPL]
(PAWAN K. KUMAR)
Director to the Government of India
Note.- The principal rules were published vide Notification No.S.O.969(E), dated the 26th
March, 1962 and last amended by Income-tax (2nd Amendment) Rules, 2010 vide Notification
S.O. No.775(E)dated 8th of April, 2010.
The new SARAL II form can be downloaded at the following link
http://law.incometaxindia.gov.in/DITTaxmann/IncomeTaxRules/PDF/Ay2010-11/SARAL-II-ITR-1.pdf
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