On May 16, 2007, the government of India introduced eight new income tax return forms known as ITRs. Of these, ITR1 and ITR2 are relevant to salaried employees. These ITRs will replace the older Saral forms.
ITR-1 is applicable to those individuals who only have salary and interest income during a financial year. ITR-2 is applicable to those who have other types of non-business incomes, such as income from house property, capital gains, etc.
Have you seen these forms? Are they less complex than the way you filed your tax returns previously? Or was the Saral format easier? Will the new ITR help catch tax evaders? Is there anything more that taxpayers should know about the new ITRs?
Are you happy that ITR1 and ITR2 do not require taxpayers to attach documents? Not even Form 16? Or are you worried that the government might once again change the way you file returns after 2008(The validity of the new ITRs is only for the year 2007-08)? Is ITR a good idea in the first place?
Share your knowledge and concerns with us.