The Central Board of Direct Taxes (CBDT) on Sunday notified eight return forms for various categories of tax-payers for filing Income Tax returns for the assessment year 2008-09. The Board urged tax payers to submit tax forms through e-filing filing over the Internet.
Electronic filing of returns for assessment year 2008-09 is made compulsory for corporate tax-payers and for firms liable to tax audit u/s 44AB, it said in a notification. Such tax-payers may either file their return electronically under digital signature or may transmit the data of the return electronically and thereafter submit a one page verification form which contains a summary of the return transmitted electronically, it said.
The e-filing initiative of the department has been received well, as out of the 20 lakh e-returns filed for the fiscal 2007-08, more than 64 per cent have been filed voluntarily by the tax payers. In terms of the taxes paid, these returns account for over 65 per cent of total taxes collected, it added. The new forms will be available on the Income Tax Departments Web Site, the notification said.