« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  Taxmen to scrutinise more cases of returns... Net direct tax collection up 128% in April... » I-T now takes a less taxing form May, 16th 2007 The new income-tax return forms came into effect from Tuesday. The government has notified the simplified forms for 2007-08. The new form for the individual taxpayer is simpler and she will not be required to give a statement on expenditure as envisaged earlier in form 2F that had evoked criticism for seeking a cash-flow statement detailing taxpayers expenditure. The new form does not have annexures and the taxpayer will not be required to file any additional papers or certificates. However, in a move expected to improve tax compliance, the income-tax department had made it mandatory for individual assessees to report transactions captured in annual information return (AIR). For example, sale or purchase of real estate above Rs 30 lakh is reporterd under AIR by registrars. The new form has a separate column for stating the transactions like sale or purchase of a house over Rs 30 lakh. This would help the income-tax department in matching the transaction captured under AIR with the taxpayers income-tax return, feel income-tax officials. Similarly, the income-tax return forms for other taxpayers such as corporates, professionals and charitable organisations have also been simplified. Form ITR 7 meant for charitable and political organisation will have annexures. The new forms were unveiled by finance minister P Chidambaram on April 28.