« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  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.