Income Tax Return Forms: Not so Saral

The monsoon this year has been no different for the taxpayer with new Income Tax Return Forms (`ITR Forms`) once again raining on the various categories of taxpayers. These forms are applicable with respect to Assessment Year 2007-08 alone. In relation to the salaried taxpayer, it is claimed that the unique selling point of the new ITR Forms is that they are paperless and less complex. A perusal of the forms however indicates that they may actually be more complex than the earlier forms and in most cases would require the assistance of a tax consultant. However, given the government`s aim of a paper-less and annexure-less return filing system coupled with the aim to curb tax evasion, the introduction of these forms represents a significant step forward.