FORM ITR-3 INDIAN INCOME TAX RETURN [For Indvduals/HUFs beng partners n frms and not carryng out busness or professon under any propretorshp] (Please see Rule 12 of the Income-tax Rules,1962) (Also see attached nstructons) Assessment Year 2 0 0 7-0 8 Part A-GEN GENERAL Frst name Mddle name Last name PAN PERSONAL INFORMATION FILING STATUS Flat/Door/Block No Road/Street/Post Offce Town/Cty/Dstrct Emal Address Desgnaton of Assessng Offcer (Ward/Crcle) Name Of Premses/Buldng/Vllage Area/localty State Pn code (STD code)-phone Number Status (Tck) Indvdual Date of Brth (DD/MM/YYYY) ( n case of ndvdual) / / HUF Sex (n case of ndvdual) (Tck) Male Female Employer Category(f n employment) (Tck) ( ) Govt PSU Others Return fled under Secton [Please see nstructon number-9()] Whether orgnal or Revsed return? (Tck) Orgnal Revsed If revsed, then enter Recept No and Date of flng orgnal return (DD/MM/YYYY) / / Resdental Status (Tck) Resdent Non-Resdent Resdent but Not Ordnarly Resdent Whether ths return s beng fled by a representatve assessee? (Tck) Yes No If yes, please furnsh followng nformaton - (a) (b) (c) Name of the representatve Address of the representatve Permanent Account Number (PAN) of the representatve PART-B Part B - TI Computaton of total ncome 1 Salares (6 of Schedule S) 1 TOTAL INCOME 2 Income from house property (3c of Schedule HP) (enter nl f loss) 2 3 Profts and gans from busness or professon (6v of Schedule BP) (enter nl f loss) 3 4 Captal gans a Short term Short-term (u/s 111A) (A5 of Schedule CG) 4a Short-term (others) (A6 of Schedule CG) Total short-term (3a + 3a) (enter nl f loss) b Long-term (B5 of Schedule CG) (enter nl f loss) c Total captal gans (3a + 3b) Do not wrte or stamp n ths area (Space for bar code) 4a 4a 4b 4c For Offce Use Only Recept No Date Seal and Sgnature of recevng offcal
5 Income from other sources a from sources other than from ownng race horses (3 of Schedule 5a OS) (enter nl f loss) b from ownng race horses (4c of Schedule OS) (enter nl f loss) 5b c Total (a + b) 5c 6 Total (1+2+3+4c+5c) 6 7 Losses of current year set off aganst 6 (total of 2v,3v and 4v of Schedule CYLA) 7 8 Balance after set off current year losses (6-7) (also total of column 5 of Schedule CYLA) 8 9 Brought forward losses set off aganst 8 (2v of Schedule BFLA) 9 10 Gross Total ncome (8-9)(also 3v of Schedule BFLA) 10 11 Deductons under Chapter VI-A (o of Schedule VIA) 11 12 Total ncome 12 13 Net agrcultural ncome/ any other ncome for rate purpose (4 of Schedule EI) 13 14 Aggregate ncome (12+ 13) 14 15 Losses of current year to be carred forward (x of Schedule CFL) 15 Part B - TTI Computaton of tax lablty on total ncome 1 Tax payable on total ncome COMPUTATION OF TAX LIABILITY TAXES PAID a Tax at normal rates b Tax at specal rates (11 of Schedule SI) c Tax Payable on Total Income (1a + 1b) 2 Surcharge on 1c 2 3 Educaton Cess on (1c + 2) 3 4 Gross tax lablty (1c+ 2 + 3) 4 5 Tax relef a Secton 89 b Secton 90 c Secton 91 d Total (5a + 5b+5c) 6 Net tax lablty (4 5d) 6 7 Interest payable a For default n furnshng the return (secton 234A) b For default n payment of advance tax (secton 234B) c For deferment of advance tax (secton 234C) d Total Interest Payable (7a+7b+7c) 8 Aggregate lablty (6 + 7d) 8 9 Taxes Pad a Advance Tax (from Schedule-IT) b TDS (total of column 7 of Schedule-TDS1 and column 7 of Schedule-TDS2) c Self Assessment Tax(from Schedule-IT) d Total Taxes Pad (9a+9b+9c) 10 Amount payable (Enter f 8 s greater than 9d, else enter 0) 10 11 Refund (If 9d s greater than 8, also gve Bank Account detals below) 11 1a 1b 5a 5b 5c 7a 7b 7c 9a 9b 9c 1c 5d 7d 9d REFUND 12 Enter your bank account number (mandatory n case of refund) 13 Do you want your refund by cheque, or deposted drectly nto your bank account? (tck as applcable ) 14 In case of drect depost to your bank account gve addtonal detals MICR Code Type of Account (tck as applcable ) Savngs Current 15 E-flng Acknowledgement Number Date(DD/MM/YYYY) / / VERIFICATION I, son/ daughter of solemnly declare that to the best of my knowledge and belef, the nformaton gven n the return and schedules thereto s correct and complete and that the amount of total ncome and other partculars shown theren are truly stated and are n accordance wth the provsons of the Income-tax Act, 1961, n respect of ncome chargeable to Income-tax for the prevous year relevant to the Assessment Year 2007-2008. Place Date Sgn here
If the return has been prepared by a Tax Return Preparer (TRP) gve further detals below: Identfcaton No. of TRP Name of TRP Counter Sgnature of TRP If TRP s enttled for any rembursement from the Government, amount thereof 17 Schedule S Detals of Income from Salary Name of Employer PAN of Employer (optonal) Address of employer Town/Cty State Pn code SALARIES 1 Salary (Excludng all allowances, perqustes & proft n leu of salary) 1 2 Allowances exempt under secton 10 2 3 Allowances not exempt 3 4 Value of perqustes 4 5 Profts n leu of salary 5 6 Income chargeable under the Head Salares (1+3+4+5) 6 Schedule HP Detals of Income from House Property Address of property 1 Town/ Cty State 1 PIN Code (Tck) f let out Name of Tenant PAN of Tenant (optonal) HOUSE PROPERTY 2 a Annual letable value/ rent receved or recevable (hgher f let out for whole of the year, lower 1a f let out for part of the year) b The amount of rent whch cannot be realzed 1b c Tax pad to local authortes 1c d Total (1b + 1c) 1d e Balance (1a 1d) 1e f 30% of 1e 1f g Interest payable on borrowed captal 1g h Total (1f + 1g) 1h Income from house property 1 (1e 1h) 1 Address of property 2 Town/ Cty State PIN Code (Tck) f let out Name of Tenant PAN of Tenant (optonal) a Annual letable value/ rent receved or recevable (hgher f let out for whole of the year, lower 2a f let out for part of the year) b The amount of rent whch cannot be realzed 2b c Tax pad to local authortes 2c d Total (2b + 2c) 2d e Balance (2a 2d) 2e f 30% of 2e 2f g Interest payable on borrowed captal 2g h Total (2f + 2g) 2h Income from house property 2 (2e 2h) 2 3 Income under the head Income from house property a Rent of earler years realzed under secton 25A/AA 3a b Arrears of rent receved durng the year under secton 25B after deductng 30% 3b c Total (3a + 3b + 1 + 2) 3c NOTE Please nclude the ncome of the specfed persons referred to n Schedule SPI whle computng the ncome under ths head
Schedule IF Informaton regardng partnershp frms n whch you are partner Number of frms n whch you are partner Frm No Name of the Frm PAN of the frm Percentage Share n the proft of the frm FIRMS IN WHICH PARTNER 1 1 2 2 3 3 4 4 5 5 6 Total Amount of share n the proft Captal balance on 31 st March n the frm Schedule BP INCOME FROM FIRMS Sl. No. NOTE Frm No. (From Schedule-IF) 1 1 2 2 3 3 4 4 5 5 6 Total Income under the head Proft and Gans from Busness or Professon (Income from frms n whch you are partner) Salary, bonus, commsson or remuneraton receved from the frm Interest receved from the frm on the captal Total + Expenses n relaton to v Net Income v - v v v v Please nclude the ncome of the specfed persons referred to n Schedule SPI whle computng the ncome under ths head Schedule CG Captal Gans A Short-term captal gan 1 From assets n case of non-resdent to whch frst provso to secton 48 applcable 1 CAPITAL GAINS 2 From other assets a Full value of consderaton 2a b Deductons under secton 48 Cost of acquston b Cost of Improvement b Expendture on transfer b v Total ( + + ) bv c Balance (3a bv) 2c d Loss, f any, to be gnored under secton 94(7) or 2d 94(8) e Exempton under secton 54/54B/54D/54EC/54F 2e f Short-term captal gan (2c 2d 2e) 2f 3 Amount deemed to be short term captal gans under sectons 54/54B/54D/54EC/54ED/54F 3 4 Total short term captal gan (1 + 2f +3 +4) 4 5 Short term captal gan under secton 111A ncluded n 4 A5 6 Short term captal gan other than referred to n secton 111A (4 5) A6 B Long term captal gan 1 Asset n case of non-resdent to whch frst provso to secton 48 applcable 1 2 Other assets where provso to secton 112(1) not applcable a Full value of consderaton 2a b Deductons under secton 48 Cost of acquston after ndexaton b Cost of mprovement after ndexaton b Expendture on transfer b v Total (b + b +b) bv c Balance (2a bv) 2c d Deducton under sectons 54/54B/54D/54EC/54F 2d e 54G/54GA Net balance (2c 2d) 3 Other assets where provso to secton 112(1) s applcable a Full value of consderaton 3a 2e
b Deductons under secton 48 Cost of acquston wthout ndexaton b Cost of mprovement wthout ndexaton b Expendture on transfer b v Total (b + b +b) bv NOTE c Balance (3a bv) 3c d Deducton under sectons 54/54B/54D/54EC/54F 3d e Net balance 3e 4 Amount deemed to be long term captal gans under sectons 54/54B/54D/54EC/54ED/54F 4 5 Total long term captal gan (1 + 2e + 3e + 4) B5 C Income chargeable under the head CAPITAL GAINS (A6 + B5) D Informaton about accrual/recept of captal gan Date Upto 15/9 16/9 to 15/12 () () 1 Long- term 2 Short-term 16/12 to 15/3 () Please nclude the ncome of the specfed persons referred to n Schedule SPI whle computng the ncome under ths head C 16/3 to 31/3 (v) Schedule OS OTHER SOURCES NOTE Income from other sources 1 Income other than from ownng race horse(s):- a Dvdends, Gross 1a b Interest, Gross 1b c Rental ncome from machnery, plants, buldngs, 1c d Others, Gross 1d e Total (1a + 1b + 1c + 1d) 1e f Deductons under secton 57:- Expenses f Deprecaton f Total f g Balance (1e f) 1g 2 Wnnngs from lotteres, crossword puzzles, races, etc. 2 3 Income from other sources (other than from ownng race horses) (1g + 2) 3 4 Income from ownng and mantanng race horses a Recepts 4a b Deductons under secton 57 n relaton to (4) 4b c Balance (4a 4b) 4c 5 Income chargeable under the head Income from other sources (1g + 2 + 3 + 4c) 5 Please nclude the ncome of the specfed persons referred to n Schedule SPI whle computng the ncome under ths head Schedule CYLA Detals of Income after set-off of current years losses Sl.No Head/ Source of Income Income of current year House property loss of the current year set off Busness Loss (Fll ths column only f ncome s zero or postve) CURRENT YEAR LOSS ADJUSTMENT Salares House property Busness or professon v Short-term captal gan v Long term captal gan v Other sources (ncl proft from ownng race horses) v Total loss set off v Loss remanng after set-off Total loss (3c of Schedule HP) Total loss (6v of Schedule- BP) Other sources loss (other than loss from race horses) of the current year set off Total loss (3 of Schedule- OS) Current year s Income remanng after set off 1 2 3 4 5=1-2-3-4
Schedule BFLA Detals of Income after Set off of Brought Forward Losses of earler years Sl. Head/ Source of Income Income after set off, f any, of Brought forward loss set off Current year s ncome No. current year s losses as per 4 of Schedule CYLA) remanng after set off 1 2 3 BROUGHT FORWARD LOSS ADJUSTMENT Salares House property Busness or professon v Short-term captal gan v Long-term captal gan v Other sources (ncludng proft from ownng race horses) v Total of brought forward loss set off v Current year s ncome remanng after set off Total (3 + 3 + 3 + v3 + v3+v3) Schedule CFL Detals of Losses to be carred forward to future years Sl. Assessment Year Date of Flng House Busness or No. (DD/MM/YYYY) property professon loss 1999-00 Short-term captal loss Long-term Captal loss Other sources loss (other than loss from race horses) Other sources loss (from ownng race horses) CARRY FORWARD OF LOSS 2000-01 2001-02 v 2002-03 v 2003-04 v 2004-05 v 2005-06 v 2006-07 x Total of earler year losses x Adjustment of above losses n Schedule BFLA x 2007-08 (Current year losses) x Total loss Carred Forward to future years Schedule VIA Deductons under Chapter VI-A (Secton) a 80C h 80G TOTAL DEDUCTIONS b 80CCC 80GG c 80CCD j 80GGA d 80D k 80GGC e 80DD l 80QQB f 80DDB m 80RRB g 80E n 80U o Total deductons (total of a to n) o Schedule SPI Income of specfed persons(spouse, mnor chld etc) ncludable n ncome of the assessee Sl No Name of person PAN of person (optonal) Relatonshp Nature of Income Amount (Rs) 1 2 Schedule SI SPECIAL RATE Sl No Secton code Income chargeable to Income tax at specal rates IB [Please see nstructon Number-9() for secton code and rate of tax] Specal rate Income Tax thereon Sl Secton Specal Income Tax thereon (%) No code rate (%) 1 6 2 7 3 8 4 9
5 10 11 Total (1 to 10 ) Schedule EI Detals of Exempt Income (Income not to be ncluded n Total Income) 1 Interest ncome 1 EXEMPT INCOME 2 Dvdend ncome 2 3 Long-term captal gans on whch Securtes Transacton Tax s pad 3 4 Net Agrculture ncome /any other ncome for rate purpose 4 5 Share n the proft of frm/aop etc. 5 6 Others 6 7 Total (1+2+3+4+5+6) 7 Schedule AIR Other Informaton (Informaton relatng to Annual Informaton Return) [Please see nstructon number-9() for code] Sl Code of Transacton Amount (Rs) Sl Code of Transacton Amount (Rs) 1 001 5 005 2 002 6 006 3 003 7 007 4 004 8 008 Schedule IT Sl No TAX PAYMENTS v v Detals of Advance Tax and Self Assessment Tax Payments of Income-tax Name of Bank & Branch BSR Code Date of Depost (DD/MM/YYYY) Seral Number of Challan Amount (Rs) NOTE Enter the totals of Advance tax and Self Assessment tax n Sl No. 9a & 9c of PartB-TTI Schedule TDS1 TDS ON SALARY Sl No Detals of Tax Deducted at Source from Salary [As per Form 16 ssued by Employer(s)] Name and address of the Employer Income Deducton chargeable under under Chapter VI-A Salares Tax Deducton Account Number (TAN) of the Employer Tax payable (ncl. surch. and edn. cess) Total tax deposted Tax payable/ refundable (1) (2) (3) (4) (5) (6) (7) (8) Schedule TDS2 TDS ON OTHER INCOME Sl No Detals of Tax Deducted at Source on Income [As per Form 16 A ssued by Deductor(s)] Tax Deducton Account Name and address of the Deductor Amount Pad Date of Payment Total tax deposted Number (TAN) of the / Credt Deductor Amount out of (6) clamed for ths year (1) (2) (3) (4) (5) (6) (7) NOTE Please enter total of column 7 of Schedule-TDS1 and column 7 of Schedule-TDS2 n 9(b) of PartB-TTI
Instructons for fllng out FORM ITR-3 1. Legal status of nstructons These nstructons though stated to be non-statutory, may be taken as gudelnes for fllng the partculars n ths Form. In case of any doubt, please refer to relevant provsons of the Income-tax Act, 1961 and the Income-tax Rules, 1962. 2. Assessment Year for whch ths Form s applcable Ths Form s applcable for assessment year 2007-2008 only. 3. Who can use ths Form Ths Form can be used a person beng an ndvdual or a Hndu Undvded famly who s a partner n a frm and where ncome chargeable to ncome-tax under the head Profts or gans of busness or professon does not nclude any ncome except the ncome by way of any nterest, salary, bonus, commsson or remuneraton, by whatever name called, due to, or receved by hm from such frm. In case a partner n the frm does not have any ncome from the frm by way of nterest, salary, etc. and has only exempt ncome by way of share n the proft of the frm shall use ths form only and not Form ITR-2. 4. Annexure-less Form No document (ncludng TDS certfcate) should be attached to ths form. Offcal recevng the return has been nstructed to detach all documents enclosed wth ths form and return the same to the assessee. 5. Manner of flng ths Form Ths Form can be submtted to the Income Tax Department n any of the followng manners, - () by furnshng the return n a paper form; () by furnshng the return electroncally under dgtal sgnature; () by transmttng the data n the return electroncally and thereafter submttng the verfcaton of the return n Form ITR-V; (v) by furnshng a bar-coded paper return. Where the form s furnshed n the manner mentoned at 5(), you need to prnt out two copes of Form ITR-V. Both copes should be verfed by the assessee and submtted to the Income-tax Department. The recevng offcal shall return one copy after affxng the stamp and seal. 6. Fllng out the acknowledgement Where the form s furnshed n the manner mentoned at 5() or 5(v), acknowledgement slp attached wth ths Form should be duly flled out. 7. Form not to be flled n duplcate Ths form s not requred to be fled n duplcate. 8. Intmaton of processng under secton 143(1) The acknowledgement of the return s deemed to be the ntmaton of processng under secton 143(1). No separate ntmaton wll be sent to the taxpayer unless there s a demand or refund. 9. Codes for fllng out ths Form Some of the detals n ths form have to be flled out on the bass of the relevant codes. These are as under:- () The code (to be flled n the secton Flng Status on frst page) for sectons under whch the return s fled are as under:- Sl.No. How the return s fled Code. Voluntarly before the due date 11. Voluntarly after the due date 12. In response to notce under secton 142(1) 13 v. In response to notce under secton 148 14 v. In response to notce under secton 153A 15 () In Schedule AIR, the detals of followng transactons, f any, entered by you durng the fnancal year 2006-07 are to be entered. (If a transacton s not entered, please leave blank the relevant column n ths tem). Sl.No. Code Nature of transacton 1. 001 Cash deposts aggregatng to ten lakh rupees or more n a year n any savngs account by you mantaned n a bankng company to whch the Bankng Regulaton Act, 1949 (10 of 1949), appled (ncludng any bank or bankng nsttuton referred to n secton 51 of that Act) 2. 002 Payment made by you aganst blls rased n respect of a credt card aggregatng to two lakh rupees or more n a year. 3. 003 Payment made by you of an amount of two lakh rupees or more for purchase of unts of Mutual Fund. 4. 004 Payment made by you of an amount of fve lakh rupees or more for acqurng bonds or debentures ssued by a company or nsttuton. 5. 005 Payment made by you of an amount of one lakh rupees or more for acqurng shares ssued by a company. 6. 006 Purchase by you of any mmovable property valued at thrty lakh rupees or more. 7. 007 Sale by you of any mmovable property valued at thrty lakh rupees or more. 8. 008 Payment made by you of an amount of fve lakh rupees or more n a year for nvestment n bonds ssued by Reserve Bank of Inda. () In Schedule SI, the codes for the sectons whch prescrbed specal rates of tax for the ncome mentoned theren are as under:- Sl. No. Nature of ncome Secton Rate of tax Secton code 1. Tax on accumulated balance of recognsed 111 To be computed 1
provdent fund n accordance wth rule 9(1) of Part A of fourth Schedule 2. Short term captal gans 111A 10 1A 3. Long term captal gans (wth ndexng) 112 20 21 4. Long term captal gans (wthout ndexng) 112 10 22 5. Dvdends, nterest and ncome from unts 115A(1)(a) 20 5A1a purchase n foregn currency 6. Income from royalty or techncal servces where agreement entered between 31.3.1961 to 31.3.1976 n case of royalty and between 29.2.1964 and 31.3.1976, and agreement s approved by the Central Government. Paragraph EII of Part I of frst schedule of Fnance Act 7. Income from royalty & techncal servces 115A(1)(b) f agreement s entered on or before 31.5.1997 8. Income from royalty & techncal servces 115A(1)(b) f agreement s entered on or after 31.5.1997 but before 1.6.2005 9. Income from royalty & techncal servces 115A(1)(b)f agreement s on or after 1.6.2005 10. Income receved n respect of unts purchase n foregn currency by a off-shore fund 11. Income by way of long-term captal gans arsng from the transfer of unts purchase n foregn currency by a off-shore fund 12. Income from bonds or GDR purchases n foregn currency or captal gans arsng from ther transfer n case of a non-resdent 13. Income from GDR purchased n foregn currency or captal gans arsng from ther transfer n case of a resdent 50 FA 30 5A1b1 20 5A1b2 10 5A1b3 115AB(1)(a) 10 5AB1a 115AB(1)(b) 10 5AB1b 115AC(1) 10 5AC 115ACA(1) 10 5ACA 14. Profts and gans of lfe nsurance busness 115B 12.5 5B 15. Wnnngs from lotteres, crosswords puzzles, races ncludng horse races, card games and other games of any sort or gamblng or bettng of any form or nature whatsoever 115BB 30 5BB 16. Tax on non-resdents sportsmen or sports assocatons 17. Tax on ncome from unts of an open ended equty orented fund of the Unt Trust of Inda or of Mutual Funds 115BBA 10 5BBA 115BBB 10 5BBB 18. Anonymous donatons 115BBC 30 5BBC 19. Investment ncome 115E(a) 20 5Ea 20. Income by way of long term captal gans 115E(b) 10 5Eb 10. BRIEF SCHEME OF THE LAW- Before fllng out the form, you are advsed to read the followng- (1) Computaton of total ncome (a) Prevous year s the fnancal year (1 st Aprl to the followng 31 st March) durng whch the ncome n queston has been earned. Assessment Year s the fnancal year mmedately followng the prevous year. (b) Total ncome s to be computed as follows, n the followng order: () Classfy all tems of ncome under the followng heads of ncome- (A) Salares; (B) Income from house property ; (C) Proft and gans from busness or professon (by way of salary, nterest, commsson, etc., from the frm n whch the assessee s partner); (D) Captal gans ; and (E) Income from other sources. [There may be no ncome under one or more of the heads at (A), (B), (D) and (E)]. () Compute taxable ncome of the current year (.e., the prevous year) under each head of ncome separately n the Schedules whch have been structured so as to help you n makng these computatons as per provsons of the Income-tax Act. These statutory provsons decde what s to be ncluded n your ncome, what you can clam as an expendture or allowance and how much, and also what you cannot clam as an expendture/allowance. () Set off current year s headwse loss(es) aganst current year s headwse ncome(s) as per procedures prescrbed by the law. A separate Schedule s provded for such set-off. (v) Set off, as per procedures prescrbed by the law, loss(es) and/or allowance(s) of earler assessment year(s) brought forward. Also, compute loss(es) and/or allowance(s) that could be set off n future
and s (are) to be carred forward as per procedures prescrbed by the law. Separate Schedules are provded for ths. (v) Aggregate the headwse end-results as avalable after (v) above; ths wll gve you gross total ncome. (v) From gross total ncome, subtract, as per procedures prescrbed by the law, deductons mentoned n Chapter VIA of the Income-tax Act. The result wll be the total ncome. Besdes, calculate agrcultural ncome for rate purposes. (2) Computaton of ncome-tax, surcharge, educaton cess and nterest n respect of ncome chargeable to tax (a) Compute ncome-tax payable on the total ncome. Specal rates of tax are applcable to some specfed tems. Include agrcultural ncome, as prescrbed, for rate purposes, n the tax computaton procedure.. (b) Add surcharge as prescrbed by the law on the above tax payable. (c) Add Educaton Cess as prescrbed on the tax payable plus surcharge. (d) Clam relef(s) as prescrbed by the law, on account of arrears or advances of salary receved durng the year or of double taxaton and calculate balance tax and surcharge payable. (e) Add nterest payable as prescrbed by the law to reach total tax, surcharge and nterest payable. (f) Deduct the amount of prepad taxes, f any, lke tax deducted at source, advance-tax and selfassessment-tax. The result wll be the tax payable (or refundable). (3) Oblgaton to fle return (a) Every ndvdual and HUF has to furnsh the return of hs ncome f hs total ncome before allowng deducton under Chapter VI-A (.e., f hs gross total ncome referred to n tem 10 of Part B-TI of ths Form) exceeds the maxmum amount whch s not chargeable to ncome tax [Rs. 1,00,000/- n case of ndvduals below the age of 65 years (other than women) and HUF, Rs. 1,35,000/- n case of women below the age of 65 years, and Rs. 1,85,000/- n case of ndvduals who are of the age of 65 years or more at any tme durng the fnancal year 2006-07]. (b) The losses, f any, (tem-15 of Part B-TI of ths Form) shall not be allowed to be carred forward unless the return has been fled on or before the due date. 11. SCHEME OF THE FORM The Scheme of ths form follows the scheme of the law as outlned above n ts basc form. The Form has been dvded nto two parts. It also has seventeen schedules. The detals of these parts and the schedules are as under:- () () () (v) (v) (v) The frst part,.e., Part-A s spread over half of the frst page of the return. It manly seeks general nformaton requrng dentfcatory and other data. The second part,.e, Part-B on page 1 and page 2 s regardng an outlne of the total ncome and tax computaton n respect of ncome chargeable to tax. on page 2, there s a space for gvng detals of the transmsson of the data of the form f the form has been furnshed n accordance wth the manner mentoned at nstructon No.5(). After Part-B, on page 2, there s a space for a statutory verfcaton., On top of page 3, there are detals to be flled f the return has been prepared by a Tax Return Preparer. On pages 3 to 6, there are 17 Schedules detals of whch are as under- (a) Schedule-S: Computaton of ncome under the head Salares. (b) Schedule-HP: Computaton of ncome under the head Income from House Property (c) Schedule-IF: Informaton regardng partnershp frms n whch assessee s a partner (d) Schedule-BP: Computaton of ncome under the head proft and gans from busness or professon (ncome by way of salary, nterest etc. from frms n whch assessee s a partner) (e) Schedule-CG:. Computaton of ncome under the head Captal gans. (f) Schedule-OS: Computaton of ncome under the head Income from other sources. (g) Schedule-CYLA: Statement of ncome after set off of current year s losses (h) Schedule-BFLA: Statement of ncome after set off of unabsorbed loss brought forward from earler years. () Schedule- CFL: Statement of losses to be carred forward to future years. (j) Schedule-VIA: Statement of deductons (from total ncome) under Chapter VIA. (k) Schedule SPI: Statement of ncome arsng to spouse/ mnor chld/ son s wfe or any other person or assocaton of persons to be ncluded n the ncome of assessee n Schedules-HP, BP, CG and OS. (l) Schedule-SI: Statement of ncome whch s chargeable to tax at specal rates (m) Schedule-EI: Statement of Income not ncluded n total ncome (exempt ncomes) (n) Schedule-AIR: Informaton regardng transactons whch are reported through Annual Informaton Return under secton 285BA. (o) Schedule-IT: Statement of payment of advance-tax and tax on self-assessment. (p) Schedule-TDS1: Statement of tax deducted at source on salary. (q) Schedule-TDS2: Statement of tax deducted at source on ncome other than salary. 12. GUIDANCE FOR FILLING OUT PARTS AND SCHEDULES (1) General () All tems must be flled n the manner ndcated theren; otherwse the return maybe lable to be held defectve or even nvald. () If any schedule s not applcable score across as ---NA---. () If any tem s napplcable, wrte NA aganst that tem. (v) Wrte Nl to denote nl fgures. (v) Except as provded n the form, for a negatve fgure/ fgure of loss, wrte - before such fgure.
(v) All fgures should be rounded off to the nearest one rupee. However, the fgures for total ncome/ loss and tax payable be fnally rounded off to the nearest multple of ten rupees. (2) Sequence for fllng out parts and schedules You are advsed to follow the followng sequence n fllng n the sheets; () Part A- General on page 1. () Schedules () Part B-TI and Part B-TTI (v) Verfcaton (v) Detals relatng to TRP and counter sgnature of TRP f return s prepared by hm. 13. PART-GEN Most of the detals to be flled out n Part-Gen of ths form are self-explanatory. However, some of the detals mentoned below are to be flled out as explaned hereunder:- (a) e-mal address and phone number are optonal; (b) In case of an ndvdual, for employer category, Government category wll nclude Central Government/ State Governments employees. PSU category wll nclude publc sector companes of Central Government and State Government; (c) The code for sectons under whch the return s fled be flled as per code gven n nstructon No.9(). (d) In case the return s beng fled by you n a representatve capacty, please ensure to quote your PAN n tem PAN of the representatve assessee. In case the PAN of the person beng represented s not known or he has not got a PAN n Inda, the tem for PAN n the frst lne of the return may be left blank. It may please be noted that n the frst lne of ths form, the name of the person beng represented be flled. 14. SCHEDULES (a) Schedule-S- In case there were more than one employer durng the year, please gve the detals of the last employer. Further, n case, there were more than one employer smultaneously durng the year, please furnsh the detals of the employer you have got more salary. Fll the detals of salary as gven n TDS certfcate(s) (Form 16) ssued by the employer(s). However, f the ncome has not been computed correctly n Form No. 16, please make the correct computaton and fll the same n ths tem. Further, n case there were more than one employer durng the year, please furnsh n ths tem the detals n respect of total salares from varous employers. (b) Schedule-HP,- If there are two or less than two house propertes, fll out the detals for each propertes n ths Schedule. If there are more than two house propertes, the detals of remanng propertes be flled n a separate sheet n the format of ths Schedule. and attach ths sheet wth ths return. The results of all the propertes have to be flled n last row of ths Schedule. Followng ponts also need to be clarfed,- () Annual letable value means the amount for whch the house property may reasonably be expected to let from year to year, on a notonal bass: Deducton for taxes pad to local authorty shall be avalable only f the property s n the occupaton of a tenant, and such taxes are borne by the assessee and not by the tenant and have actually been pad durng the year. () Deducton s avalable for unrealzed rent n the case of a let-out property. If such a deducton has been taken n an earler assessment year, and such unrealzed rent s actually receved n the assessment year n queston, the unrealzed rent so receved s to be shown n tem 3a of ths Schedule. () Item 3b of ths Schedule relates to enhancement of rent wth retrospectve effect. Here menton back years extra rent receved thereon, and clam deducton @ 30% of such arrear rent receved. (c) Schedule-IF,- () Ths Schedule has to be flled for each frm n whch you are partner. () In case you are partner n more than 5 frms, a separate sheet may be enclosed gvng the detals n same format. () In column () of the Schedule, furnsh the amount of share n the proft of the frm as computed n accordance wth the provsons of the Income-tax Act n case of the frm. Such share s exempt from tax n hands of the partner. (v) In column (), please furnsh the amount of captal balance (ncludng the captal on whch you are enttled for an nterest) n the frm n whch you are partner. (d) Schedule-BP,- () The detals of the salary, bonus, commsson, remuneraton or nterest receved by you from the frms n whch you are partner (flled n Schedule-IF are to be flled n ths Schedule). () The expenses, f any, relatng to earnng of such ncome shall be flled n column v of ths Schedule. (e) Schedule-CG,- () () If more than one short-term captal asset has been transferred, make the combned computaton for all the assets. Smlarly, make the combned computaton for all the assets f more than one long-term captal asset has been transferred. For computng long-term captal gan, cost of acquston and cost of mprovement may be ndexed, f requred, on the bass of followng cost nflaton ndex notfed by the Central Government for ths purpose.
Sl.No. Fnancal Year Cost Inflaton Sl.No. Fnancal Year Cost Inflaton Index Index 1. 1981-82 100 14. 1994-95 259 2. 1982-83 109 15. 1995-96 281 3. 1983-84 116 16. 1996-97 305 4. 1984-85 125 17. 1997-98 331 5. 1985-86 133 18. 1998-99 351 6. 1986-87 140 19. 1999-00 389 7. 1987-88 150 20. 2000-01 406 8. 1988-89 161 21. 2001-02 426 9. 1989-90 172 22. 2002-03 447 10. 1990-91 182 23. 2003-04 463 11. 1991-92 199 24. 2004-05 480 12. 1992-93 223 25. 2005-06 497 13. 1993-94 244 26. 2006-07 519 () Sectons 54/ 54B/ 54D/ 54EC/ 54F mentoned n ths schedule provdes exempton on captal gans subject to fulfllment of certan condtons. Exempton under some of these sectons s avalable only n respect of long-term captal gans. Therefore, please ensure that you are clamng the beneft of any of these sectons correctly n accordance wth the provsons of law. (v) Item C of ths Schedule computes the total of short-term captal gan and long-term captal gan (tem A4 + tem B5). Please note that f balance n tem B5 n respect of long-term captal gan s a loss, same shall not be set-off aganst short-term captal gan. In such stuaton, only the fgures of tem A4 be entered n tem C. (f) Schedule-OS,- () Aganst tem 1a and 1b, enter the detals of gross ncome by way of dvdend and nterest whch s not exempt. () Aganst tem 1c, ndcate the gross ncome from machnery, plant or furnture let on hre and also such ncome from buldng where ts lettng s nseparable from the lettng of the sad machnery, plant or furnture, f t s not chargeable to ncome-tax under the head Profts and gans of busness or professon. () Income from ownng and mantanng race horses s to be computed separately as loss from ownng and mantanng race horses cannot be adjusted aganst ncome from any other source, and can only be carred forward for set off aganst smlar ncome n subsequent years. (v) Wnnngs from lotteres, crossword puzzles, races etc., are subject to specal rates of tax; hence a separate tem s provded. (v) Item 5 of ths Schedule computes the total ncome chargeable under the head Income from other sources (tem 1g + tem 2 + tem 3 + tem 4c). If balance n tem 4c from ownng and mantanng race horses s a loss, please enter n tem 5 only the sum of tem 1g, tem 2 and tem 3. (g) Schedule-SPI,- () Furnsh the detals of ncome of spouse, mnor chld, etc., f to be ncluded n your ncome n accordance wth provsons of Chapter V of the Income-tax Act. () () The ncome entered nto ths Schedule has to be ncluded n the respectve head. Secton 10(32) provdes exempton to extent of Rs. 1,500/- n respect of mnor s ncome for the purpose of clubbng. Therefore, exclude Rs. 1,500/- from the ncome of the mnor whle clubbng the ncome of the mnor n the respectve head. However, f ncome of the mnor s to be clubbed n varous heads, total excluson should not exceed Rs. 1,500/-. (h) Schedule-CYLA,- () Menton only postve ncomes of the current year n column 1, headwse, n the relevant rows. () Menton total current year s loss(es), f any, from house property, busness or professon and other sources (other than losses from race horses) n the space above columns 2, 3 and 4 respectvely. These losses are to be set off aganst ncome under other heads n accordance wth the provsons of secton 71. The amount set off aganst the ncome of respectve heads has to be entered nto n columns 2, 3 and 4, n the relevant rows. () Menton the end-result of the above nter-head set-off(s) n column 5, headwse, n relevant rows. (v) Total of loss set off out of columns 2, 3 and 4 have to be entered nto row v. (v) The losses remanng for set off have to be entered n row v. () Schedule-BFLA,- () Menton only postve ncomes of the current year (after set-off of loss n Schedule-CYLA n column 1, headwse n relevant rows. () The amount of brought forward losses whch may be set off are to be entered n column 2 n respectve rows. () The end result of the set off wll be entered n column 3 n respectve heads. The total of column 3 (v) (j) Schedule-CFL,- () shall be entered n row v whch shall gve the amount of gross total ncome. The total amount of brought forward losses set off durng the year shall be entered n column 2 of row v. In ths Schedule, the summary of losses carred from earler years, set off durng the year and to be carred forward for set off aganst ncome of future years s to be entered.
() The losses under the head house property, proft and gans of busness or professon short term captal loss and long term captal loss, losses from other sources (other than losses from race horses) are allowed to be carred forward for 8 years. However, loss from ownng and mantanng race horses can be carred forward only for 4 assessment years. (k) Schedule-VIA,- The total of the deductons allowable s lmted to the amount of gross total ncome. For detals of deductons allowable, the provsons of the Chapter VI-A may kndly be referred to. Detals of deductons whch are avalable to an ndvdual/ HUF not carryng out any busness or professon are as under:- () Secton 80C (Some of the major tems for deducton under ths secton are- amount pad or deposted towards lfe nsurance, contrbuton to Provdent Fund set up by the Government, recognsed Provdent Fund, contrbuton by the assessee to an approved superannuaton fund, subscrpton to Natonal Savngs Certfcates, tuton fees, payment/ repayment for purposes of purchase or constructon of a resdental house and many other nvestments)(for full lst, please refer to secton 80C of the Income-tax Act) (Please note that as provded n secton 80CCE, aggregate amount of deducton under secton 80C, 80CCC and 80CCD shall not exceed one lakh rupees). () Secton 80CCC (Deducton n respect of contrbutons to certan penson funds). () Secton 80CCD (Deducton n respect of contrbutons to penson scheme of Central Government) (v) Secton 80D (Deducton n respect of Medcal Insurance Premum) (v) Secton 80DD (Deducton n respect of mantenance ncludng medcal treatment of dependent who s a person wth dsablty) (v) Secton 80DDB (Deducton n respect of medcal treatment, etc.) (v) Secton 80E (Deducton n respect of nterest on loan taken for hgher educaton) (v) Secton 80G (Deducton n respect of donatons to certan funds, chartable nsttutons, etc.) (x) Secton 80GG (Deducton n respect of rents pad) (x) Secton 80GGA (Deducton n respect of certan donatons for scentfc research or rural development) (x) Secton 80GGC (Deducton n respect of contrbutons gven by any person to poltcal partes) (x) Secton 80RRB (Deducton n respect of royalty on patents) (x) Secton 80U (Deducton n case of a person wth dsablty) (l) Schedule-SI,- Menton the ncome ncluded n Schedule-CG and Schedule-OS whch s chargeable to tax at specal rates. The codes for relevant secton and specal rate of taxes are gven n Instructon No.9() (m) Schedule-EI,- Furnsh the detals of ncome lke agrculture ncome, nterest, dvdend, etc. whch s exempt from tax. The detals may be flled on cash bass unless there s any provson/ requrement to declare them on accrual bass. (n) Schedule-AIR,- In ths Schedule, please fll out the detals as explaned n Instructon No.9() (o) Schedule-IT,- () In ths schedule, fll out the detals of payment of advance ncome-tax and ncome-tax on selfassessment. () The detals of BSR Code of the bank branch (7 dgts), date of depost, challan seral no., and amount pad should be flled out from the acknowledgement counterfol. out from the acknowledgement counterfol. (p) Schedules-TDS1 and TDS2,- () In these Schedules fll the detals of tax deducted on the bass of TDS certfcates( Form 16 or Form No.16A) ssued by the deductor(s). () Detals of each certfcate are to be flled separately n the rows. In case rows provded n these Schedules are not suffcent, please attach a table n same format. () It may please be noted that the TDS certfcates are not to be annexed wth the Return Form. 15. PART B-TI-COMPUTATION OF TOTAL INCOME () In ths part the summary of ncome computed under varous heads and as set off n Schedule CFLA and Schedule BFLA s to be entered. () Every entry whch have to be flled on bass of Schedules have been crossed referenced and hence doesn t need any further clarfcaton. 16. PART B-TI-COMPUTATION OF TAX LIABILITY ON TOTAL INCOME (a) n tem 1a, fll the detals of gross tax lablty to be computed at the applcable rate. The tax lablty has to be computed at the rates gven as under:- (A) In case of ndvduals (other than women and ndvduals who are of the age of 65 years or more at any tme durng the fnancal year 2006-07) and HUFs - Income (In Rs.) Tax Lablty (In Rs.) Upto Rs. 1,00,000 Nl
Between Rs. 1,00,000 - Rs. 1,50,000 10% of ncome n excess of Rs. 1,00,000 Between Rs. 1,50,000 Rs. 2,50,000 5,000 + 20% of ncome n excess of Rs. 1,50,000 Above Rs.2,50,000 25,000 + 30% of ncome n excess of Rs. 2,50,000 (B) In case of women (other than women who are of the age of 65 years or more at any tme durng the fnancal year 2006-07) - Income (In Rs.) Tax Lablty (In Rs.) Upto Rs. 1,35,000 Nl Between Rs. 1,35,000 - Rs. 1,50,000 10% of ncome n excess of Rs. 1,35,000 Between Rs. 1,50,000 Rs. 2,50,000 1,500 + 20% of ncome n excess of Rs. 1,85,000 Above Rs.2,50,000 21,500 + 30% of ncome n excess of Rs. 2,50,000 (C) In case of ndvduals who are of the age of 65 years or more at any tme durng the fnancal year 2006-07- Income (In Rs.) Tax Lablty (In Rs.) Upto Rs. 1,85,000 Nl Between Rs. 1,85,000 Rs. 2,50,000 20% of ncome n excess of Rs. 1,50,000 Above Rs.2,50,000 13,500 + 30% of ncome n excess of Rs. 2,50,000 (b) In tem 2, fll the detals of surcharge at the rate of ten per cent of tem No.1c, f the total ncome as per tem No.11 of Part-B-TI exceeds ten lakh rupees. However, such surcharge shall not exceed the amount beng the dfference of total ncome and ten lakh rupees. (c) In tem No. 3, calculate the educaton cess at the rate of two per cent of [tem No.1c+ tem No. 2] (d) In tem No. 5a, clam the relef f any allowable under secton 89 n respect of arrears or advances of salary receved durng the year. (e) In tem 9b, please furnsh the detals n accordance wth Form 16 ssued by the employer(s) n respect of salary ncome and Form 16A ssued by any other person n respect of nterest ncome. (f) tem 14- Please quote the MICR code of the bank f you desre to receve the refund through electronc clearng system (ECS). However, t may not be possble to ssue the refund n all cases through ECS snce the ECS faclty s not avalable across the country. 17. VERIFICATION (a) In case the return s to be furnshed n a paper format or electroncally under dgtal sgnature or n a bar coded return format, please fll up the requred nformaton n the Verfcaton. Strke out whatever s not applcable. Please ensure that the verfcaton has been sgned before furnshng the return. Wrte the desgnaton of the person sgnng the return. (b) In case the return s to be furnshed electroncally n the manner mentoned n nstructon no. 5(), please fll verfcaton form (Form ITR-V) (c) Please note that any person makng a false statement n the return or the accompanyng schedules shall be lable to be prosecuted under secton 277 of the Income-tax Act, 1961 and on convcton be punshable under that secton wth rgorous mprsonment and wth fne. 18. DETAILS REGARDING TAX RETURN PREPARER (TRP) (a) Ths return can be prepared by a Tax Return Preparer (TRP) also n accordance wth the Tax Return Preparer Scheme, 2006 dated 28 th November, 2006. (b) If the return has been prepared by hm, the relevant detals have to be flled by hm n tem No.16 below verfcaton and the return has to be countersgned by hm n the space provded n the sad tem. (c) The Tax Return Preparer s enttled to a maxmum fees of Rs. 250/- from the taxpayer. TRP s also enttled to a rembursement from the Government for followng three years as under:- () 3 per cent of the tax pad on the ncome declared n the return for the frst elgble assessment year (frst elgble assessment year means the assessment year f no return has been furnshed for at least three assessment years precedng to that assessment year); () 2 per cent of the tax pad on the ncome declared n the return for the second elgble assessment year (second elgble assessment year means the assessment year mmedately followng the frst elgble assessment year); () 1 per cent of the tax pad on the ncome declared n the return for the thrd elgble assessment year (thrd elgble assessment year means the assessment year mmedately followng the second elgble assessment year); (d) For these three elgble assessment years, the TRP wll be elgble for the fee from the taxpayer to the extent of the amount by whch Rs. 250/- exceeds the amount of rembursement recevable by hm from the Government.