Changes made in new ITR forms

I have made a broad review of new forms and found the following changes in the forms for 2008-09 as compared to ITR forms of 2007-08

1.      Assessment year has been changed from 2007-08 to 2008-09 in every form.

2.      The column provided for ‘E-filing Acknowledgment Number has been removed from all the forms.

3.      In schedule CG of Capital gains, the following changes has been made in all the schedules:

a.      In A2e the sections 54,54EC,54F has been deleted and now the line reads as “ Exemption under section 54B/54D”.

b.      In A3, sections 54 and 54F has been deleted and 54G and 54GA has been added. Now it reads as “Amount deemed to be short term capital gains under section 54B/54D/54EC/54ED/54G/54GA”.

c.      In B2d, the word ‘deduction’ has been replaced with ‘Exemption’ and sections 54G and 54GA has been added.

d.      In B3d, the word ‘deduction’ has been replaced with ‘Exemption’.

4.      In Schedule CYLA, a new row of ‘Loss to be adjusted’ has been added and the sub-columns for losses has been merged.

5.      In Schedule CFL, the year 1999-00 has been deleted and year 2007-08 has been added.

6.      In Schedule SPI, it has been specifically mentioned that the income of minor child is to be included after Rs. 1500/- per child.

7.      In ITR 3, the heading of Schedule BP has been changed to “ Details of Income from Firms of which partner”.

8.      In ITR 4 and ITR 6

a.      In Balance Sheet Part A BS, 2b ‘Trade Investments’ has been changed to ‘Short-term investments’.

b.      In 2bi, ‘including share application money’ has been added after Equity Shares. (Only in ITR4)

c.      In Schedule BP A 23 has been changed as under:

“Any other income (including  salary, commission, bonus and interest from firms in which individual/HUF/Prop. Concern is a partner) not included in Profit and loss account.” /any other expenses not allowable. 

(Added portion highlighted and deleted portion strike off.)

 

d.       A37 is also changed as under:

Net Profit or loss from business or profession (same as above in 36 except in case of special business after applying rule 7A, 7B or 7C).

CA Pankaj Agrwal