Saral ITR is the software for filing of Indian Income Tax Returns and Return of FBT [ITR-1 to ITR-8] easily from offline/online computer.

Central Board of Direct Taxes [CBDT] has notified new return forms for Assessment year 2007-08. The new return forms are termed as ITR and known to be Return of Income/Fringe Benefits.

The new ITR forms starts from ITR 1 to ITR 8. In the new form, individuals and HUFs will be required to furnish information with regard to transactions that are reported through annual information returns (AIR). Large transactions like investment in real estate and mutual funds running into lakhs is automatically reported to the department by banks and other authorities using the investor's permanent account number (PAN).

Similarly, large expenditure incurred by an individual is also reported to the department through AIR. Therefore, if an individual tries to hide his income he can be caught through AIR reporting from various agencies, a tax official said. What the new stipulation does is that it makes it mandatory for the tax assesses themselves to submit the same information to the IT department. A senior finance ministry official said that the earlier idea was to use the cash flow statement to get information both on the source of funds as well as expenditure.

But, under the new form, the department will be able to capture only the expenditure part. To this extent, the new system is one step backward vis-a-vis the earlier system, the official said. For individuals, this time the government has brought out four forms, which would be called ITR-1, ITR-2, ITR-3 and ITR-4

Companies have got two forms ITR 6 and 7. Either should be used as per applicability. The Firms, AOP and BOI’s should go for only Form 5. This has made all earlier confusions on status to form relation ZERO.