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of <h1>New Income Tax Return Forms ITR-1 to ITR-8 Introduced for 2007-08; Rule 12 Updated for E-Filing Mandates.</h1> The Central Board of Direct Taxes introduced new return forms for the assessment year 2007-08, categorized as ITR-1 to ITR-8, each designed for different taxpayer profiles, such as individuals, Hindu Undivided Families, firms, and companies. Rule 12 of the Income-tax Rules was updated to accommodate these forms, allowing returns to be filed in paper or electronically, with specific mandates for firms and companies to file electronically. No attachments are required with these forms, and taxpayers must retain documents for potential assessment. Electronic returns are prioritized for processing, and separate instructions for handling electronic submissions are forthcoming.
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