Income Tax department has released new Income Tax form for assessment year 2011-12.New Year return season has started with release of new ITR form for Assessment year 2010-11. Two new form has been introduced first is Sahaj which is replacement of Saral-II and identical to old form and second is Sugam (4S) to be filled in the case of a person being an individual or a Hindu undivided family deriving business income and such income is computed in accordance with special provisions, referred to in section 44AD and section 44AE of the Act for computation of business income Sahaj & Sugam Form– Non Applicability The government has asked individuals with income of over 10 lakhs to electronically file tax returns during 2011-2012.something which was optional till the previous financial year. In the recently introduced tax returns also asks individuals to furnish details of donations made for claiming tax deductions. Further, resident individual tax payers with overseas assets will have to disclose overseas assets in their tax returns in a bid to capture these details. The move asking expatriates to furnish details of bank accounts and foreign assets is expected to cause hardship. Resident individuals pay taxes in India as they earn salaries here. While these individuals pay taxes on income accruing from overseas in their home countries, the new provisions require them to provide details of all income to Indian tax authorities. Sahaj and Sugam tax forms, which were introduced last year to make tax return for specified taxpayers less complex, cannot be used by resident individuals, who are now required to report foreign assets. The new forms are beneficial for those who want to claim indexation benefit while calculating long-term capital gains tax. The new forms have also provision to furnish information regarding co-ownership of house property, which the earlier forms did not provide