|
10-10-2006
Circular No.
9/2006
New Return Forms for
assessment year 2006-07 - Matters connected thereto.
The Central Board of Direct
Taxes have notified following new return forms for assessment year
2006-07:
(i)
Form No. 2F vide Notification SO No.848(E) effective
from 1st June, 2006. This Form may be used only by assessees being
resident individual/ Hindu undivided family (HUF)
(a)
not having income from business or profession or agricultural
income or capital gains (except long-term capital gains from
transactions on which securities transaction tax paid); or
(b)
not claiming relief under section 89 in respect of arrears or
advance of salary;
(c)
not owning more than one house property.
(ii)
Form No. 1, Form No. 2, Form No. 3, and Form No. 3B vide
Notification S.O. No. 1163(E) effective from 24.7.2006. The details of
these forms are as under
(a)
Form No.1 is a combined form for return of income and return
of fringe benefits for companies other than those claiming exemption
under section 11;
(b)
Form No.2 is a combined form for return of income and return
of fringe benefits for non-corporate assessees
(i)
not claiming exemption under section 11, and
(ii)
having income from business or profession;
(c)
Form No.3 is a form for return of income for non-corporate
assessees not claiming exemption under section 11 and not having
income from business or profession;
(d)
Form No.3B is a residual form for return of fringe benefits
for the assessees
(i)
who are required to furnish the return of income and also
the return of fringe benefits but-
(a) have filed the
return of income in Form No. 1 or Form No. 2
or Form No. 2D or Form No. 3A for the Assessment Year 2006-07
before the notification of this Form No. 3B, or
(b) opts to file the
return of income in Form No. 2D
(ii)
who are not required to furnish the return of income but
are required to furnish the return of fringe benefits.
These Forms are available at
http//.incometaxindiaefiling.gov.in. If a taxpayer intends to
file a return for any earlier assessment year he will have to use the
old forms.
2.
These return forms have been designed to make them amenable for
electronic filing. In a case where the taxpayer does not use a digital
signature, a two step-procedure has been prescribed for furnishing
these forms electronically without digital signature. First step is to
transmit the details of the return and schedules thereto
electronically (without digital signature) to the designated web-site
and thereafter to file a paper Return. The date of the electronic
transmission and acknowledgement number given electronically by the
Income-tax Department for such transmission has to be filled in the
paper return. However, if the return is furnished electronically under
the digital signature, it will not be necessary to furnish the paper
return.
3.
Apart from procedure mentioned in para 2, an assessee may also file,
at his option, an e-return in accordance with following schemes:
(i)
Electronic Furnishing of Return of Income Scheme, 2004
[Notified vide SO No. 1073(E) dated 30-9-2004]. Under this
Scheme, e-return has to be filed through e-Return Intermediary,
followed by a paper return. The scheme is applicable to all class of
taxpayers who are assessed or assessable to tax at any of the cities
specified in Schedule A of the Scheme (i.e. net-worked
cities);
(ii)
Furnishing of Return of Income Internet Scheme, 2004.
[Notified vide SO No. 1074(E) dated 30-9-2004] Under this
Scheme, e-return has to be filed under the digital signature. The
scheme is applicable only to individual taxpayers who has income
under the head Salaries but does not have any income under the head
Profits and gains of business or profession and who are assessed or
assessable to tax at any of the cities specified in Schedule A of
the Scheme (i.e. net-worked cities);
4.
All corporate taxpayers are necessarily required to furnish the return
for assessment year 2006-07 electronically after 24-7-2006. Thus, a
company has to necessarily file e-return either under digital
signature or in accordance with two step procedure explained in para 2
or in accordance with the Scheme mentioned at para 3(i).
However, for other class of taxpayers, it is optional to furnish an
e-return.
5.
Further, these forms are not to be accompanied by any attachment/
annexure. Taxpayers should not enclose with these return forms any
statement showing the computation of income or tax or notes thereto,
copies of balance-sheet, profit and loss account or notes thereto, TDS/
TCS certificate, proof of payment of advance tax or self-assessment
tax, audit report or any other document.
6.
Following clarifications are hereby issued in respect of certain
issues arising from furnishing the returns in above mentioned forms:
(i)
The report of audit under section 44AB is not to be attached
with the return. It should not be furnished separately also before
or after the due date. However, an assessee should get the report of
audit from an accountant under said section before the due date of
the furnishing of the return and should fill out the relevant
columns of these forms on the basis of such report. The assessee
should retain the report with himself. It may be furnished in
original during the assessment proceedings. No penalty under section
271B shall be initiated or levied for not furnishing the tax audit
report on or before the due date. However, if the audit report has
not been obtained before the due date, provisions of section 271B
shall be attracted.
(ii)
While processing the return under section 143(1), the credit
for Tax deducted at source (TDS)/ Tax collected at sources (TCS)
shall be allowed on the basis of details furnished in the relevant
schedules of these returns as if the TDS/ TCS certificates have been
filed.
(iii)
These returns are not to be accompanied with any other
document including any statutory form or report of audit (other than
the report under section 92E) which is otherwise required to be
furnished before the due date or along with the return for making
any claim. The provisions of the law shall be deemed to have been
complied with in respect of the requirement of the filing of the
attachments or documents or reports along with the return. No
penalty shall be initiated/ levied for not furnishing such
documents. All these documents should be retained by the taxpayers
and be furnished in original during the scrutiny proceedings.
(iv)
The report as required under section 92E of the Income-tax
Act shall continue to be furnished before the date specified in rule
10E.
(v)
In the case of the old forms, the assessee could enclose
documents, furnish reasons and make disclosures in support of claims
made by him. However, it is not possible to do so in case of new
forms as these are annexure-less. Accordingly, the assessee may, in
pursuance to the first notice issued under section 143(2), avail of
the opportunity to file documents, furnish reasons and make
disclosures in support of various claims made by him in the return
filed in new form.
(vi)
In case, a return is furnished under digital signature, the
date of such furnishing shall be the date of furnishing the return-.
In case, a return is furnished under two- step procedure as
explained in para 2 or in accordance with the Scheme mentioned at
para 3(i), the date of furnishing the e-return will be the date of
furnishing the return only if
(a)
paper return has been filed within fifteen days from the
date of filing the e-return or within one month from the date of
issue of this Circular, whichever is later; and
(b)
paper return tallies with the e-return.
In case condition
in (a) or (b) above is not satisfied, the paper return
shall be taken to be the return and date of filing the paper return
shall be taken as the date of filing the return.
(vii)
The e-Return has to be filed at http://incometaxindiaefiling.gov.in.
The paper return, if any, in respect of such e-retums shall be filed
either at separate counter(s) to be set up
Go to
"Income Tax Update - 2006" Listings
|
