New
Delhi: The Central Board of Direct Taxes (CBDT) has
notified new set of tax return forms including the one
for corporate taxpayers, who would now be required to
compulsorily file their return of income electronically.
The
CBDT has come up with a new return Form No 1(for corporate
taxpayers), Form No 2 (for non-corporate taxpayers having
business income) and Form No 3 (for non-corporate taxpayers
not having business income). It has also notified a Form
3B for fringe benefits. The new Forms 1, 2 and 3 substitute
the existing Form Nos 1, 2 and 3 and come into force immediately.
The
new return Form Nos 2, 3 and 3B can be filed in the same
manner as corporate tax returns. However, it is optional
for the taxpayer to file the return electronically.
The
new return forms would be available on the Web Site http://www.incometaxindiaefiling.gov.in.
However,
the software for electronic filing of tax returns in form
1, 2, 3 and 3B would be available on the same Web Site
from the middle of September.
To
provide some time for the taxpayers to get themselves
familiarised with the new forms, the CBDT has extended
the due date for furnishing of return of income and return
of fringe-benefits for assessment year 2006-07 from July
31 to October 31 in all cases of non-corporate taxpayers
(including partners of firms and charitable trusts and
institutions).
In
the case of individuals and HUFs not having income under
the head "profits and gains from business or profession",
the due date for
filing of return of income would continue to be July 31.
For salaried people who have already filed their return,
the tax department would go by that return only.
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