The Central Board of Direct Taxes (CBDT) on Monday said that it 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 new forms are electronic-friendly and annexure less. We have also consulted the Institute of Chartered Accountants of India and taken their suggestions in designing the forms", the CBDT Chairperson, Ms M. H. Kherawala, told presspersons here on Monday. The CBDT has now 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. Ms Kherawala also said that the new return Form Nos 2, 3 and 3B could also 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.