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Jul, 25th 2006
Due date of Income Tax and FBT Return extended to 31st Oct, 2006 New Income/FBT Return

The due date for filing Income Tax  and FBT Return has been extended from 31st July, 2006 to 31st October, 2006 for all assessee except those individual and HUF  not having income from business or profession.  There is no extension for individuals and HUF having income from salaries and/or rental income and/or capital gain and/or income from other sources, in case they do not have income from business or profession.  Extension will be applicable to individual and HUF only if they have income from business or profession.


Simultaneously CBDT has notified new income tax return forms No.1,2 and 3. CBDT has also notified FBT return Form 3B vide notification  dt.24th July, 2006..  The new return form has been structured on the line of Form 2F and will be annexureless.  No documents i.e. Balance sheet, Profit & Loss Account, Tax Audit Report, challans, TDS certificates are to be enclosed with  these returns.


Summarised data of Balance sheet, Profit and Loss Account and Tax Audit Report is to be inserted in the return form itself.  Certified copies of Balance Sheet/Profit and Loss Account, Tax Audit Report will be required  to be filed as and where the case is taken up for scrutiny.  Further all companies will be compulsorily required to first submit the information online electronically and thereafter submit the annexureless return.  There will be no requirement to submit paper return in case the return is digitally  signed.  For other assesses  submission of return online/electronically will be optional. Return of income and FBT has been combined in one return form itself. i.e. Form No.1,2.


The separate FBT return in Form 3B, shall be applicable for those who have already filed the return of income and for those who are not required to file income tax return but are required to file FBT return. After notification of these new combined return of income and FBT Form No.1, 2 and 3, separate FBT return can not be filed by those who are required to submit return of income as well as return of Fringe Benefit New combined return of income and FBT is likely to be notified for Charitable Trust/Institutions soon.

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