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Not all tax experts expect filing I-T returns to be saral
July, 28th 2006

The recently introduced new income tax return forms for non-corporate assessees, businessmen and professionals, which require them to provide details of outgoings in addition to income could help them explain their investments and avoid intrusive probe by tax sleuths, according to some tax experts.
Some others, however, felt that since copy of the balancesheet was anyway attached to the Form 2D and the new stipulation that the very same should be filled in Form 2 was redundant.

RN Lakhotia, senior tax consultant, said, The new Form 2 for professionals and businessmen includes a schedule for cash flow statement, which is not there with Form 2D. In addition, Form 3B for filing fringe benefit tax is integrated into Form 2.

As for corporate assessees, the new 26-page Form 1 is an attempt to merge all details to be furnished with the tax department in one elaborate form.

The form is too detailed and some companies will have a problem with it, said Sanjiv Chaudhuri, partner, RSM & Co. The details to be given in the form include opening stocks, purchases, profit and loss account etc.

Whatever information being given in tax audit report is also asked for, besides quarter-wise computation of fringe benefit tax. Agreeing with the rationale behind the move, Chaudhuri said that the form would help the taxman as all relevant information would be captured in computer-friendly format.

The Central Board of Direct Taxes (CBDT) on Monday notified the new return Form No 1 for corporate taxpayers, Form No 2 for non-corporate tax payers having business income, Form No 3 for non-corporate tax payers not having business income and Form No 3B for fringe benefits.

The new Form 1, 2 and 3 substituted the existing Form No 1, 2 and 3 with immediate effect.

The CBDT had said that the new forms were comprehensively designed, so as to do away with all kinds of attachments and facilitate electronic filing. The CBDT had consulted the Institute of Chartered Accountants of India and taken into account their suggestions in designing the forms.

 
 
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