New e-Return forms by Central Board of Direct Taxes in India

The Central Board of Direct Taxes (CBDT) in India has notified new set of tax return forms which are electronic-friendly and annexure less.

It will include the one for corporate taxpayers, who would now be required to compulsorily file their return of income electronically. To design the forms, the Institute of Chartered Accountants of India was consulted. New return Form No 1 is for corporate taxpayers, Form No 2 is for non-corporate taxpayers having business income and Form No 3  is for non-corporate taxpayers not having business income. It has also notified a Form 3B for fringe benefits. It is optional for the taxpayer to file the return electronically. The new return forms would be available on the Web Site 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 mid of September this year. 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 to provide some time for the taxpayers to get themselves familiarised with the new forms. In case of individuals and HUFs without 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.