Income-tax circles in India apprehend that the introduction of mandatory electronic filing of corporate returns along with the new return forms may have been done in a hurried manner.
Senior tax practitioners feel there has been lack of preparedness to move swiftly towards total e-Filing of I-T returns. It is, however, acknowledged by the tax experts that the new income-tax forms have been thoughtfully designed to do away with all kinds of attachments and facilitate electronic filing. In short, the department has taken the first major step towards a paperless environment, feels one top tax lawyer. The new return Form No 1, applicable to corporate taxpayers, is now required to be compulsorily filed electronically. The software for electronic filing of returns in Form No 1, 2, 3 and Form No 3B will be available on the website only from the middle of September. The new return forms are now available on the department's website (incometaxindiafiling.gov.-in).