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Amendments to the Finance Bill, 2007
Amendments to the Finance Bill, 2007 is
published.
[(209 CTR (St.) 69) (160 Taxman (St.) 103)]
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Finance Act, 2007 291 ITR 1 (ST)
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Taxation Laws (Amendment) Act, 2006 – Explanatory Notes
Explanatory Notes on the amendment to Taxation Laws
(Amendment) Act, 2006 has been published.
[Circular No. 1 of 2007 dated 27th April, 2007 (209 CTR
(St.) 53) (290 ITR (St.) 73) (160 Taxman 82)]
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New Form No. 16 and Form No. 16A
CBDT have prescribed new Form No. 16 and Form
No. 16A vide Notification S.O. 455(E) dated 26th March, 2007 ((2007) 208 CTR
(St.) 306). These Forms requires the deductor to quote ‘Acknowledgment Nos.’
in respect of all Quarterly Statements of TDS as provided by TIN Facilitation
Centre or NSDL website.
The use of the expression ‘as provided by’ would only mean
that the deductor has been required to quote only an Acknowledgement No. which
has been provided by the TIN Facilitation Centre or NSDL website. But, if the
deductors have furnished their quarterly statements for the fourth quarter
even before issuing Form No. 16 or Form No. 16A, then the deductor will have
to mention Acknowledgement Nos. in respect of the last Quarterly Statements
also.
However, in any case where the last Quarterly Statement has
not been furnished as on the date of issuance of Form No. 16 or Form No. 16A
and Acknowledgement No. is, therefore, not available, the deductor may mention
– ‘Not Available as the last Quarterly Statement is yet to be furnished’.
[Press release (F. No. 142/44/2006-TPL) dated 25th April,
2007 (209 CTR (St.) 52) (160 Taxman (St.) 96)]
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New Series of Form for Filing of Income Tax Return
For the assessment year 2007-08, the CBDT have introduced
the following eight Return Forms.
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ITR-1 –
return of income for Individuals having salary/pension/family pension and
interest income and no other income.
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ITR-2 –
return of income for Individuals (other than individuals to whom above
returns applies) and HUFs having income from any source except from
business or profession.
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ITR-3 –
return of income for Individuals and HUFs being partners in firms and not
having proprietary business or profession.
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ITR-4 –
return of income for Individuals and HUFs having proprietary business or
profession.
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ITR-5 –
combined form for return of income and fringe benefits for Firms/AOP/BOI.
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ITR-6 –
combined form for return of income and fringe benefits for companies.
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ITR-7 –
combined form for return of income and fringe benefits for
charitable/religious trusts, political parties and other non-profit
organizations.
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ITR-8 –
stand alone form for return of fringe benefits for persons who are not
liable to file return of income but are liable to file return of fringe
benefits
All these Forms (except Form ITR-7) have been designed as
annexure-less so as to make them amenable for electronic filing.
For assessment year 2007-08, it would be mandatory for firm
liable to tax audit under section 44AB to file their returns electronically.
Corporate taxpayers and such firms may either file their return electronically
under digital signature or may transmit the data of the return electronically
and thereafter submit one page verification Form which contains a summary of
the return transacted electronically.
All other categories of taxpayers (other than charitable
trusts, institutions, etc.) will have the option to file the return in a paper
form or electronically, as mentioned above, or in a bar-coded return form.
Where a return of income or return of fringe benefits
relates to assessment years prior to assessment year 2007-08, it shall be
furnished in the appropriate form as applicable in that assessment year.
[Notification No. 169 of 2007 / SO No. 762 (E) dated 14th
May, 2007 (209 CTR (St.) 172)]
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National Tax Tribunal (Amendment) Act, 2007
National Tax Tribunal (Amendment) Act, 2007 is published.
[Notification No. 18 of 2007 (209 CTR (St.) 69) (160 Taxman
(St.) 80) 290 ITR 72 (ST)]
