TIOL-DDT 468 · the untouched capture
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<p align="justify"> <b><font color="#663399" size="3" face="Verdana, Arial, Helvetica, sans-serif">TIOL-DDT
468</font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><br>
12 10 2006<br>
Thursday</font></b></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Income
Tax – New Returns and confusion thereon</font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Central
Board of Direct Taxes has explained the new forms and related issues. First
a look at the new forms:</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>1. Form
No.2F: </b>This is for resident individual/HUF, not having Income from ‘business
or profession’ or agricultural income or capital gains, not claiming relief
in respect of arrears or advance of salary and not owning more than one house
property.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>2. Form
No.1</b> is a combined form for return of income and return of fringe benefits
for companies other than those claiming exemption under section 11;</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>3. Form
No.2</b> is a combined form for return of income and return of fringe benefits
for non-corporate assessees.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>4. Form
No.3</b> is a form for return of income for non-corporate assessees not claiming
exemption under section 11 and not having income from business or profession.
</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>5. Form
No.3B</b> is a residual form for return of fringe benefits</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The circular
explains that the return forms have been designed to make them amenable for
electronic filing. If the return is furnished electronically under the digital
signature, it will not be necessary to furnish the paper return.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b> E-return
Schemes</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>1. Electronic
Furnishing of Return of Income Scheme, 2004</b>. Under this Scheme, e-return
has to be filed through e-Return Intermediary, followed by a paper return. The
scheme is applicable to all class of taxpayers who are assessed or assessable
to tax at select cities.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>2. Furnishing
of Return of Income Internet Scheme, 2004.</b> Under this Scheme, e-return has
to be filed under the digital signature. The scheme is applicable only to “individual”
taxpayers who has income under the head ‘”Salaries” but does not have any income
under the head “Profits and gains of business or profession” and who are assessed
or assessable to tax at any of the cities specified in Schedule ‘A’ of the Scheme
</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Clarifications:
</b>Board has clarified that</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) The
report of audit under section 44AB is not to be attached with the return. It
should not be furnished separately also before or after the due date. However,
an assessee should get the report of audit from an accountant under said section
before the due date of the furnishing of the return and should fill out the
relevant columns of these forms on the basis of such report. The assessee should
retain the report with himself. It may be furnished in original during the assessment
proceedings. </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(ii) While
processing the return under section 143(1), the credit for Tax deducted at source
(TDS)/ Tax collected at sources (TCS) shall be allowed on the basis of details
furnished in the relevant schedules of these returns as if the TDS/ TCS certificates
have been filed.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(iii) These
returns are not to be accompanied with any other document including any statutory
form or report of audit.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(iv) The
report as required under section 92E of the Income-tax Act shall continue to
be furnished before the date specified in rule 10E.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(v) In the
case of the old forms, the assessee could enclose documents, furnish reasons
and make disclosures in support of claims made by him. However, it is not possible
to do so in case of new forms as these are annexure-less.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(vi) The
e-Return has to be filed at http://incometaxindiaefiling.gov.in. The paper return,
if any, in respect of such e-returns shall be filed either at separate counter(s)
to be set up for this purpose at each local income-tax office (whether on net-work
or not) or at designated postal offices.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>Have
you filed the return in the old form? It is invalid!</b></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Board clarifies
that </font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">“Since,
old return forms are invalid returns after the date of notification of new forms,
the taxpayers should resubmit the return in new forms in accordance with the
new procedure.”</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=36&filename=notification/cbdt/2006/it06cir09.htm">CBDT
CIRCULAR NO.9/2006, Dated: October 10, 2006</a></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Income
Tax – concurrent jurisdiction of officers</font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Board has
authorized Chief Commissioners and Director-General of Incometax to issue orders,
in writing, for the exercise of powers and performance of functions concurrently
by all the Assessing Officers subordinate to him with any other Assessing Officer
or Assessing Officers ( whether subordinate to him or not) in respect of-</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"> (i) issue
of intimation and refund under sub-section (1) of section 143 in cases assessed
or assessable with the Assessing Officers subordinate to the Chief Commissioner
of Income-tax or, the Director-General of Income-tax ;</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(ii) rectification
under section 154 in respect of such intimation.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=35&filename=notification/cbdt/2006/it06not0285.htm">NOTIFICATION
NO. 285/2006, Dated: October 10, 2006</a></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">VISHESH</font></b><font color="#006600"><b>KRISHI
AND GRAM UDYOGYOJANA - <strong>DGFT amends FTP to specify capital goods</strong></b></font></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><st1:place><strong>Para</strong></st1:place><strong>
3.8.3.of the Policy has been amended to read </strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">“The Duty
Credit may be used for import of inputs or goods including <b>Capital Goods</b>,
which are otherwise freely importable under ITC(HS) classifications of Export
and Import Items”</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">Earlier
it read,</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">The Duty
Credit may be used for import of inputs or goods, which are otherwise freely
importable under ITC (HS) Classifications of Export and Import Items,</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=45&filename=notification/dgft/2006/dgft06not035.htm">NOTIFICATION
No.35, (RE-2006)/ 2004-2009, Dated: October 5, 2006</a></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b><font color="#006600">VISHESH</font></b><font color="#006600"><b>KRISHI
AND GRAM UDYOGYOJANA – Import items not allowed</b></font></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong>As
per Appendix 37B, certain items are not allowed import under the </strong><b>VISHESHKRISHI
AND GRAM UDYOGYOJANA scheme </b>and this includes Capital Goods unless specifically
permitted for import. Consequent to allowing import of Capital Goods as mentioned
above, DGFT has amended the Appendix 37B to restrict only the following capital
goods.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(i) General-purpose
agricultural tractors above 25 HP and upto 75 HP.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(ii) Stationary
Diesel Engines.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(iii) Irrigation
pumps.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(iv) Threshers
for cereals.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(v) Combine
harvesters suitable only for wheat and paddy crops.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">(vi) Animal
driven implements.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=47&filename=notification/dgft/2006/dgft06pn061.htm">PUBLIC
NOTICE NO. 61/(RE-2006)/2004-2009, Dated: October 05, 2006</a></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">Import
of Boric Acid – Board instructions</font></strong></font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif">CBEC has
informed the field that import of boric acid without a certificate of registration/import
permit is an offence under the Insecticides Act, 1968. Board wants the field
to ensure that the importer declares that he has obtained the required certificate
and if not the importer should be asked to comply with the requirement of Insecticides
Act, 1968, and take necessary action for non-compliance with the import policy
under FTP and Insecticides Act 1968, including seizure and absolute confiscation.
It should be ensured that the goods should be released, before or after adjudication,
as the case may be, only against a certificate of registration /import permit
as per the Insecticides Act, 1968.</font></p>
<p align="justify"><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="http://www.taxindiaonline.com/RC2/subCatDesc.php3?subCatDisp_Id=25&filename=notification/custom/2006/instruct07.htm">Board’s
F. No 528/9/2004-Cus(TU) Dated: October 6, 2006</a></font></p>
<p align=center><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><strong><font color="#006600">The
Cob (Web) – our new weekly feature</font></strong></font></p>
<p align=justify><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><b>CPU
of TIOL is going to occupy the monitor </b>is how Natarajan of Swamy Associates,
Chennai sees it. Toady we launch a new column by our founder – Managing
Editor Shailendra Kumar with a piece on our great wealth – Intellectual
Property and the need to protect it. In his characteristic style Shailendra
cautions that protection of IP can hardly be left to traffic cops. See
the <u><a href="http://www.taxindiaonline.com/RC2/inside2.php3?filename=bnews_detail.php3&newsid=4375">TIOL
Cob Web</a></u> in the Home Page. We would be grateful for comments of
our elite Netizens on the issues raised in the Cobweb.</font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Until
tomorrow with more DDT </font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Have
a nice day. </font></p>
<p align="justify"><font color="#FF6666" size="2" face="Verdana, Arial, Helvetica, sans-serif">Mail
your comments to </font><font size="2" face="Verdana, Arial, Helvetica, sans-serif"><a href="mailto:vijaywrite@taxindiaonline.com">vijaywrite@taxindiaonline.com</a></span></font></p>
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