Income Tax Returns for Assessment Year 2006-07 - CBDT Clarifications
CBDT clarifies that
1. The return of income/ fringe benefits for assessment year 2006-07 or any earlier assessment years shall be furnished in the appropriate form as applicable in that assessment year.
2. Return of income/ fringe benefits can be furnished in any of the following manners:-
(i) furnishing the return in a paper form;
(ii) furnishing the return electronically under digital signature;
(iii) transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;
(iv)furnishing a bar-coded return in a paper form.
3. It is mandatory for companies to file their returns electronically. Charitable/religious trusts, political parties and other non-profit organisations have to submit the return in paper form only. Other tax payers have all the four options mentioned above.
4. Except ITR 7 the returns are not to be accompanied by any attachments or enclosures. No statement of income, no copies of balance sheet, no profit and loss account, no TDS Certificates, no, nothing is to be enclosed. However, these documents are to be produced on demand. Chief Commissioners and Commissioners are to ensure that if there are any enclosures, they are detached and returned to the assessee immediately.
5. The Audit Report under Section 44AB also need not be attached with the return. But the audit report should be got ready and retained with the assessee to be produced during the assessment proceedings.
6. CCs and Commissioners should ensure that the Bar coded ITR-5 forms are to be handled and stored with care and caution. They should not be folded.
Income Tax Circular No. , Dated July 26, 2007