New Tax Forms notified,2,000 Post Offices designated for returns

New Delhi, July 24 (UNI) The Central Board of Direct Taxes(CBDT) today notified three Forms-- Form No 1 (for corporate tax payers), Form No 2 (for non-corporate tax payers having business income), and Form 3B (for fringe benefits)-- and extended the date for filing returns for these forms for the assessment year 2006-7 from July 31 to October 31,2006.

"In order to enable the taxpayers to familiarise themselves with the new return Forms and complete the information that is required, the government has decided to extend the date of filing these returns", CBDT Chairperson M H Kherawala told a newsconference here.

Mrs Kherawala, however, said the date of filing of returns for individuals and HUFs having income under the head 'Profits and gains from business and profession,' that is for those who have income only from salary or house property or 'capital gains' or 'Other sources," the date for filing of returns of income will remain at July 31, 2006.

Mrs Kherawala said the new Form Nos 1, 2 and 3 substitute the existing Form Nos 1, 2 and 3 and come into force immediately.

"The new Forms are comprehensively designed so as to do away all kinds of attachments and facilitiate electronic filing. The CBDT has also consulted the Institute of Chartered Accountants of India and have taken into account their suggestions in designing the forms", she said.

Mrs Kherawala said a unique feature of this years filing of returns is that as many as 2,000 post offices have been designated throughout the country where these returns can be submitted, apart from the existing facilities that are provided for this purpose.

"This is being done for the first time in the country though such a practice is followed in many countries", Mrs Kherawala said adding that this will be at no cost to the assessee.

The filing of returns at the Post offices will become operational from July 26, 2006.

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