NEW IT FORMS LAUNCHED

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This query is : Resolved

Kumar Agarwala (Querist)

10 July 2007 THE NEW ITR LANCHED BY IT DEPARTMENT, BUT THE NEW FORMS DOES NOT REQUIRE TO ATTACH ANY DOCUMENTS ALONG WITH THE RETURN EVEN BALANCE SHEET IS NOT REQUIRED TO BE FILED WITH THE RETURN AGAIN IN INCOME HEAD ALSO BREAK UP FROM DIFFERENT INCOME CATAEGORY IS NOT REQUIRED TO MENTION IF BALANCE SHEET IS NOT FILED THEN HOW THE CAPITAL WILL BE ASSESSED

CA Nikita

CA Nikita (Expert)

13 July 2007 "Though there is no official instruction or circular from the tax authorities that Form-16 or other certificates must accompany the income-tax return, field staff in the Department have not been accepting returns without the enclosures such as TDS certificates and Form-16.

Tax practitioners are of the view that such a cautionary practice by the staff may be because the Department finds it difficult to process the returns in the case of refunds without the TDS certificates.

Speaking to Business Line about the issue, Mr V.K. Subramani, an Erode-based chartered accountant, suggests that assessees may be advised to have the supporting documents on hand to enclose with their tax return if the Department 217;s field staff so demand."

hope this will somewhat clear your doubts....

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