Revising the existing forms of return of income and net wealth. - Income Tax - 414/CBDT

INSTRUCTION NO. 414/CBDT Dated: May 11, 1972 It is proposed to amend the I.T. Rules 1962 and the Wealth-tax Rules, 1957 with a view to revising the existing forms of return of income and net wealth. The necessary notification in this behalf will issue shortly and the new forms will come into force from a date to be specified therein. After the coming into force of the proposed notifications, the returns of income and net wealth will be required to be furnished in the new forms. The returns of income and net wealth furnished before the specified date will, however, be in the forms of return of income and net wealth do not reflect the changes made in the law through Finance (No. 2) Act, 1971, some of the assessees may not be able to furnish, in their returns for the assessment year 1972-73 information which would otherwise be necessary for completing the assessments. The Board therefore desire that I.T. Officers may be instructed to scrutinise the returns of income and net wealth for the assessment year 1972-73 which are furnished in the existing forms carefully and call for the requisite additional information wherever necessary. 2. A list of the main items on which information may have to be called for from the assesses in respect of income-tax wealth-tax assessments for the assessment year 1972-73 is given in Annexure.