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TMI BlogNew Return Forms for assessment year 2006-07 - Matters connected theretoX X X X Extracts X X X X X X X X Extracts X X X X ..... relief under section 89 in respect of arrears or advance of salary; ( c )not owning more than one house property. ( ii )Form No. 1, Form No. 2, Form No. 3, and Form No. 3B vide Notification S.O. No. 1163(E) effective from 24.7.2006. The details of these forms are as under ( a )Form No.1 is a combined form for return of income and return of fringe benefits for companies other than those claiming exemption under section 11; ( b )Form No.2 is a combined form for return of income and return of fringe benefits for non-corporate assessees ( i )not claiming exemption under section 11, and ( ii )having income from business or profession; ( c )Form No.3 is a form for return of income for non-corporate assessees not claiming exemption ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... necessary to furnish the paper return. 3. Apart from procedure mentioned in para 2, an assessee may also file, at his option, an e-return in accordance with following schemes: ( i )Electronic Furnishing of Return of Income Scheme, 2004 [Notified vide SO No. 1073(E) dated 30-9-2004]. 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 any of the cities specified in Schedule A of the Scheme ( i.e. net-worked cities); ( ii )Furnishing of Return of Income Internet Scheme, 2004. [Notified vide SO No. 1074(E) dated 30-9-2004] Under this Scheme, e-return has to be filed under the digital signat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. No penalty under section 271B shall be initiated or levied for not furnishing the tax audit report on or before the due date. However, if the audit report has not been obtained before the due date, provisions of section 271B shall be attracted. ( 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plained in para 2 or in accordance with the Scheme mentioned at para 3(i), the date of furnishing the e-return will be the date of furnishing the return only if ( a )paper return has been filed within fifteen days from the date of filing the e-return or within one month from the date of issue of this Circular, whichever is later; and ( b )paper return tallies with the e-return. In case condition in ( a ) or ( b ) above is not satisfied, the paper return shall be taken to be the return and date of filing the paper return shall be taken as the date of filing the return. ( vii )The e-Return has to be filed at http://incometaxindiaefiling.gov.in. The paper return, if any, in respect of such e-retums shall be filed either at separate c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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