NEW INCOME TAX RETURN FORMS

The Central Board of Direct Taxes has come out with the following new tax return forms for A.Y. 2007-08. These forms have been issued in press release and the board has invited the comments upon it latest by 15th May, 2007 Companies and partnership firms, who are liable to tax audit, would have to file mandatorily their ITRs in electronic form. Others can also file their returns electronically except the religious and charitable institutions. These forms are to be finalized by Government in consultation with the Institute of Chartered Accountants of India (ICAI). These draft forms are available at http:\\www.incometaxindiaefiling.gov.in  We have already received many comments on this issue, which in turn, have been collected and forwarded to the Board as well as the Institute (ICAI). Any further comments are also invited to us at : aicas.cfo@gmail.com, cfoworld@ gmail.com, or you can also e mail your comments directly to flc@icai.org