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of <h1>Revised ITNS Forms: New Guidelines for Tax Assessments and Penalty Calculations; Local Printing Arrangements Included.</h1> The revised ITNS 150/150A forms introduce changes for income tax assessments. ITNS 150 is for non-company assessments and revisions, while ITNS 150A is for company assessments and revisions. ITNS 150B is for calculating penalties across various direct taxes. ITNS 196 combines assessment and tax computation for certain cases. The procedure for filling these forms has been updated, including guidelines for handling refunds and rectifications. The forms should be used for assessments after March 31, 1985, with arrangements for local printing if necessary. The ITNS 150B form has been revived for penalty calculations, removing the need for penalty columns in ITNS 150/150A.
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