ACCEPTANCE OF RETURNS OF INCOME/ FRINGE BENEFITS IN PAPER FORM FOR ASSESSMENT YEAR 2007-08 IN CASE OF FIRMS LIABLE TO AUDIT UNDER SECTION 44AB AND COMPANIES

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....-2007 Vide Income-tax (4th Amendment) Rules, 2007 [S.O. No. 762(E) dated 14th May, 2007], the Central Board of Direct Taxes amended the Income-tax Rules, 1962 substituting rule 12 by a new rule 12 and notifying new return forms for assessment year 2007-08. Sub-rule (3) of the new rule 12, inter-alia, provides that a firm required to furnish the return of income/ fringe benefits in Form ITR-5 and ....

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....visions of Chapter XIXA of the Income-tax Act as they stand before their amendment with effect from 1st June, 2007 by the Finance Act, 2007), may not be eligible to do so because they cannot file the return (which is a necessary condition for making an application to the Settlement Commission) for assessment year 2007-08 in the absence of availability of necessary software to be provided by the In....

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....y in new return forms ITR-5 or ITR-6, as the case may be. (ii) No annexure shall be enclosed with such returns except the extra sheets for computation of income under the head House Property or for giving details of tax deducted at source or tax collected at source in Schedules HP, TDS-2 or TCS, respectively, to these forms, if the space provided in such schedules is not sufficient. (iii) Such ....