• Annexure-Less Returns

    With regards to income tax returns, a number of Income Tax offices around the country were requesting annexure and collecting them from the taxpayers. The Central Board of Direct Taxes has sent a clarification along with a set of instructions that must be followed by officials at every collection counter. All individuals who file their returns must ensure that the same are completely annexure less.

    According to the instructions that state the manner in which return forms must be filled, no document (such as audit report, TCS / TDS certificate) must be attached to the return form. The board also stated that despite the instructions provided for filling and submitting return forms, many individuals are still filing their returns along with annexures. If any document is attached, the official collecting the form will detach the same and return the all documents to the assessee.

    Furnishing of return of net wealth as on the date of valuation in the prearranged form and certified in the prearranged manner establishing particulars on the net wealth as well as other prearranged particulars is provided for in Section 14 of the Wealth Tax Act. Presently, a few reports and documents must be submitted in addition to the return of net wealth as required by the provisions of Wealth Tax Act.

    Provisions for aiding filing of annexure-less return of income electronically by a particular class of income tax assesses is stated in Section 139C and 139D of the Income Tax Act. To aid with the electronic filing of annexure-less return of net wealth, the Finance Act of 2013 has inserted new sections (14A and 14B). The provisions of Section 46 of the Wealth Tax has also been amended to provide for the Board’s rule making powers.

    This Page is BLOCKED as it is using Iframes.