CBEC ISSUES INSTRUCTIONS FOR PROCESSING OF RETURNS FOR AY 2007-08

CBEC ISSUES INSTRUCTIONS FOR PROCESSING OF RETURNS FOR AY 2007-08

Faced with a large number of electronic returns for A.Y. 2007-08 as also refund returns still pending for processing, the CBDT has been decided on the following:-

• All pending returns for A.Y. 2007-08 involving refund claims (including electronic returns with refund claims) must be processed on priority basis by 30th September, 2008. Where any scrutiny assessment is pending in these cases, refund should be issued only after completion of the scrutiny assessment.

• Electronic returns for A.Y. 2007-08 not involving refund claims can be taken up for processing after 30th September.

• Returns in forms ITR-4 and 5 filed in paper made by business assesses and not covered by section 44AB should be taken up for processing on priority basis at the earliest before next round of selection through CASS.

• Salary returns for A.Y. 2007-08 in which there is no refund or demand and the TDS claim is below Rs.5 lakh, may be given the last priority for processing.

Source: Instruction No. 12/2008, dated 5.9.2008

CBDT ISSUES INSTRUCTIONS FOR SCRUTINY OF FBT RETURNS

It has been decided that in all the Corporate cases selected for scrutiny as per the guidelines contained in the Action Plan document
2008-09 which have returned income of Rs.5 crore or more and where provisions of FBT apply, assessment order shall also be passed under section 115WE after scrutiny of all such cases.

Source: Instruction No. 11/2008, dated 5.9.2008

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