Notification no. 271/2007

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Mridulla Mittal

Mridulla Mittal (Querist)
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15 November 2007 Due to change in the valutaion of RFA will the return of income is required to be to be revised ?

R.V.RAO

R.V.RAO (Expert)
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15 November 2007
I REPRODUCE BELOW ONLY THE INITIAL PART OF TEXT OF THE NOTIFICATION 271/2007

In exercise of the powers conferred by section 295 read with sub-section (2) of section 17 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:

1.These rules may be called the Income-tax (Fourteenth Amendment) Rules, 2007.

2In the Income-tax Rules, 1962, in rule 3,- (i) in sub-rule (1), for Table I, the following Table shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2006, namely:-
NOW THE NOTIFICATION NO 271/2007 IS DATED 7 TH NOV 2007 BUT MADE WEF 01-04-06.
BY THIS DATE OF 7 TH NOV. 2007, MAJORITY IF NOT ALL CORPORATE ASSESSEES HAVE FILED THE IT RETURNS.
EVEN CONSIDERING 15 TH NOV. 07 AS THE DATE EXTENDED BY THE MINISTRY FOR FILING IT RETURNS,IAM SURE NOT MANY OR NOR EVEN A MAJORITY OF CORP. ASSESSEES HAVE INCORPOTRATED THESE CHANGES IN VALUATION OF PERKS.
WE CAN SEE ONE MORE RETROSPECTIVE LEGISLATION WHICH THE JUDICIARY ALWAYS FROWNS ON THE INTENTION OF THE EXECUTIVE BEHIND BRINGING SUCH A RETROSPECTIVE LEGIASLATIONS WHCIH IS NOT IN BEST INTEREST OF THE TAX ADMINISTRATOR NOR THE TAX PAYER.
IF THE CBDT HAS ANY INTENTION OF EFFICIENT AND TRANSPARENT TAX ADMINISTRATION,THEY WILL NEVER ASK THE ASSESSEES TO REVISE THE IT RETURNS.
I DONT EXPECT CORPORATE INDIA ENMASS WILL FILE ANY REVISED RETURNS NOR THERE IS A DIRE NEED FOR THE SAME.
R.V.RAO