I-T Dept extends last date for TDS returns to Feb 29
The Income Tax Department has extended the last date for filing of tax returns for Tax Deducted/ Collection at source for the second quarter of this fiscal to February 29.
By PTI |
NEW DELHI: The Income Tax Department has extended the last date for filing of tax returns for Tax Deducted/ Collection at source for the second quarter of this fiscal to February 29.
This is in view of the difficulties being faced by the tax deductors or collectors in filing statements with the correct PAN data mandatorily required to be furnished to the extent of at least 90 per cent in cases of salaried deductees and 70 per cent in cases of other deductees, an official release said on Monday.
Taxpayers liable to TDS/TCS were also advised to furnish their correct PAN with their deductors, failing which they would also face penal proceedings under the Income Tax Act, it said.
This measure is likely to provide a major relief to the employers, who could not submit their returns due to delay in clarification on employees stock options or other reasons.
The Department has also asked the tax payers to file revised tax returns by February 29, if they had filed tax returns before May 14, 2007, using Saral or other old forms.
Last year, the Department had introduced new forms (ITR-I to ITR-8) for individual, corporate tax payers and for Fringe Benefits returns.
As per the Supreme Court order, it is now compulsory to file income tax returns using the new prescribed forms ITR-I to ITR-8.
Those who had filed their returns for assessment year 2007-08 in Form 2 D (Saral) or any other old forms on or after May 14, 2007 can re-file their returns in new prescribed forms by February 29, without paying any penalty, he said.
This is in view of the difficulties being faced by the tax deductors or collectors in filing statements with the correct PAN data mandatorily required to be furnished to the extent of at least 90 per cent in cases of salaried deductees and 70 per cent in cases of other deductees, an official release said on Monday.
Taxpayers liable to TDS/TCS were also advised to furnish their correct PAN with their deductors, failing which they would also face penal proceedings under the Income Tax Act, it said.
This measure is likely to provide a major relief to the employers, who could not submit their returns due to delay in clarification on employees stock options or other reasons.
The Department has also asked the tax payers to file revised tax returns by February 29, if they had filed tax returns before May 14, 2007, using Saral or other old forms.
Last year, the Department had introduced new forms (ITR-I to ITR-8) for individual, corporate tax payers and for Fringe Benefits returns.
As per the Supreme Court order, it is now compulsory to file income tax returns using the new prescribed forms ITR-I to ITR-8.
Those who had filed their returns for assessment year 2007-08 in Form 2 D (Saral) or any other old forms on or after May 14, 2007 can re-file their returns in new prescribed forms by February 29, without paying any penalty, he said.
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