1. I am directed to inform you that the Board have decided to extend the time for furnishing voluntary returns of income and net wealth for the assessment year 1972-73 till July 31, 1972, in cases where such returns are due before that date. A copy of the Press Note dated 19-6-1972 [printed here as Annex] issued in this regard is attached.
2. Under the provisions of section 139, as amended by the Finance Act, 1972, interest at the rate of 12 per cent per annum is to be charged for delay in furnishing the return of income from the expiry of the due date up to the date of furnishing the return. Hence, interest at the rate of 12 per cent per annum will be chargeable from July 1, 1972 in cases where the voluntary return of income due by June 30, 1972 is not furnished by that date. As the time for furnishing the voluntary return of income has been extended till July 31, 1972, the Board desire that the Income-tax Officers may please be instructed to waive, in exercise of their powers under rule 117A(v) of the Income-tax Rules, the interest chargeable in respect of the period of delay up to the end of July 1972 in such cases. In terms of the proviso to the aforesaid rule, the previous approval of the Inspecting Assistant Commissioner will have to be obtained by the Income-tax Officer in cases where the amount of interest to be so waived exceeds one thousand rupees.
Circular : No. 88 [F/ No. 142(12)/72-TPL], dated 19-6-1972
ANNEX – PRESS NOTE REFERRED TO IN CLARIFICATION
The Central Board of Direct Taxes will shortly be notifying new forms of returns of income and net wealth which will come into force from a date to be specified in this behalf in the notification. To enable taxpayers to furnish their returns of income and net wealth in the new and up-dated forms, the Board has decided to extend the time for furnishing voluntary returns of income and net wealth for the assessment year 1972-73 till July 31, 1972, in cases where such returns are due before that date.
1. The Board is also issuing instructions to the Income-tax Officers to waive in such cases, the interest chargeable under the Income-tax Act for belated submission of return in respect of the period of delay up to the end of July 1972.
2. Taxpayers who are required to, or wish to, submit their returns of income or net wealth before the new forms are brought into force may furnish the same in the forms currently in force.