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 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 Central Board of Direct Taxes has extended the due date for filing of quarterly statements of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for the quarter ending September 30, 2007, of the current financial year to February 29, 2008, a senior CBDT official said.
He also said employers can submit these returns by February 29 without paying any penalty.
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.
F.No. 275/6/2008-IT( B)
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Tax
New Delhi dated 28th January 2008
Subject :- Order under section 119(2)(a) of the Income –Tax Act, 1961 regarding extension of time for filing of Tax Deduction/Collectio n at source Returns for the 2nd quarter and non-levy of penalty for delay in filing for the same.
In exercises of the powers conferred by clause (a) of sub-section (2) of section 119 of the Income-Tax Act’1961, the Central Board of Direct Taxes hereby extends the due date for filing of quarterly statements of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for the quarter ending 30th September 2007 of financial year 2007-08 as per the provisions of section 200(3) and proviso to section 206C(3) respectively, to 29th February 2008.
Deputy Secretary (Budget)