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Over 60,000 corporate tax returns e-filed
November, 18th 2006
Further extension of due date unlikely

The income-tax department has, till date, received little over 60,000 corporate returns through the electronic filing route. This represents a 65 per cent increase to the number of returns that had been received as at end-October this year.

For assessment year 2006-07, companies are necessarily required to furnish their returns electronically to the income-tax department.

No extension

Till end-October, the tax department had received 36,262 corporate returns through the electronic filing route. A Central Board of Direct Taxes (CBDT) spokesperson said that the tax department expected the flow of returns to gather momentum during the last week of this month. The due date for filing of corporate returns was earlier extended to November 30.

Indications are that this time round the department would not go in for any further extension of the due date.

Meanwhile, the Finance Ministry may in the coming days allow e-filing of the accountant's report (certification of the transfer pricing method adopted to support the arm's length price) that is required to be filed by certain assessees along with their corporate returns.

Although the corporates are required to electronically file their returns, tax experts point out the accountants' report (for transfer pricing) has to be physically handed over to the assessing officer. They say that currently there is no provision in the e-filing software for taking care of the accountant's report (for transfer pricing).

As on October 31, 2005, the income-tax department had received 2,13,000 returns from corporates (paper returns). In all about 3.76 lakh corporate returns were filed up to March 31, 2006.

Indications are that this time round the department would not go in for any further extension of the due date.

Meanwhile, the Finance Ministry may in the coming days allow e-filing of the accountant's report (certification of the transfer pricing method adopted to support the arm's length price) that is required to be filed by certain assessees along with their corporate returns.

Although the corporates are required to electronically file their returns, tax experts point out the accountants' report (for transfer pricing) has to be physically handed over to the assessing officer. They say that currently there is no provision in the e-filing software for taking care of the accountant's report (for transfer pricing).

As on October 31, 2005, the income-tax department had received 2,13,000 returns from corporates (paper returns). In all about 3.76 lakh corporate returns were filed up to March 31, 2006.

 
 
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