« Top Headlines » Open DEMAT Account in 24 hrs  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal  How To Save Tax For Salary Above 15 Lakhs?  Tax Saving: Top 5 investment options to save maximum tax in 2024 «  HC rejects CFA appeal... Chandigarh exempts VAT on "Agarbatti"... » Time for filing I-T returns extended: SC December, 15th 2007 The Supreme Court yesterday directed tax payers all over the country to file returns under the prescribed new forms for assessment year 2007-08 by February 29, 2008 - the new deadline set by the government. The direction was passed after Additional Solicitor General Mohan Parasaran informed the bench headed by Justice B N Agarwal that the Centre was issuing a notification today extending the time for filing returns till February 29, next year in relation to all categories of assessees. The bench also set aside the Allahabad High Court order that allowed business class and professionals having income below Rs 20 lakh to file tax returns under both SARAL-2D and new return forms for the assessment year. It held that it was not impressed by the submission of the respondent, Income-Tax Bar Association, Lucknow, that there should be some modifications in the new prescribed form. "It is for the statutory authority to decide the type of forms. The Union of India has stated that the time for filing of returns under the prescribed form has been extended till February 28, 2008 in relation to all categories of assessees. Earlier, the apex court on October 30 had allowed UP tax payers to file returns under 2D Saral Form as well as the new forms for assessment year 2007-08 to avoid inconvenience to tax payers who were trying to meet the October 31 deadline for filing returns. The Union Ministry of Finance had moved the court seeking a stay on the High Court's interim order dated July 30 that allowed businessmen and professionals having income below Rs 20 lakh to file tax returns under both SARAL-2D and the new return forms for assessment year 2007-08.