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No extension of IT return date
July, 19th 2007
Finance Minister P Chidamabram on Tuesday ruled out extending the date for submitting income tax returns and asked tax payers to file their returns by July 31.

"No chance. I suggest you file (I-T returns) today. Don't wait until the last day. Please file today," he said, when asked whether government will consider extending the date for filing tax returns by individual tax payers.

Also, the government may not allow tax payers to submit returns through post offices this year.

"Well, it may not be necessary this year. As the last year was an extraordinary situation when there was threat of labour dispute.. But no decision has been taken yet," he said.

Chidambaram also said e-filing of tax deducted at source (TDS) returns will be mandatory from September 1, 2007 for corporates and those companies whose turnover is Rs 40 lakh or more a year. E-payment of TDS would be mandatory from them from January 1, 2008, he added.

On extending information collection about investment by income tax assesses through annual information reports (AIRs), he said: "There is a plan to extend the AIRs, but there is no urgency to expand. But it will happen."

Government is so far collecting information from banks, credit card companies, mutual funds and property registrars on specified amount of investment by investors.

Chidambaram said through AIRs, government would have access to information about expenditure of over Rs 60,00,000 crore and this would be utilised for better tax assessment.

 
 
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