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 Good news, find Tax Return Preparers soon at a place near you; 5 things to know

You can still file tax return till March 31, '08
August, 02nd 2007

Taxpayers, who have failed to submit tax returns before the deadline of July 31, can still file returns till March 31, 2008 without fearing the levy of penalty.

In Bihar, however, the CBDT has extended the last date of filing of income tax returns in Bihar till August 16, in view of the disruption caused by floods in the state.

"Under the provisions of Income Tax Act, taxpayers, who have already paid all due taxes, can still submit their tax returns till March 31, 2008 and no penalty will be imposed on them," a senior official of the Central Board of Direct Taxes said.

Around 3.90 crore (39 million) taxpayers are expected to submit returns this year.

Taxpayers, who had to pay up to Rs 5,000 income tax for 2006-07, will have to pay one per cent interest on the outstanding amount for the period between July 31 and the date they pay the dues, said official.

"Under Section 234 (A) of the Income Tax, income tax assessees will have to pay penal interest of one per cent for every month, till they paid the taxes and submit the returns," he said.

However, if the tax liability was more than Rs 5,000 and they had to deposit quarterly advance taxes as well, such tax payers will have to pay interest on the outstanding amount for every quarter as well.

The official said those who want to submit revised tax returns because of non-reporting of some tax liability or misrepresentation of facts can also submit revised returns till March 31, 2009 by paying due taxes voluntarily.

If any assessee fails to submit returns till March 31, 2008, the department can impose a penalty of Rs 5,000 and order scrutiny of previous returns as well, he said.

 
 
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