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Income Tax Return: Deadline for E-filing extended to 31 August
August, 17th 2012

The government on Tuesday extended the deadline for e-filing income tax returns to 31, August, 2012 from an earlier date of 31 July, 2012.

The extension has been made on consideration of reports of disturbance in general life caused due to failure of power. That e-filing of returns for individuals earning more than Rs 10 lakh, has been made mandatory, is also one of the reasons for the extension.

Commenting on the government's decision, Ankur Sharma, CEO, TaxSpanner said that a one month extension is sufficient for taxpayers to e-file their returns.

Last week it was reported that the I-T department as well as assessees are facing problems with online data entry. For the first time, the I-T department has set up helpdesks or tax kiosks across the city which guide taxpayers how to fill forms and do basic calculations.

Tightening the norms, Income Tax (I-T) Department has introduced a new column seeking details of foreign assets in the Income Tax Return (ITR) forms for the 2012-13 assessment year.

Taxpayers, who hold foreign bank accounts or properties, will now have to furnish details of their foreign assets which include information like country name, address of the bank, name mentioned in the account and peak balance during the year etc.

Salaried employees earning up to Rs 5 lakh a year need not file income tax returns from this year, the Finance Ministry has said.

The exemption from filing I-T returns is applicable only if "the total income of the employee does not exceed Rs 5 lakh ... (and) the annual interest earned from savings bank account is less than Rs 10,000" for assessment year 2012-13.

Filing I-T returns is, however, necessary to claim refunds. There are about 85 lakh salaried persons in the country whose yearly income, including earnings from other sources like bank deposits, does not exceed Rs 5 lakh.

The exemption will be permitted only if the assessee has received a certificate of tax deduction in Form 16 from the employer. The employees have to report income from interest on savings bank account to the employer to become eligible for exemptions.

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