The Hindu Business Line : Extension of due date for filing I-T return

Extension of due date of filing of return of income, from October 31 to November 30 for the assessment year 2004-2005 relating to the previous year ending on Mach 31, 2004 for limited companies, assessees whose accounts are to be audited and for assessees coming under the 1/6 condition can be given taking into consideration the following reasons:

Deepavali is on November 11 and, hence, the business activity of majority of business houses will be at their peak and preparation of statement and required particulars will be difficult.

As the due of date of return for other classes of assessees (other than those mentioned above) has already been extended from July 31 to October 31, the preparation and filing of returns for all classes of assessees in a particular month will be difficult not only for tax practitioners but also for the I-T Department.

Alternatively, waiver of penal provisions can be considered for tax audit cases, and the interest as applicable for delay in payment of tax due to delay in filing of return of income can be collected.

M. Lakshmanan

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