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`Extend deadline for IT returns'

Our Bureau

Mangalore , Oct. 27

THE Kanara Chamber of Commerce and Industry (KCCI), Mangalore, has urged the Union Finance Secretary to extend the last date of filing income tax returns to December 31.

In a letter to the Union Finance Secretary, the KCCI President, Mr A. Srinivasa Rao, said that this would enable the large number of taxpayers to file their returns electronically so that the assessment and excess refund can be executed early.

Formalities regarding the registration of e-intermediary returns have not been completed even though the scheme of e-filing of returns was notified earlier. Following this, assessees and taxpayers are not in a position to avail themselves of the benefits of the electronic filing of IT returns. He said that many KCCI members are interested in availing themselves of this benefit, which will facilitate early processing and summary assessment. KCCI has learnt that the mechanism of e-intermediary would be ready in November. Extension of time for filing IT returns by two months will not affect the revenue collection as most of the assessees have already remitted the advance tax, he added.

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