The Hindu Business Line : Assocham seeks more time for filing returns

The Associated Chambers of Commerce and Industry of India (Assocham) has urged the Finance Minister to extend the due date for filing of income-tax returns till December as against October 31.

In a representation to the Finance Minister, Mr P. Chidambaram, the chamber has sought extension of two months in view of difficulties being faced by the taxpayers in getting their accounts audited under the provision of Section 44AB of the Act and submission of return as per the new procedure and technique notified on July 24.

The chamber has so far received over 100 representations from all over the country stressing the need for extending the date by at least two months.

The chamber has pointed out that Form 3CD has been amended by the notification dated August 10, 2006, seeking additional information in respect of various items. The tax auditors accordingly are asking for a number of details and information, which have not been compiled so far by the taxpayers.

According to the chamber, the absence of such information makes it impossible for the tax auditors to issue the tax audit report that is statutorily required to be obtained on or before October 31.

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Assocham seeks more time for filing returns