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Mohan Padmanabhan

Kolkata, Oct. 31

The Ministry of Finance,through a notification issued by the CBDT today, has extended the last date for filing of Income-Tax returns for assessment year 2007-08 for those taxpayers required to file their return by October 31, 2007. This is in view of the dislocation of work in various places.

The CBDT has extended the last date of filing of income-tax returns due by October 31, 2007 to December 2007 for Bihar owing to the disruption caused floods in that State.

Companies and firms required to furnish the return electronically by October 31, 2007, are now allowed to file their income-tax returns, FBT returns as well as tax audit report by November 15, 2007. And those not required to furnish the returns electronically, and also having due date as October 31, are now allowed to file their IT returns, FBT returns as well as tax audit reports by November 2, 2007.

Talking to Business Line today, Mr Narayan Jain, Tax consultant and Chairman of Taxation Sub Committee of Direct Taxes Professionals’ Association (DTPA), clarified that individual taxpayers required to have tax audit are allowed extension only up to November 2, 2007. Mr. S.K. Sultania, President of DTPA felt that the tax fraternity was expecting a 15-day extension for all categories of taxpayers.

In view of the “Pen Down Strike” in the I-T tax department in support of Central Unions on October 30 and a 12-hour shutdown called by Trinmool Congress the next day, an appeal was made for extension of last date to the Union Finance Minister by DTPA, Calcutta Citizens Initiative and Income-Tax Bar Association. Mr. T.K. Chatterjee, Chief Commissioner of Income-Tax, Kolkata had also recommended extension of last date to benefit taxpayers.

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