Industry & Economy
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Income Tax
Money & Banking
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Fixed Deposits
Due date extended for banks to file quarterly returns on deposits
K.R. Srivats
New Delhi
,
Feb. 9
THE Finance Ministry has once again extended the due date for the filing of quarterly returns by banks, co-operative societies and certain public companies of all deposits on which interest was paid without deduction of tax at source.
The Central Board of Direct Taxes (CBDT) has now extended the due date for the returns relating to the quarters ending on June 30, 2005, September 30, 2005 and December 31, 2005 to April 30, 2006. The Government had, through the Finance Act 2005, directed banks and certain other entities to report on a quarterly basis all deposits on which interest has been paid to residents without deduction of tax. This was introduced as an anti-tax evasion measure.
The Finance Act 2005 mandates banks, co-operative societies, and certain public companies that are responsible for paying interest (interest other than interest on securities) not exceeding Rs 5,000 to a resident to prepare returns for the period ending on June 30, September 30, December 31, and March 31 each fiscal.
These quarterly returns are to be filed with the tax department on or before July 31, October 31, January 31, and June 30 following the respective quarter of the fiscal.
Currently, the income tax law specifies that a bank would not be required to deduct tax at source in those cases where the interest (other than interest on securities) paid or credited by a branch to a person in a financial year does not exceed Rs 5,000.
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