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FM rules out extending date for filing IT returns

Chidambaram said that post offices might not be allowed to accept I-T returns this year, reports Gaurav Choudhury.

business Updated: Jul 18, 2007 11:51 IST
Gaurav Choudhury

Finance minister P Chidamabram on Tuesday ruled out extending the last date for filing income tax returns and asked taxpayers to submit their returns by July 31.

Chidambaram said there was no chance of extending the deadline. “I suggest you file today. Don’t wait until the last day. Please file now,” he said after addressing a meeting of income tax commissioners.

The finance minister said post offices might not be allowed to accept I-T returns this year. “It may not be necessary this year. There was an extraordinary situation last year, when there was a threat of labour dispute. But no decision has been taken yet,” he said.

Chidambaram said that from September 1, companies with an annual turnover of above Rs 40 lakh would have to file tax deducted at source (TDS) returns through the Internet. He added that e-payment of TDS by them would be mandatory from January 1, 2008.

The government is also examining various options for extending information collected through annual information reports (AIRs) from banks and financial institutions. “There is a plan to extend the AIRs, but there is no urgency to expand. It will happen,” Chidambaram said.