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DATE FOR FURNISHING IT RETURN AND FRINGE BENEFITS BY CORPORATE TAXPAYERS EXTENDED UPTO 30TH NOVEMBER
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| DATE FOR FURNISHING IT RETURN AND FRINGE BENEFITS BY CORPORATE TAXPAYERS EXTENDED UPTO 30TH NOVEMBER |
| 10.24.06 (10:56 pm) [edit] |
The due date for obtaining the tax audit report and furnishing the return of income and fringe benefits in the case of corporate taxpayers (other than those assessed in the State of Gujarat) has been extended to 30th November 2006 from 31st October 2006. The move follows representations from some sections of taxpayers and professionals that they may not be able to complete their work by 31st October. This is primarily because there were many holidays in October as a result of which some of them faced certain difficulties in adapting to the new format and the new procedure for filing e-returns. The due date for tax audit report and furnishing returns of income and fringe benefits in respect of taxpayers in the State of Gujarat has already been extended from 31st October 2006 to 31st December 2006.
The Government took an important initiative this year for furnishing returns of income and fringe benefits electronically. For this purpose, new forms of returns were designed to make them amenable to electronic filing. These forms are not to be accompanied by any attachment/ annexure. Since the corporate sector is best organized in terms of availability of information systems infrastructure, it was decided to make it compulsory for corporate taxpayers to furnish their returns electronically. This was done to take forward process of computerization in the Income Tax Department and to render better service to taxpayers. One of the key elements of the Department’s strategy is to ensure progressive use of electronic information systems to streamline and speed up work to ensure faster refunds, give on-line access to taxpayers and facilitate e-payment. Taxpayers and the Department have to work together to bring about significant change in tax administration.
The response to this measure from corporate taxpayers and professionals in the field has been, by and large, positive, enthusiastic and encouraging. As on 24th October 2006, approximately 19000 companies have already filed the returns. These included companies like Hero Honda Motors Ltd., Housing Development Finance Corporation Ltd., Tata Consultancy Services Ltd., Balmer Lawrie & Co. Ltd., Morgan Stanley Investment Management Pvt. Ltd. and Haldiram Marketing Pvt. Ltd. A large number of small companies have also filed their returns electronically.
The Department has received many messages commending the new initiative and encouraging the Department to go forward along the same path. Several suggestions for improving the software have also been received and many of them have been accepted and integrated in the software.
It may be noted that no further extension will be granted beyond 30th November 2006.
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