CBDT extends due date for quarterly returns

New Delhi, Feb 4 (UNI) The Central Board of Direct Taxes (CBDT) have extended the date for filing of quarterly statements of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for the quarter ending September 30, 2007 of financial year 2007-08 to February 29, 2008.

This is in view of the difficulties being faced by the tax deductors and collectors in filing statements with the correct PAN data mandatorily required to be furnished to the extent of atleast 90 per cent in the cases of salaried deductees and 70 per cent in the cases of other deductees.

As the requirement of filing TDS and TCS certificates had been done away, the lack of PAN of deductees was creating difficulties in giving credit for the tax deducted and collected.

It was, therefore, decided that TDS returns for salaries, namely, Form No 24Q with less than 90 per cent of PAN data and TDS returns for payments other than salaries and TCS returns, that is Form No 26Q and Form No 27EQ respectively, with less than 70 per cent of PAN data would not be accepted for the quarter ending on September 30, 2007, and thereafter.

Tax deductors and tax collectors were, therefore, advised to obtain correct PAN details of all deductees and quote the same in the TDS and TCS returns, failing which these returns would not be accepted and all penal consequences under the Income Tax Act would follow.

Taxpayers liable to TDS and TCS were also advised to furnish their correct PAN with their deductors, failing which they would also face penal proceedings under the Income Tax Act.

It may be recalled that for and from the quarter ending September 30, 2007, in addition to government offices and companies, filing of TDS and TCS returns in electronic form has been made mandatory for (i) deductors and collectors required to get their accounts audited under section 44AB of the Income-tax Act in the immediately preceding financial year, and (ii) where the number of deductees' and collectees' records in a quarterly statement for any quarter of the immediately preceding financial year is equal to more than fifty.

UNI GS SBA HT2058