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Tax returns for corporate tax payers extended to Nov 30, 2006

Written by: Staff
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New Delhi, Oct 24 (UNI) The government today extended the date for obtaining the tax audit report and furnishing the return of income and fringe benefits for corporate tax payers to November 30, 2006, from the earlier October 31, 2006.

The move follows representations from some tax payers and professionals that they may not be able to complete their work by October 31, 2006, 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 date for tax audit report and furnishing returns of income and fringe benefits in respect of taxpayers in Gujarat has already been extended from October 31, 2006, to December 31,2006.

The Government has 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 or annexures. As the corporate sector is best organised in terms of availability of information systems infrastructure, it was decided to make it compulsory for corporate taxpayers to furnish their returns electronically.

The response to this measure from corporate taxpayers and professionals in the field has been, ''by and large, positive, enthusiastic and encouraging,'' an official release said here.

As on October 24, 2006, nearly 19,000 companies have already filed the returns. These include 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 release, however, clarifed that no further extension will be granted beyond November 30, 2006.

UNI GS RA GC1820

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