Govt extends last date for filing all IT returns to Aug 31

[1]

The government has extended the last date for filing of all income tax returns for 2011-12 by a month.

The Central Board of Direct Taxes (CBDT) has extended the 'due date' of filing of all returns for the Assessment Year 2012-13 which were due to be filed by July 31 to August 31, 2012, an official statement said.

The statement was clarifying news reports that extension was only for e-filing of income tax returns.

On Tuesday, the board has taken decision to extend the last date in view of disturbance of general life caused due to power failure in several states in last couple of days.

Two consecutive power failures due to technical snag hit many states of the country leading to disruption of various services, including Railways.
The CBDT has made e-filing of tax return mandatory for individuals with income over Rs 10 lakh. E-filing for such assessees was optional till 2010-11. The Income Tax Department had received a record 1.64 crore e-Returns in 2011-12 financial year.

Currently, 'Business Houses' with receipts of Rs 60 lakh and professionals with income of Rs 15 lakh are required to e-file their return with digital signature.

As on March 31, 2012, there were 19,684,592 tax payers who had registered for e-filing. The electronically filed returns are processed at Centralised Processing Centre, Bangalore. Meanwhile, salaried employees earning up to Rs 5 lakh a year are not required to file income tax returns.

The exemption from filing I-T returns is applicable only if "the total income of the employee does not exceed Rs 5 lakh... (and) the annual interest earned from savings bank account is less than Rs 10,000" for assessment year 2012-13.

Filing I-T returns is, however, necessary to claim refunds.