New Delhi: File your Income Tax returns by July 31—Finance Minister P Chidamabram has ruled out giving more time to taxpayers.
"No chance, I suggest you file (Income Tax returns) today. Don't wait until the last day. Please file today," he said. Chidamabram said the government was yet to decide on whether it would allow taxpayers to submit returns at post offices this year.
"Well, it may not be necessary this year. As the last year was an extraordinary situation when there was threat of labour dispute but no decision has been taken yet," he was quoted by PTI as saying.
Chidambaram announced that from September 1, 2007 companies with an annual turnover of Rs 40 lakh or more would have to file tax deducted at source (TDS) returns through the Internet. E-payment of TDS would be mandatory from them from January 1, 2008.
On extending information collection about investment by income tax assesses through annual information reports (AIRs), he said: "There is a plan to extend the AIRs, but there is no urgency to expand. But it will happen."
The Government is collecting information from banks, credit card companies, mutual funds and property registrars on specified amount of investment by investors. Chidambaram said through AIRs, government would have access to information about expenditure of over Rs 60,00,000 crore and this would be utilised for better tax assessment.
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