Central Board of Direct Taxes has extended the due date for filing returns of income to 29.2.2008 - For Certain cases only - Income Tax - PRESS RELEASE

Central Board of Direct Taxes has extended the due date for filing returns of income to 29.2.2008 - For Certain cases only PRESS RELEASE The Central Board of Direct Taxes, vide notification S.O. No.762(E) dated 14 th May, 2007 for the Assessment Year 2007-08, substituted the old return forms by notifying eight new return forms under a new series ( ITR-1 to ITR-8). The validity of the said notification was challenged in different High Courts of the country. The Hon'ble High Court of Allahabad (Lucknow Bench) had passed an interim order directing the Income-tax authorities to accept the returns filed in the Form No. 2D (Saral). Further, the Hon'ble High Court of Rajasthan (Jodhpur Bench) and the Hon'ble High Court of Guahati have also delivered similar interim judgements, following the decision of the Hon'ble High Court of Allahabad. A Special Leave Petition (SLP) was filed in the Hon'ble Supreme Court against the decision of the Hon'ble High Court of Allahabad (Lucknow Bench). The Hon'ble Supreme Court, on 14.12.2007 has set-aside the order of the Hon'ble High Court of Allahabad (Lucknow Bench). In view of the above, the returns filed in the old forms on or after 14 th May, 2007 shall be treated as invalid returns. In order to enable such assessees to submit their returns in the forms prescribed for the assessment year 2007-08, the Central Board of Direct Taxes has extended the due date for filing returns of income to 29.2.2008 . This extension of due date is applicable to assessees, who have,- (i) filed the return of income for the A.Y.2007-08 on or after 14 th May, 2007; and (ii) filed the return in a form other than one of the forms notified for assessment year 2007-08( ITR-1 to ITR-8). Consequently, such assessees would not be liable to any interest or penalty if they re-filed their returns in the forms prescribed for the assessment year 2007-08, on or before 29.02.2008. __________ ================ The Government is extending the due date of filing of income-tax return to February 29, 2008. The Centre on Friday informed the Supreme Court that the due date for filing of income-tax return was being extended in view of the confusion regarding filing of returns on prescribed new Forms ITR-1 to ITR-8 or old Saral 2D Forms. The due date is being extended for all categories of assessees in the country who were allowed to file returns in Form No. 2D (Saral ) and also for other assessees who may have filed returns in the old Forms on or after May 14, 2007, it said. The draft order, prepared by the Ministry of Finance, was submitted by the Additional Solicitor General Mohan Parasaran to a Bench headed by Justice B.N. Agrawal. It is proposed to be issued by Saturday, said Government. The draft order says: "with a view to enable such assessees to file returns in the specified forms prescribed for the assessment year 2007-08, the Central Board of Direct Taxes in exercise of powers conferred under section 119 of the Income-tax Act, 1961, hereby extends the due date for filing of income for all categories of assessees to February 29, 2008, if the assessee has filed the return on or after May 14, 2007, or filed the rerturn in a form other than one of the forms notified for assessment year 2007-08. The Government's decision comes in backdrop of the confusion following a CBDT notification. The Board through a notification issued on May 14 for the assessment year 2007-08 substituted the old return forms by eight new returns under a series of ITR-1 to ITR-8. As a naturally corollary, the returns were required to be filed on the prescribed forms for the current assessment year. However, in pursuance of the interim orders of Allahabad High Court (Lucknow Bench), Rajasthan High Court (Jodhpur Bench) and Guwahati High Court, the assessees were allowed to exercise the option of filling of returns in Form No. 2D (Saral) or any other old Forms also. Apart from UP, Rajasthan and Assam, in some States also, the assessee may have filed returns in Saral 2D or any other old forms as well under the mistaken impression that they were permitted to do so.