Extension of time for filing return for assessment year 1973-74 in cases where returns due to be filed by June 30 or July 31, 1973 - Waiver of interest chargeable for period of delay up to August 15, 1973 - Income Tax - 113/1973

Circular No. 113 Dated 20/6/1973 Extension of time for filing return for assessment year 1973-74 in cases where returns due to be filed by June 30 or July 31, 1973 - Waiver of interest chargeable for period of delay up to August 15, 1973 1. The Central Board of Direct Taxes have decided to extend the time for furnishing returns of income and net wealth for the assessment year 1973-74 till August 15, 1973, in cases where returns are due to be filed by June 30, 1973 or July 31, 1973. A copy of the Press Note dated 20-6-1973 [printed here as Annex ] in this regard is attached. 2. Under the provisions of section 139, as amended by the Finance Act, 1972, interest at the rate of 12 per cent per annum is to be charged for delay in furnishing the return of income from the expiry of the date up to the date of furnishing the return. Hence, interest at the rate of 12 per cent per annum will be chargeable from July 1, 1973 and August 1, 1973 in cases where the voluntary return of income due by June 30, 1973 or July 31, 1973, respectively, is not furnished by that date. As the time for furnishing the voluntary return of income has been extended till August 15, 1973, the Board desire that the Income-tax Officers may please be instructed to waive, in exercise of their powers under rule 117A( v ) of the Income-tax Rules, the interest chargeable in respect of the period of delay up to August 15, 1973 in such cases. In terms of the proviso to the aforesaid rule, the previous approval of the Inspecting Assistant Commissioner will have to be obtained by the Income-tax Officer in cases where the amount of interest so waived exceeds Rs. 1,000. Circular : No. 113 [F. No. 220/13/73-IT (A-II)], dated 20-6-1973 . ANNEX - PRESS NOTE REFERRED TO IN CLARIFICATION The time for filing the returns of income and net wealth for the current assessment year 1973-74 has been extended until August 15, 1973, in cases where such returns are due to be filed by June 30 or July 31. From April 1, this year, revised returns of income and net wealth have been brought into force. Taxpayers who have not furnished their returns for the assessment year 1973-74 or who have furnished such returns in the old forms are expected to submit them in the up-to-date forms. For revised forms or for any assistance, they should contract the Income-tax Officer or the Public Relations Officer. In all cases of delay in furnishing the returns of income, Income-tax Officers are being issued instructions to waive the interest chargeable up to August 15.