Tuesday 31 July 2012

Govt expands e-filing time frame for earnings tax profits to Aug 31



INDIA: The government on Wednesday prolonged the last time frame for e-filing of earnings tax profits until Aug 31 after energy failing disturbed normal lifestyle in many areas.
"On concern of the reviews of interruption of common lifestyle triggered due to failing of energy and further in concern of the fact that the e-filing of profits for a specified type of people and Hindu Complete Family (HUF) has been created compulsory, CBDT has prolonged the 'due date' of processing of profits to Aug 31, 2012," an formal launch said.
This has been done in regard of assessees who are responsible to computer file earnings tax profits by September 31, it said.
Two successive energy breakdowns due to specialized catch hit many declares of the nation resulting in interruption of various services, such as Railways.
Northern, Southern and North-Eastern plants triggered today, resulting in energy failing in several declares impacting more than half of the inhabitants of the nation. The Northern Lines flattened for the second time in two days.
The Main Panel of Immediate Taxation (CBDT) has created e-filing of tax come back compulsory for people with earnings over Rs 10 lakh.
E-filing for such assessees was optionally available until 2010-11. The Income Tax Division had obtained a record 1.64 crore e-Returns in 2011-12 financial year.
Currently, 'Business Houses' with invoices of Rs 60 lakh and experts with earnings of Rs 15 lakh are required to e-file their come back with digital trademark.
As on April 31, 2012, there were 19,684,592 tax payers who had authorized for e-filing.

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