No extension for I-T returns

Finance Minister P Chidamabram today ruled out extending the date for submitting income tax returns and asked tax payers to file their returns by July 31. 8220;No chance. I suggest you file I-T returns today. Don8217;t wait until the last day. Please file today,8221; he said, when asked whether government will consider extending the date for filing returns by individual tax payers. The government may not allow them to submit returns via post offices this year.

8220;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,8221; he said. Chidambaram also said e-filing of tax deducted at source TDS returns will be mandatory from September 1, 2007 for corporates and those companies whose turnover is Rs 40 lakh or more a year. E-payment of TDS would be mandatory from them from January 1, 2008, he added.

On extending information collection about investment by income tax assesses through annual information reports he said: 8220;There is a plan to extend the AIRs, but there is no urgency to expand. But it will happen.8221;