1. Extension of date for filling of Return

Sec.139 – Return – Extension of date for filling of return for A.Y.2007-08 upto 29-2-2008 in respect of Assessees who did not file their return in prescribed form.

Press Release – No. 402 / 192 / 2006 – MC (56 of 2007) dated 14-12-2007 issued by Govt. of India, Ministry of Finance Dep. of Revenue - CBDT.

In order to enable such assessee submit their returns who have not filed their return in prescribed forms (ITR-1 To ITR – 8) for A.Y. 2007-08, the CBDT has extended the due date of filling of return of income to 29-2-2008. This extension of due date is applicable to the assesses who have

1. Filed their return of income for A.Y.2007-08 on or after 14-5-2007.

2. Filed the return in a form other than one of the forms (ITR-1 to ITR-8) notified for A.Y.2007-08.

2. TDS out of Salary for F.Y. 2007-08 – Sec.192 of I.T. Act

Circular No.8 – dated 5-12-2007 [ F.No.275/192/2007-I.T.(B)] issued by Govt. of India, Ministry of Finance – Dep of Revenue – CBDT.

The present circular contains the rates of deduction of Income Tax from payment of income chargeable under the head “Salaries “ during F.Y. 2007-2008 and explains certain related provisions of the I.T. Act.

(Refer Vol. 98, issue No.8 dt 24-12-2007 of the Tax referencer).

3. Benefit of Sec. 80-C of I.T Act extended to Post Office Scheme

Notification No. 282/2007-FTD dt. 28-11-2007 (F.No.503/5/2004 – FTD)

Government announced the following decision :

The benefit of Sec.80-C of I.T. Act will be extended to investments as under :

1. Five year P.O. Time deposit Account

2. Senior Citizen savings Scheme

The benefit of deduction shall be available in respect of investments made under these schemes with effect from 1.4.2007 (i.e. F.Y.2007-08)

4. I.T. Refunds – Scheme to expedite Income Tax Refunds

The I.T. Dep in a bid to expedite the refund to excess tax collected would extend the Refund Banker Scheme (E.C.S.) across the country.

The Dep. had initially launched the scheme

in Delhi and Patna and had further extended it to Kolkata Chennai, Bangalore and Mumbai.

So far the dep. has issued over 30 Lakh refunds during April and October amounting to Rs.18,448/- Crores.

The Dep. is likely to issue all refunds by the end of this month. The Dep has also plans to extend the scheme for the non corporate category of tax payers the department press release said (The financial exp. Dt.13-11-2007)

5. Press Releases

1. Press Release date 8-11-2007

Amendment in Rule – 3 of Income Tax Rules 1962 – Amendment to give consequential effect to amendment to Sec – 17 of the IT. Act made by Finance Act 2007.

2. Press Release : Dated NIL

Govt. announced Do’s And Don’ts while applying for PAN :

Sec.139A of I.T Act 1961 – Do’s and Don’ts while making PAN Application in Form No.49A is to be applied

(Ref. for details Vol 98, issue no.8 Dt. 24-12-2007 of The Tax Referencer)