The Income-tax Act requires that the tax payable on the returned income after taking into account prepaid taxes, should be paid before furnishing the return. An analysis of returns filed electronically in the current Financial Year (2012-13) reveals that nearly 73,388 taxpayers have defaulted on such payments aggregating to Rs. 3,859 crore.

Income-tax Department urges all taxpayers who have filed their returns in the current financial year and have defaulted on payment of self-assessment tax of any amount, to immediately come forward and pay the due taxes before 31st March, 2013. Further, any taxpayer who files his return in the future, and on self-assessment indicates a certain amount of tax payable, should pay such tax while filing the return.

Filing a return without paying the admitted amount of tax that is payable will render such taxpayer an ‘assessee in default’ under the provisions of the Income-tax Act. Such taxpayers who default in payment of self-assessment tax may invite penal consequences.

The post IT Department Urges Taxpayers to Pay all Self- Assessment Tax Dues by 31ST March appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

31-July-2012 17:17 IST

Due Date of E-Filing of Income Tax Returns for Assessment Year 2012-13 Extended up to 31st August, 2012

On consideration of the reports of disturbance of general life caused due to failure of power and further in consideration of the fact that the e-filing of returns for a specified category of individuals and HUF has been made mandatory, the Central Board of Direct Taxes (CBDT), in exercise of powers conferred under section 119 of the Income Tax Act, 1961, has extended the ‘due date’ of filing of returns of income for the Assessment Year 2012-13 to 31st August 2012.
This has been done in respect of assesses who are liable to file such returns by 31st July 2012 as per provisions of section 139 of Income Tax Act, 1961 .

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