The Central Board of Direct Taxes (CBDT) has ruled out the possibility of extending the date of filing income tax returns beyond the 31 July deadline, even as the tax office urged taxpayers to ensure complete adherence to norms and timely completion of the procedure.
As per CBDT, all tax payers should file returns on or before 31 July. The deadline for filing I-T returns has been fixed for 31 July 2017, CBT said.
While those in the low income brackets may detail their incomes during the financial year, CBDT said, those in the Rs50 lakh plus income group, including Hindu undivided families (HUFs), are required to disclose their assets as well in addition to income for the year.
Reports quoting a senior finance ministry official had earlier said the government was considering the possibility of extending the 31 July deadline for the filing of income tax returns. "Taxpayers this year have been facing many new difficulties, so prima facie there is a genuine case to extend the deadline," said this government official.
Reports quoting tax experts, meanwhile, said disclosures of all assets - both movable and immovable - held as on the last day of the year should be made in 'Schedule AL' in ITR Form No 2, ITR Form No 3 and ITR Form No 4.
While immovable assets include land and building, movable assets would include jewellery and bullion; curios ans art works; vehicles, of al l types; financial assets like bank deposits, shares and securities, insurance policies, loans and advances given; cash in hand; and interest held in assets of a firm or association of persons as a partner or member thereof.
Further, liability or borrowing in relation to these assets are also required to be declared separately. Persons who are residents and ordinary residents in India are required to declare all assets held by them in Schedule AL, whether located in India or outside India.
However, non-residents and resident but not ordinarily residents are required to disclose only details of assets located in India.