The Supreme Court on 14/12/2007 directed tax payers** all over the country to file returns under the prescribed new forms for assessment year 2007-08 by February 29, 2008 - the new deadline set by the government.
The Central Board of Direct Taxes, vide notification S.O. No.762(E) dated 14 th May, 2007 for the Assessment Year 2007-08, substituted the old return forms by notifying eight new return forms under a new series ( ITR-1 to ITR-8). The validity of the said notification was challenged in different High Courts of the country.
The Hon'ble High Court of Allahabad (Lucknow Bench) had passed an interim order directing the Income-tax authorities to accept the returns filed in the Form No. 2D (Saral). Further, the Hon'ble High Court of Rajasthan (Jodhpur Bench) and the Hon'ble High Court of Guahati have also delivered similar interim judgements, following the decision of the Hon'ble High Court of Allahabad.
A Special Leave Petition (SLP) was filed in the Hon'ble Supreme Court against the decision of the Hon'ble High Court of Allahabad (Lucknow Bench). The Hon'ble Supreme Court, on 14.12.2007 has set-aside the order of the Hon'ble High Court of Allahabad (Lucknow Bench). In view of the above, the returns filed in the old forms on or after 14 th May, 2007 shall be treated as invalid returns.
In order to enable such assessees to submit their returns in the forms prescribed for the assessment year 2007-08, the Central Board of Direct Taxes has extended the due date for filing returns of income to 29.2.2008.
**This extension of due date is applicable to assessees, who have,-
- filed the return of income for the A.Y.2007-08 on or after 14 th May, 2007; and
- filed the return in a form other than one of the forms notified for assessment year 2007-08( ITR-1 to ITR-8).
Consequently, such assessees would not be liable to any interest or penalty if they re-filed their returns in the forms prescribed for the assessment year 2007-08, on or before 29.02.2008.
Information Courtesy: Central Board of Direct Taxes | Rediff | Economic Times