January 08, 2002

'15'

DATE FOR FILING OF IT RETURN UNDER ONE-BY-SIX SCHEME EXTENDED

    The Income Tax Department had extended the operation of One-by-Six Scheme to 4989 new urban centres in the current assessment year as against 133 centres to which this scheme was applicable till last year. Many people, especially in the new urban centres where this scheme has now been extended, due to lack of awareness, did not file their return of income under One-by-Six Scheme by 30^th November, 2001 despite having a legal liability to do so. The Central Board of Direct Taxes (CBDT) has extended the date of filing the return of income under the One-by-Six Scheme by 31^st March, 2002. If the return under this Scheme is filed by the said date voluntarily, no penalty will be imposed. Section 271F of the Income Tax Act provides for imposition of a penalty of Rs.5,000/- for failure to file tax return in time.

    The CBDT order under Section 119(1) of the Income Tax Act extending the date has been issued in order to mitigate the hardships which will be caused to the large number of persons who failed to file return of income under One-by-Six Scheme by 30^th November, 2001.