In the forthcoming Budget, the finance minister may do away with the earlier practice of having different dates for filing Income Tax returns by individuals and corporates.
Uptil now, July 31 was the last date for individual tax payers while for corporates and individuals whose account were required to be audited, the last date was October 31. Those these dates normally get extended each year owing to demands from various quarters.
The Government may fix September 30 as the last date for filing returns as October usually happens to be month of festivals with many holidays. Thus having income tax return getting disposed off before Dusshera and Diwali would be good for income tax payers as well as income tax officials.
Fixing a common date, would also avoid confusions among tax payers but for corporates, it would mean 1 month less for preparation of necessary taxation work.