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of <h1>Deadline Extended for Depositing Capital Gains in Accounts Scheme 1988 to July 31, 1988 u/ss 54, 54B, 54D, 54F, 54G.</h1> The circular announces an extension for taxpayers to deposit capital gains into the Capital Gains Accounts Scheme, 1988, under sections 54, 54B, 54D, 54F, and 54G of the Income-tax Act, 1961. Initially, taxpayers had to deposit unutilized capital gains by June 30, the due date for income tax returns. However, recognizing potential difficulties, the deadline has been extended to July 31, 1988. This extension ensures no penalties or interest will be imposed, and taxpayers will still qualify for capital gains tax exemptions. The circular instructs officials to inform relevant officers of these changes.
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