CBDT Extends TDS/TCS Filing Deadline to February 29, 2008, Due to PAN Data Challenges for September 2007 Quarter.

The Central Board of Direct Taxes has extended the deadline for filing quarterly Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) statements for the quarter ending September 30, 2007, to February 29, 2008. This extension addresses challenges faced by tax deductors and collectors in providing accurate Permanent Account Number (PAN) data, which is required at 90% for salaried deductees and 70% for others. Non-compliance will result in rejection of returns and potential penalties. Electronic filing of TDS/TCS returns is mandatory for certain entities, including those with audited accounts or a large number of deductees.