Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 March 31 deadline is getting near. How to save income tax with tax loss harvesting?
 45-day MSME payment rule: Impact and details of Section 43B(h) explained
 Small savings schemes that offer tax benefits of up to Rs 1.5 lakh under section 80C
 RE-OPENING OF CORRECTION WINDOW FOR MAY 2024 CA EXAMINATIONS
 Powerful Upgrades, Tally 12+1 months renewal Plan and Connected Services for your growing Business - March 2024
 How innovative solutions can help fix the Sec 43B conundrum for MSMEs
 Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
 Release Notes for TallyPrime and TallyPrime Edit Log Release 4.1 | What s New!
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season
 ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year

CBDT likely to dispense with paper verification of returns
June, 20th 2013

Taxpayers will soon be relieved of the drudgery of sending their income tax returns by post for verification, as the Central Board of Direct Taxes (CBDT) is planning to screen them online. The new measure is likely to come into operation this fiscal.

“The e-filing is meant to make tax payment easy. But the compulsory dispatch of documents by post to the Bangalore-based central processing centre of the Income Tax Department or procurement of a digital signature upsets the purpose. Hence, the Income Tax Department has decided to end this practice soon…,” a senior official said.

The plan follows complaints from taxpayers about the meaningless exercise of first filing an e-return and following it up with sending the return by post. The processing centre in Bangalore then sends an electronic response to the taxpayer. There were demands that this system be dispensed with and an easy mechanism put in place. However, in the case of digital signatures, a bona fide statement that verifies the identity of the sender is required to be created by payment of a fee. It needs regular renewal.

In 2012-13, e-filings went up by 31 per cent as 2.14 crore entities filed returns online, against 1.64 crore in 2011-12. Recently, the CBDT made e-filing mandatory for those with an annual income of Rs. 5 lakh or more for the financial year 2012-13 and the assessment year 2013-14. As this category is to file returns online, the Income Tax Department expects a huge increase in the number of online returns.

The department also wants to introduce third-party validation of utilities developed for e-filing to avoid mistakes in returns and make the interpretation of tax laws uniform in their filing.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting