News Details- (Get Professional Updates on Whatsapp, Msg on
8285393786) More
News
Why Taxpayers May Not Have to Send Paper Acknowledgement for ITR
Taxpayers in India will soon get relief from sending a paper acknowledgement of their e-filed ITR as Income Tax department is set to introduce a new customer verification system for the task by sending One Time Passwords, validating net banking identity and enrolling Aadhaar number in the returns form.
The IT department, through its policy making body Central Board of Direct Taxes (CBDT), has decided to completely do away with the "cumbersome" procedure undertaken currently by a taxpayer to send his ITR-V (Verification) form to the department's Central Processing Centre (CPC) based here through post.
"We are fastly moving towards a regime where the taxpayer will not have to send the paper acknowledgement of the ITR-V (Income Tax Return Verification).
"We want to make e-filing completely hassle-free and easy for taxpayers," CPC Director and IT Commissioner R K Mishra told a group of visiting journalists here.
A number of taxpayers have complained to the department that despite they sending the hard copy of ITR-V by "speed or registered post" their forms were being acknowledged by the CPC as "not received" and hence the department, for long, has been looking at options to do away with this system altogether.
The CPC Director said the department has already submitted a blueprint for introducing these new measures to the CBDT and these will be implemented very soon.
In order to ensure another layer of security and authenticity to the e-filed IT returns, the officer said, the return forms will have a new column for mentioning the unique Aadhar number of the taxpayer.
"Last year, we introduced a new column in the ITR where taxpayers had to share their personal mobile numbers and email ids. That exercise has given us good results and taxpayers have benefitted as we could promptly inform them about their tax issues.
"Aadhar will not only add to the security of the ITR but also give it a unique and distinct identity," he said adding however, it was "not" mandatory.
As per existing rules, a person who files his or her tax return online, has to send a copy of the ITR-V to CPC within 120 days for processing of the return.
"We have made some categories in this regard (for stopping ITR-V totally). Like in case of low-risk category of taxpayers like salaried class we will send a One Time Password (OTP) on their mobile phone to authenticate their e-return.
"In case of high risk category of taxpayers like corporate and big entities we can ask them to do it through their net banking accounts which are already vetted and cleared by respective banks," he said.
We hope, Mr Mishra said, to put all these measures in place before the upcoming ITR filing season. (PTI-NDTV)
The IT department, through its policy making body Central Board of Direct Taxes (CBDT), has decided to completely do away with the "cumbersome" procedure undertaken currently by a taxpayer to send his ITR-V (Verification) form to the department's Central Processing Centre (CPC) based here through post.
"We are fastly moving towards a regime where the taxpayer will not have to send the paper acknowledgement of the ITR-V (Income Tax Return Verification).
"We want to make e-filing completely hassle-free and easy for taxpayers," CPC Director and IT Commissioner R K Mishra told a group of visiting journalists here.
A number of taxpayers have complained to the department that despite they sending the hard copy of ITR-V by "speed or registered post" their forms were being acknowledged by the CPC as "not received" and hence the department, for long, has been looking at options to do away with this system altogether.
The CPC Director said the department has already submitted a blueprint for introducing these new measures to the CBDT and these will be implemented very soon.
In order to ensure another layer of security and authenticity to the e-filed IT returns, the officer said, the return forms will have a new column for mentioning the unique Aadhar number of the taxpayer.
"Last year, we introduced a new column in the ITR where taxpayers had to share their personal mobile numbers and email ids. That exercise has given us good results and taxpayers have benefitted as we could promptly inform them about their tax issues.
"Aadhar will not only add to the security of the ITR but also give it a unique and distinct identity," he said adding however, it was "not" mandatory.
As per existing rules, a person who files his or her tax return online, has to send a copy of the ITR-V to CPC within 120 days for processing of the return.
"We have made some categories in this regard (for stopping ITR-V totally). Like in case of low-risk category of taxpayers like salaried class we will send a One Time Password (OTP) on their mobile phone to authenticate their e-return.
"In case of high risk category of taxpayers like corporate and big entities we can ask them to do it through their net banking accounts which are already vetted and cleared by respective banks," he said.
We hope, Mr Mishra said, to put all these measures in place before the upcoming ITR filing season. (PTI-NDTV)
Category : ITR | Comments : 0 | Hits : 949
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
Search News
News By Categories More Categories
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000

Comments