No need to post e-filed Income Tax returns
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In a relief to taxpayers, the government on Monday put in place a new system of e-filing of returns using a 10-digit electronic verification code (EVC) or one-time password (OTP) that can be generated using net banking, ATMs, Aadhaar, your registered mobile as well as the income tax department's website. This is expected to put an end to the practice of sending paper acknowledgement to the tax department's office in Bengaluru.
The rules notified by the income tax department stipulated a cap of Rs 5 lakh (total income) for EVCs generated via a taxpayer's registered e-mail ID and mobile number and also said this can be done only in cases where there is no refund claim. In such cases, the code can be generated through the e-filing website and will be sent to the registered mail ID as well as the mobile number. "This option may be further restricted to assessees based on other risk criteria that may be determined from time to time. EVCs generated through this e-filing mode can be used to verify the assessee's return," the three-page notification said.
The other options, however do not put any limit on the income for filing returns using EVCs. In case of those opting for the net banking route, the tax department said that specified banks registered with it provide direct access to the e-filing site. "Banks will be providing such facilities to their account holders whose bank accounts have a validated PAN as well as know-your-customer (KYC)," it said. So, those opting for this window would be able to generate the EVC after they are redirected to the e-filing site. Banks will also give an option to generate the code at ATMs. (Times of India)
The rules notified by the income tax department stipulated a cap of Rs 5 lakh (total income) for EVCs generated via a taxpayer's registered e-mail ID and mobile number and also said this can be done only in cases where there is no refund claim. In such cases, the code can be generated through the e-filing website and will be sent to the registered mail ID as well as the mobile number. "This option may be further restricted to assessees based on other risk criteria that may be determined from time to time. EVCs generated through this e-filing mode can be used to verify the assessee's return," the three-page notification said.
The other options, however do not put any limit on the income for filing returns using EVCs. In case of those opting for the net banking route, the tax department said that specified banks registered with it provide direct access to the e-filing site. "Banks will be providing such facilities to their account holders whose bank accounts have a validated PAN as well as know-your-customer (KYC)," it said. So, those opting for this window would be able to generate the EVC after they are redirected to the e-filing site. Banks will also give an option to generate the code at ATMs. (Times of India)
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CA.Subhash Chandra Podder
14-Jul-2015 , 05:31:00 pmwhat is the wrong the systems ?