Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: TDS :: form 3cd :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: VAT RATES :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: cpt :: articles on VAT and GST in India :: due date for vat payment :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
News Headlines »
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits
 Want to save tax? Here are 6 best investment options for you
 Income Tax department activates e-filing facility for all ITRs
 All the income-tax return forms for the current assessment year are available online

CBDT may do away with submission of ITRV forms
January, 14th 2014

In what could be good news for lakhs of taxpayers filing their I-T returns online, CBDT is mulling doing away with the mandatory submission of paper verification printout to its processing centre in Bangalore.

Central Board of Direct Taxes (CBDT), the apex office to formulate policies for the Income Tax department, was prompted to take this “customer-friendly” step after it was recently informed that lakhs of such paper statements — ITRV — have not reached its Central Processing Centre (CPC) despite people filing their e-returns online.

CBDT is now considering either bringing a notification to make a change in the rules or an amendment in the I-T Act stipulating that taxpayers filing their returns online will no longer need to send ITRV through post to the Bangalore office.

The new measure, deliberated upon by the Finance Ministry and CBDT, will mean that the taxpayer will not even have to procure a digital signature as the department feels it has enough technology at its disposal to check cases of fake returns or under-reported I-T returns.

“There have been regular letters by taxpayers and other bodies to the board in this regard. Recently, it was noticed that lakhs of statements did not reach the CPC. The board may now totally do away with the procedure of sending by post the paper statement of an e-return.

“The decision could happen soon as this concerns a lot of taxpayers and will be seen as customer-friendly,” a source privy to the development told PTI.

The thinking at the highest level is that e-filing should be “hassle free and sans any glitches”, which will prompt more number of people to file their tax returns this way.

The I—T department is also bolstered by the fact that more and more number of people are opting to file their returns online.

According to current procedures, when a taxpayer files his or her returns online, the person is required to mandatorily send the ‘ITRV’ by post to the I—T department’s CPC based in Bangalore within 120 days.

The CPC, in return, sends an electronic acknowledgement to the tax return filer. The problem arises when the document sent by post does not reach the CPC because of lapses on the part of the taxpayer or some other reason.

In case of digital signatures (used by corporate entities), a bonafide statement that verifies the identity of the sender is required to be created by paying a fee and this requires regular renewal, which is why this is seen as a burden on salaried class and categories of small taxpayers.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions