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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Indirect Tax »
 CBDT notifies new I-T return forms
 Here are the key changes in tax rules to come into effect from today
 GST revenue growth in 2018-19 to match last 10 years’ indirect tax growth, says SBI report
 Things You Should Know Before Filing Your Income Tax Returns (ITR)
 All education loans do not get income tax benefits
 FM Arun Jaitley to focus on direct and indirect taxes
 Income Tax For Individuals – Assessment Year 2019–20
 States set separate dates to implement e-way bill
 What are direct and indirect taxes?
 Indirect transfer conundrum continues
 We expect significant changes in income tax slabs, say taxpayers

Offline bit in online income tax filing to end
May, 30th 2012

The one major irritant in online filing of income tax returns may be eliminated this year. This is the offline process at the end of the online one, where you need to take a printout of what is called the ITR-V form, sign it, and mail it to the I-T department's centralized processing centre (CPC) in Bangalore.

Krishna Rao, who has just taken over as the I-T commissioner of the CPC, said the law and information technology ministries were examining the matter, and he was hopeful a solution would emerge soon. It's still not clear though if the new system would be in place by June-July , when the bulk of individual filings happen.

In the last fiscal, 1.65 crore returns were filed online, but ITR-V forms of as many as 25 lakh people were not received by the CPC. Many forget to send the forms in the stipulated 120 days; in some cases, these get lost in the post.

The I-T authorities need to be absolutely certain about the identity of the person filing the form, which is why it currently mandates a physical signature.

A digital signature is an option, but you need to pay to obtain a digital signature for yourself and that is not something everyone would want to do.

So the I-T department is looking at the option of what is called an electronic signature, where your identity is verified online through different ways, including a PIN that could be sent to one of your previously specified devices and which you can use to authenticate yourself.

Online filing has seen a surge ever since the CPC was established in 2009. The initiative is a collaboration of the I-T department with Infosys Technologies and TCS. TCS handles the frontend e-filing process, while Infosys handles the backend processing.
The 1.65 crore online returns filed last year is an 80% increase over the 91 lakh filed in 2010-11. It is also 50% of the total returns filed, which was 3.37 crore. Rao said he expects the online number to rise to at least 2.25 crore this year.

Online's popularity is a result of the faster processing and refunds that the CPC has enabled, and the elimination of bribes to obtain refunds. Sanjai Kumar Verma, who was in charge of the CPC from its inception and who is now I-T commissioner in the TDS division in Bangalore, said the average processing time, which used to be a couple of years some time ago, was down to 151 days in 2010-11, to 59 days last year, and is now further down at 40-50 days.

The efficiency that e-filing and the CPC brings are expected to free much of the I-T department's resources to do the things the department should actually be doing, which is to track black money and conduct investigations into tax frauds.

There have been hiccups along the way. An effort recently to upload previous years' paper filings by I-T offices around the country led to certain tax payments not being reflected properly. The result was that many assessees wrongly received arrear notices. "This is not a problem of the online process. Assessees can get in touch with the local administrative offices and have the issue resolved," Rao said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 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