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: empanelment :: due date for vat payment :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: cpt :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: VAT Audit :: VAT RATES
 
 
« Indirect Tax »
 GST may lead to better operating profit margin for multiplex operators
 Indirect taxes must equal direct taxes
  Income Tax dept issues notices to ‘farmers’ claiming suspect agricultural income
 GST would match or be lower than the multiple indirect taxes on real estate
 Tax incidence under GST lower than current indirect taxes
 Here's the complete list of pre-GST discounts being offered by companies
 Applicability of Explanation 2 to Section 132B of the I.T. Act, 1961- reg.
 Here’s all you need to know about TDS and why it is deducted
 New indirect tax regime
 Income tax rates, tax-free limit to stay unchanged
 Revised tax reform bill to benefit consumers

Income-tax department may allow filing of returns without digital signatures
June, 24th 2013

You may soon not need digital signatures to file income-tax returns. The income-tax department is looking at giving electronic pin (personal identification numbers) to taxpayers, which will make electronic return filing a hassle-free task.

The new system, which will benefit over two crore taxpayers in the country, would require a change in the Information Technology Act.

Ensure Your Taxes Optimizations Sign Up Now To Avail Free Trial
MyUniverse.co.in/E-Filing
"The proposal is in advance stage... We are hopeful that it could begin from the second half of this year," said a senior income-tax department official said.

The department expects changes in the Information Technology Act by September, the official said. However, individual taxpayers will not be able to benefit from this facility in the current year as their deadline for filing returns is July 31.

At present taxpayers have to submit a paper verification form ITR V if they do not have digital signatures even if they have filed electronic return to validate their return.

A return is considered filed and processed only after the verification form is received at the Central Processing Centre in Bangalore. Taxpayers have 120 days to send their verification form but as many as 10% of taxpayers fail to do so. Moreover, sometimes forms also get lost in the transit.

Under the proposed system, the department will generate an EPIN as soon as income-tax return is filed by a taxpayer sans a digit signature. The EPIN generated will have to be communicated to the Central Processing Centre, which will then process the return.

E-filing is mandatory for taxpayers having annual income of more than 5 lakh. Electronic filing has caught on with taxpayers and the department expects 2.75 crore returns this year. There are 3.4 crore income tax assesses in the country.

In keeping with the growing popularity of e-filing, the department is also introducing a new feature in electronic returns that allow taxpayers to get details of tax deducted at source once they feed in their permanent account number. Moreover, the department would also validate private software available in the market to ensure that returns are filed in proper format to ensure speedy processing and faster refunds.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Vision

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