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: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: VAT RATES :: form 3cd :: TDS :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: empanelment :: cpt :: list of goods taxed at 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment
 
 
Direct Tax »
 In some instances, filing of income tax return may not be mandatory
 Best 5 Income Tax-Saving SIP plans in India: How To save taxes by Investing in SIPs under 80C
 Tax refund checks are finally in the mail
 Income Tax dues in advance can be paid at RBI or at authorised bank branches by March 2017
 Why you must be looking beyond tax planning
 I-T dept. to lauch app for paying tax
 CBDT to taxman: Step up TDS survey operations to boost collections
 Tax Officers Asked To File Self-Appraisal Report On E-Assessment
 CBDT to taxman: Step up TDS survey ops to boost collections
 Govt to issue exemption list on new tax for unlisted firms
 CBDT issues third round of certificates to tax payers

I-T department keep your tax returns in hi-tech, world-class swanky centres
June, 26th 2013

Your taxes are dear to the income tax department, but your returns are even dearer, so the department has ensured that they are kept in world-class safe keeping. Iron Mountain, the safe-keeper of the wills of Princess Diana, Charles Darwin, Bill Gates' Corbis photographic collection and the recordings of Frank Sinatra, makes sure that your tax returns are safe once they land with the department.

"Printed documents are bar-coded and then sent to the company's storage houses," said an income tax (IT) department official. Safe-keeping of records is a crucial part of the agreement with IT major Infosys, the contractor for the Central Processing Centre (CPC) in Delhi. The tax documents in double-sealed cartons are bar-coded and sent in GPS-enabled security vans to swanky storage centres with climate-controlled conditions.

The bar-coding ensures that no document reveals the identity to a normal eye, thereby ensuring its safety and security. The records will be kept for six years as the IT department can reopen an assessment for the past six years. After six years, the records will be destroyed, but according to well-documented global standards.

"Only the relevant records will be called for using the bar-codes and shredded in the presence of income tax officials, InfosysBSE 1.14 % officials and Iron Mountain in the presence of a video camera," the official added. Though the returns processed are e-filed, the paper records of verification forms and returns are still preserved.

At CPC, verification forms sent after the returns are filed for validation are scanned mechanically, matched with the e-filed returns and after processing, the advice for refund is sent out automatically to the refund banker to issue the refund to the taxpayer. The letters are printed and put in envelopes automatically and collected by India Post for despatch. CPC has processed more than 4.15 crore returns in the past three years of operations.

As against the average processing time of more than 12 months in the past, CPC has brought it down to 65 days, the official said. Faster processing of returns has also helped the department reduce the interest it had to pay on refunds: the interest rate on delayed refunds is down to 4.77% against an average rate of more than 17% in 2009-10.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Bath SEO Company Birmingham SEO Company Bradford SEO Company Brighton and Hove SEO Company Bristol SEO Company Cambridge SEO Company Canterbury SEO Company Carlisle SEO Company Chester SEO Company Chichester SEO Company Coventry SEO Compan

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