Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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
 
 
 
 
Popular Search: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ACCOUNTING STANDARD :: empanelment :: articles on VAT and GST in India :: TDS :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: VAT Audit :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
Direct Tax »
 High court judges, experts brainstorm on likely GST litigations
 Businesses need not deduct GST on advances received for goods supply: CBEC
 Redress taxpayers' grievances on priority: CBDT to I-T department
 No tax relief on EPF interest if not employed: ITAT
  CBDT signs 7 more unilateral APAs with taxpayers
 Income tax returns (ITR) filing: Get capital gains tax exemption on new property; here is how
 Reach out to non-filers of GST returns: CBEC to fields offices
 CBDT may shelve plan to seek corporate tax estimates in advance
 IT expertise at banks' board level a must, says RBI ED
 Clarification on Indirect Transfer provisions in case of redemption of share or interest outside India under the Income-tax Act, 1961
 To avoid double-taxation CBDT says no tax at upstream foreign fund if local fund paid already

Online taxpayers may not need to send papers to CPC in Bangalore
June, 25th 2013

Millions of taxpayers filing returns online may no longer have to send paper documents to the central processing unit here, with CBDT proposing to introduce electronic verification for such filings, a top official said.

"It (introduction of electronic verification of online income tax returns) is in very advanced stage. Some clearances, some approvals have to be taken. Amendments to the Information Technology Act will be required. Then it will go to Parliament," Chief Commissioner of Income Tax Bangalore-1 K Satyanarayana told reporters here.

The new measure, expected to be operational by September this financial year, will save taxpayers the hassle of sending paper documents by post and tracking its acknowledgement, he added.

Citing the example of how electronic verification of online income tax returns is done in USA, Satyanarayana said amendment to the Information Technology Act would be needed to introduce electronic verification of online income tax returns in India.

At present, two options are available for taxpayers to e-file ITR, either e-file ITR by affixing digital signature or without affixing digital signature.

If the digital signatures are affixed, there is no need to send ITR-V to the I-T department's central processing centre (CPC) in Bangalore. In the other case, the tax payer is required to take a print-out of ITR-V and send it to the I-T department within 120 days of e-filing.
As per the Information Technology Act, a digital signature is equivalent of a physical signature. So, anyone filing returns electronically with digital signature need not send ITR returns form for physical verification.

In 2012-13, a 31 per cent jump was seen in e-filings with 2.14 crore assessees filing returns online as compared to 1.64 crore in 2011-12.

Recently, the Central Board of Direct Taxes (CBDT) has made e-filing mandatory for those with an annual income of Rs 5 lakh or more for the financial year and assessment year 2013-14. The tax department expects a huge surge in the number of online filings.

Satyanarayana said that the department also wants to introduce "new concept of third party validation of utilities developed for e-filing which will avoid mistakes in returns and bring uniformity in the interpretation of tax laws in filing of returns"

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

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