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: ACCOUNTING STANDARDS :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: list of goods taxed at 4% :: VAT RATES :: articles on VAT and GST in India :: TDS :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd
 
 
News Headlines »
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 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

E-filing: Income Tax department to send 24-hour valid password to taxpayers
June, 30th 2015

In order to end the trouble of sending paper-based acknowledgement of e-filed Income Tax Returns (ITRs), the CBDT is planning to send a one-time password (OTP) on taxpayers' mobile phones which will be valid for 24-hours after getting verified from the Aadhaar database.

The department, a senior official said, has decided to usher these new protocols very soon as the new ITRs for the assessment year 2015-16 have recently been notified, heralding the onset of the tax filing season.

The deadline for filing ITRs is August 31. A senior official involved in the processes told PTI that the new ITRs will capture the Aadhaar number of an individual and after doing a "back end" matching of the Aadhaar number with the mobile number and other vital personal data of the individual, an OTP will be generated and sent for validating and final submission of the return.

"The department will do the matching with the Aadhaar database where the biometrics and particulars of an individual are hosted. If the Aadhaar number and relevant details like PAN number and mobile number get kind of matched, then an OTP will be sent on the mobile which will be valid for 24 hours. So, once you have uploaded your return (ITR), there will be an icon showing validate your return and with that OTP you can do that," the official explained.

The official said the department was currently thinking of having an OTP that will be "alive or valid" for 24 hours so that a filer has time at hand to process the return at his or her end.

"There could be an option to generate a second OTP too but that is being worked out. After putting the OTP, you then don't need to send the ITR-V (paper acknowledgement). The problem of ITR-V will get resolved," the official said.

The Central Board of Direct Taxes (CBDT), the apex policy making body of the tax department, has been getting a number complaints from taxpayers that despite they sending the hard copy of ITR-V by "speed or registered post" their forms were being acknowledged by the CPC as "not received" and hence the Board, for long, has been looking at options to do away with this system.

By automating the e-ITR filing with an OTP, the CBDT also wants to make this system fully "paperless".

"The Aadhaar-based authentication will give the e-filing of ITRs a legal sanction and hence the ITR-V system can be totally disposed off. However, providing Aadhaar is not mandatory and those taxpayers who do not have or who do not mention their Aadhaar, they will have to send their ITR-V by post as usual," the official added.

The system of Aadhaar-based authentication is being extended by the tax department to "low-risk category" of taxpayers like those in the salaried category.

As per existing rules, a person who files his or her tax return online, has to send a copy of the ITR-V to CPC within 120 days for processing of the return.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Website Ranking Website Ranking Company Website Positioning Alexa Ranking Website Promotion Website top 10 ranking website top 10 promotion search engine result promotion Strategic Internet Marketing Website Optimization Website Ranking Factors

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