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: VAT Audit :: articles on VAT and GST in India :: cpt :: TDS :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: VAT RATES :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: due date for vat payment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: empanelment
 
 
News Headlines »
 Directions under section 119 of the Income-tax Act, 1961
 Securities excluded from GST ambit in revised Bill
 GST dilemma: Hope fades for new tax regime
 5nance.com launches tax investment platform
 Is government tapping your phone?
 Income tax department to use analytics to look for discrepancies in bank accounts
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful

E-filing of Income Tax returns sees a spurt
July, 27th 2011

E-filing of income tax returns has increased so substantially over the past two years that the income tax department believes paper filing of returns would soon become a negligible proportion of the total.

The department also says that e-filing, combined with its highly efficient and automated centralized processing facility in Bangalore, will free much of its resources to do the things the department should actually be doing, which is to track black money and conduct investigations into tax frauds.

Sanjai Kumar Verma, commissioner of income tax in charge of the Centralized Processing Center (CPC), said that 91 lakh out of the approximately Rs 3 crore returns filed in 2010-11 were e-filed. He expects the e-filed number to rise to between Rs 1.5 crore and Rs 2 crore this year.

The total number of returns filed this year may remain roughly the same as last year following the exemption from filing granted this year to those whose incomes are below Rs 5 lakh.

"This year we expect more than 50% of returns to be e-filed. In a few years, only those in remote areas and those who are not technologically savvy will remain with paper filing," Verma said. Efiling's attraction comes from a couple of reasons. One, it's become very simple. And if you can't do it yourself, a number of agencies are there to help you with efiling at nominal costs.

Two, e-filed returns are being processed much faster and therefore refunds are happening faster. "Prior to the CPC, refunds used to take 15-18 months. Now it's just 89 days. People are eager to get their refunds quickly, and that's encouraging them to efile," Verma said. The CPC is working to bring the refund time down to one month.

The CPC is an I-T department initiative in collaboration with Infosys that began in 2009. Infosys provides the technology. Everything related to the returns processing and tax refund, including a banking service and a postal service, is being brought under a single roof to increase the efficiency of the whole system.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

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