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 RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: TDS :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: ACCOUNTING STANDARD :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: cpt :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: Central Excise rule to resale the machines to a new company :: due date for vat payment
« News Headlines »
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17

Now, Use 'One-Time Password' to E-File Income Tax Returns
July, 14th 2015

The Income Tax Department on Monday launched its ambitious One Time Password (OTP) based e-filing verification system for taxpayers, thereby ending the practice of sending paper acknowledgement to its office in Bengaluru.

The facility can be accessed using internet banking, Aadhaar number, ATM and email.

According to the rules notified in this regard by the Central Board of Direct Taxes (CBDT) on Monday, any taxpayer, whose income is Rs 5 lakh or below per annum and has no refund claims, he or she can straightaway generate the 'Electronic Verification Code' (EVC) for e-filing and validating their Income Tax Return (ITR) through their registered mobile number and e-mail id with the department.

However, this most simplified option, will be subject to certain "restrictions" which will be prepared by the taxman based on the concerned taxpayer's "risk criteria and profile" in a case-to-case basis.

"This simply means that if the department has some adverse observation against the said PAN number with income less than Rs 5 lakh, he or she will not be allowed to do the verification directly through their email and mobile number alone and such cases will have to go through the other established procedures in this regard like linkup through Aadhaar database, internet baking or via the ATM," a senior official explained.

These new measures would completely eliminate the need of sending the paper acknowledgement, called ITR-V, through post to the I-T Central Processing Centre (CPC) based in Bengaluru.

In the other options given, those taxpayers who have internet banking activated can do the e-verification of their ITR.

"The facility will be available on the internet banking website and the verifier (taxpayer) will use this facility using internet banking id, login password and transaction password," the latest CBDT rules said.

Once logged in on the banking portal, the taxpayer will be sent the EVC to his mobile number provided in the official e-filing web portal of the department which they will put in their ITR for final submission.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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