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: empanelment :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: list of goods taxed at 4% :: cpt :: due date for vat payment :: VAT RATES :: TDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: VAT Audit :: articles on VAT and GST in India
 
 
News Headlines »
 How to save income tax? Here are 6 investments with tax free income
 10 Top salary deductions that can save tax for you
 What are the tax saving options beyond Section 80C?
 The penalties for not paying tax on time
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case
 How to save income tax under section 80C

`Dept not fully geared for e-filing of returns'
August, 01st 2006

 

Move seen as major step towards paperless environment


The guidelines
New return Form No 1, applicable to corporate taxpayers, is now required to be compulsorily filed electronically.
However, if the corporate return is not digitally signed, it will be necessary to file the paper return by following a two-step procedure.

Kolkata , July 31

Income-tax circles apprehend that the introduction of mandatory electronic filing of corporate returns along with the new return forms may have been done in a hurried manner.

Senior tax practitioners, sharing the view, feel there has been distinct lack of preparedness, in general, in moving swiftly towards total e-filing of I-T returns.

It is, however, acknowledged by the tax experts that the new income-tax forms have been thoughtfully designed to do away with all kinds of attachments and facilitate electronic filing. Form No I and Form 2 are for combined return of income and fringe benefits.

In short, the department has taken the first major step towards a paperless environment, feels one top tax lawyer.

Two-step procedure

The new return Form No 1, applicable to corporate taxpayers, is now required to be compulsorily filed electronically.

However, if the corporate return is not digitally signed, it will be necessary to file the paper return by following a two-step procedure:

First, the returns and the schedules thereto must be transmitted electronically (without digital signature) to the department's Web site and the acknowledgement number and the date of electronic transmission issued by the I-T department should be entered in the certificate below the verification of the return, after which it should be filed with the department.

The software for electronic filing of returns in Form No 1, 2, 3 and Form No 3B will be available on the Web site only from the middle of September.

The new return forms are now available on the department's Web site (incometaxindiafiling.gov.-in).

According to Mr Narayan Jain, senior tax advocate and Guest Faculty at WB NUJS, it is now mandatory, as per fourth proviso to Section 139 (1) of I-T Act, to file a return with effect from assessment year 2006-07, even though there was a perception among senior officers of the I-T department that it was not mandatory to accept a non-taxable return.

Apex court clarification

He said the apex court had amply clarified that a return was not a mere scrap of paper. "It is a return such as the assessee considers represents his true income and cannot be ignored."

The extension of due date for furnishing returns of income and fringe benefits (to October 31, 2006) for all non-corporate assessees (including partners of firms and charitable trusts and institutions), according to department sources, has been allowed mainly to enable the taxpayers to fully familiarise themselves with the new return forms.

Mohan Padmanabhan

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

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