Over 75 lakh taxpayers availed e-verification facility for filing Income Tax Returns

by | posted in: Corporate & Business Advisory Services, Corporate Updates, Economy, Business Updates, Corporate Affairs, Income Tax,e-Filing- Individuals, Firms, Companies | 0

Over 75 lakh taxpayers availed the e-verification facility of their income tax returns filed till August 5 against around 33 lakh taxpayers last year till September 7, which will ensure faster processing of their returns. In all 226.98 lakh e-returns were filed in FY 2016-17 as compared to 70.97 lakh for the same period in FY 2015-16. The number is higher because last year the date of filing had been extended to September 7.

By September 7, 2015 nearly 207 lakh returns had been filed, which yields 9.8% rise in e-filing this year. Aadhaar based e-verification was used by 17.68 lakh taxpayers during the current year as against 10.41 lakh taxpayers during the same period in 2015-16, finance ministry said in a statement.

“In addition to these, 3.32 lakh returns were digitally signed. Thus, over 35% of taxpayers have already completed the entire process of return submission electronically,” it added. The forms that are not electronically verified have to be physically mailed to processing centre in Bengaluru before they can be processed.

The revenue department is encouraging all taxpayers who have submitted their returns to e-verify them as an easy alternative to sending their ITR-V form to CPC, Bengaluru.

The government said tax refunds of Rs 14,332 crore have been issued this year till August 5. “The Central Processing Centre (CPC) Bengaluru has already issued over 54.35 lakh refunds totaling to Rs 14,332 crore have been issued this year till August 5. “The Central Processing Centre (CPC) Bengaluru has already issued over 54.35 lakh refunds totaling to Rs 14,332 crore which includes 20.81 lakh refunds for AY 2016-17 (current year returns) totaling to Rs 2,922 crore till August 5, 2016,” the statement said.

Source: http://economictimes.indiatimes.com/articleshow/53607133.cms

 

E-filing: ATM-based Income Tax Return (ITR) validation facility enhanced

by | posted in: Corporate Updates, Economy, Business Updates, Corporate Affairs, Income Tax,e-Filing- Individuals, Firms, Companies | 0

The Income Tax department has widened the ATM-based validation system for filing e-ITRs by taxpayers with the inclusion of Axis Bank, after SBI, as part of its measure to enhance the paperless regime of filing the annual I-T returns.

“Now, Electronic Verification Code (EVC) can also be generated by pre-validating Automated Teller Machine (ATM) provided by Axis Bank. SBI had activated the facility last month. Other banks are also expected to join soon,” a senior I-T department official said.

In May this year, the department had launched the bank account-based validation facility in this regard for those who have not availed the internet banking facility.

 

The new facility is available on the official e-filing portal of the department- http://incometaxindiaefiling.gov.in/ and will work by using the One Time Password (OTP) verification system as activated by the department last year by using the Aadhaar number.

These measures are used to validate the e-ITR so that the taxpayer does not take the trouble of sending the paper-based ITR-V by post to the Bengaluru-based Central Processing Centre (CPC) for final resolution and processing.

The new ITRs have been notified early this year and taxpayers can e-file their ITRs till July 31.

ITR-1 can be filed by individuals having income from salaries, one house property and from other sources including interest.

ITR-2 is filed by Individuals and Hindu Undivided Families (HUFs) not having income from business or profession.

ITR-2A is filed by those individuals and HUFs who do not have income from business or profession and capital gains and who do not hold foreign assets.

Income Tax E-Filing Process – At a glance

by | posted in: Corporate Updates, Income Tax,e-Filing- Individuals, Firms, Companies | 0

Steps for Income Tax E-Filing:

 

 

  1. Select appropriate type of Return Form – ITR and download appropriate Return Form from https://incometaxindiaefiling.gov.in/
  2. Fill your particulars of name, address. PAN Number, date of incorporation (date of birth, in case of individuals), sources of income and the amounts and other details in the ITR return offline and generate a XML file
  3. Register and create a user id/password. User id is always your PAN number.
  4. Login and click on relevant form on left panel and select “Submit Return”
  5. Browse to select XML file and click on “Upload” button
  6. On successful upload, acknowledgement details would be displayed. Click on “Print” to generate printout of acknowledgement/ITR-V Form.
  7. In case the return is digitally signed, on generation of “Acknowledgement” the Return Filing process gets completed. You may take a printout of the Acknowledgement for your records.
  8. Incase the return is not digitally signed, on successful uploading of e-Return, the ITR-V Form would be generated which needs to be printed by the tax payers. This is an acknowledgement cum verification form. The tax payer has to fill-up the verification part and verify the same.
  9. The e-verification can be done using Aadhar number or through online banking. A duly verified ITR-V form should be submitted with the local Income Tax Office within 15 days of filing electronically. This completes the Return filing process for non-digitally signed Returns.
  10. For any assistance in filing the paper copy of the return please contact the Public Relations Officer of the local Income Tax Office.