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Thursday, Jun 04, 2009
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Business Daily from THE HINDU group of publications Thursday, Jun 04, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Income Tax Info-Tech - E-Commerce & E-Business eFiling of personal income-tax getting good returns
L.N. Revathy Coimbatore, June 3 The Electronic Filing (eFiling) of income-tax returns by individuals is catching on, albeit slowly. A little over 27 lakh income-tax assessees filed their tax returns via the electronic route last year (2008-09). That is two and a half times more than the number making use of that facility the year before. Even in relative terms that is twice (7.3%) the figure of the previous year. Tax authorities expect the eFiling share to increase to 45 lakh returns or 10 per cent of the tax returns filed in assessment year 2009-10 and further to 15 per cent (82.50 lakh returns) in 2010-11. “The trend towards eFiling of tax returns is definitely catching up. The last-mile link was missing until last year. Though a good number of assessees took to electronic filing of returns, the filing part had to be in the physical mode. The digital signature has bridged this gap. So, one can now use the digital signature for electronically furnishing the return’,” Mr. Ravi Jagannathan, Managing Director and Chief Executive Officer, Consumer Services Division, 3i Infotech told Business Line. The company has registered over 20,000-plus digital signatures since expanding its services into the e-tax compliant space. The concept is expected to provide absolute relief, particularly to those in the IT and BPO companies on night shift, and those of postponing this work till the last date. According to Mr Jagannathan, the IT Department was giving due importance to E-Return Intermediaries (ERIs) to encourage eFiling of tax returns. “3i Infotech is building an awareness campaign,” he added. A recent circular from the I-T department noted that all returns filed electronically would be processed on priority basis at the centralised processing centre of the department in Bangalore. ProceduresTo facilitate eFiling, the board has notified new forms for the AY 2009-10. These return forms are available at http://www.incometaxindia.gov.in While eFiling is mandatory for a company and a firm liable to audit under section 44AB of the IT Act, it remains optional for other categories of tax-payers. The e-return has to be furnished at http://incometaxindiaefiling.gov. in. The department has further stated: “It is advisable, though not mandatory, to use a digital signature for electronically furnishing the return.” If the return is electronically furnished under a digital signature, the tax payer would not be required to furnish the Form ITR-V with the department. Else, the assessee would be required to follow up the electronic transmission of the data by submitting Form ITR-V (as verification of the electronic filing of return). Income-tax payer base doubles in a decade, helps in higher revenue mop-up New tax rule to usher in clarity on TDS credit Kerala to introduce facility for e-filing of tax returns CBDT notifies I-T forms for 2008-09 More Stories on : Income Tax | E-Commerce & E-Business
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