At present two options are available for tax payers to e-file ITR, either e-file ITR by affixing digital signature or without affixing digital signature. In first case there is no need to send ITR-V to the I-T department’s CPC, based in Bangalore but in the later case tax payer is required to take a print out of ITR-V and send it to the I-T department’s CPC, based in Bangalore within 120 days of e-filing, in case tax payer fails to do so, his/her return would deemed to be invalid return.
The above practice is adopted by every Indian and also CBDT has made mandatory for the assessee whose income exceeds Rs.5 lakhs to file tax return online with the main motto of shifting all the working paperless.
As per statistics during 2012-13, a 31 per cent jump was seen in e-filings by taxpayers as 2.14 crore entities filed returns online as compared to 1. 64 crore in 2011-12 but still most of e-filings are done without affixing digital signature means sending ITR-V becomes necessary and thus does not fulfill the motto of department.
So CBDT has come up with the new way which will save the taxpayer from the hassle of sending the paper document (called ITR-V) by post and tracking its acknowledgement which is going to be operational within this financial year i.e. F.Y. 2013-14 (A.Y. 2014-15).
The department is also thinking to introduce “new concept of third party validation of utilities developed for e-filing which will avoid mistakes in returns and bring uniformity in the interpretation of tax laws in filing of returns”.
tax 'N' accounts people
Tarun Kumar Gupta
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