News:- E-returns: CBDT may soon do away with submission of ITRV form In what could be good news for lakhs of taxpayers filing their I-T returns online, CBDT is mulling doing away with the mandatory submission of paper verification printout to its processing centre in Bangalore. Central Board of Direct Taxes (CBDT), the apex office to formulate policies for the Income Tax department, was prompted to take this customer-friendly step after it was recently informed that lakhs of such paper statements -- ITRV -- have not reached its Central Processing Centre (CPC) despite people filing their e-returns online. CBDT is now considering either bringing a notification to make a change in the rules or an amendment in the I-T Act stipulating that taxpayers filing their returns online will no longer need to send ITRV through post to the Bangalore office. The new measure, deliberated upon by the Finance Ministry and CBDT, will mean that the taxpayer will not even have to procure a digital signature as the department feels it has enough technology at its disposal to check cases of fake returns or under-reported I-T returns. There have been regular letters by taxpayers and other bodies to the board in this regard. Recently, it was noticed that lakhs of statements did not reach the CPC. The board may now totally do away with the procedure of sending by post the paper statement of an e-return. Read more at: business-standard/article/pf/e-returns-cbdt-may-soon-do-away-with-submission-of-itrv-form-114011200101_1.html
Posted on: Thu, 16 Jan 2014 06:59:41 +0000
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