Skip to main content

Tax Sleuths May Try Paperless I-T Assessment over Emails

By
Pilots would be conducted in Mumbai, Delhi, Bengaluru, Ahmedabad and Chennai for non-corporate cases; e-hearing would be held in 100 cases.
Scared of facing income tax officer? In a major initiative to address tax harassment, the authorities plan to do paperless income tax assessment over emails.
The Central Board of Direct Taxes (CBDT) has rolled out a pilot project whereby e-hearing would be conducted in 100 cases.
“This would eliminate the necessity of visiting the income-tax offices by the taxpayers, particularly in smaller cases involving limited issues and where taxpayer is able to provide details required by the assessing officer without necessi tating his physical presence,“ the apex direct taxes body said in a directive to field officers.
Pilots would be conducted in Mumbai, Delhi, Bengaluru, Ahmedabad and Chennai for non-corporate cases.
The NDA government has promised a `fair, predictable and stable' tax regime in the country.
Prime Minister Narendra Modi himself, in an interaction with the CBDT chief and revenue secretary some time back, had emphasised the need to improve the department's interface with taxpayers, according to a government official privy to the deliberations.
He had suggested cutting down on physical interface of taxpayers with tax authorities as that itself is sometimes seen as harassment and switch over to e-hearing scenario. Tax experts welcomed the CBDT initiative.
“This is an encouraging and progressive step in line with the government's resolve to bring in transparency and to bridge the expectation gap between the taxpayers and the tax authorities,“ said Vikas Vasal, partner at KPMG in India. “A lot of time, cost and effort can be saved with the use of technology ,“ he said.
Vasal said that besides being an environment friendly measure, electronic assessments will help achieve consistency in tax positions and speedy dispute resolu tion. Tax authorities have overtime gained an image that they harass and terrorise taxpayers and the board has undertaken a number of efforts to shed that tag.It has already asked tax officials not to give multiple appointments to taxpayers for any interaction as also to avoid roving enquiry in case of a scrutiny.
The board is taking steps to develop a dedicated standardised platform for electronic-interface with taxpayers.
Cases selected for scrutiny based on information in annual information return or mismatch in tax deducted at source would be taken up as part of this exercise.
The Economic Times, New Delhi, 21st Oct. 2015

Comments

Post a Comment

Popular posts from this blog

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the...
Post a Comment
Read more

SFBs should be vigilant, proactive to mitigate risks: RBI deputy guv

By
  The Reserve Bank of India’s Deputy Governor Swaminathan J on Friday instructed the directors of small finance banks (SFBs) to be vigilant and proactive in identifying emerging risks in the sector.Speaking at a conference for directors on the boards of SFBs, Swaminathan highlighted the role of governance in guiding SFBs towards sustainable growth with stability. He also emphasised the importance of sustainable business models.Additionally, he highlighted the need for strengthening cybersecurity to protect the entities against digital threats and urged for a stronger focus on financial inclusion, customer service, and grievance redressal to ensure a broader reach of banking services.Executive Directors S C Murmu, Rohit Jain, and R L K Rao, along with other senior officials representing the Supervision, Regulation, and Enforcement Departments of the RBI, also participated in the conference.   -  Business Standard  30 th  September, 2024
Post a Comment
Read more

Brigade Hotel Ventures files draft papers with Sebi for Rs 900 crore IPO

By
  Brigade Hotel Ventures Ltd, owner and developer of hotels in South India, has filed draft papers with capital markets regulator Sebi to raise Rs 900 crore through an initial public offering (IPO).The proposed IPO is entirely a fresh issue of equity shares with no Offer-for-Sale (OFS) component, according to the draft red herring prospectus (DRHP).Proceeds from the issue to the tune of Rs 481 crore will go towards payment of debt, Rs 412 crore will be allocated to the company and Rs 69 crore to its material subsidiary, SRP Prosperita Hotel Ventures Ltd.Additionally, Rs 107.52 crore will be used to purchase an undivided share of land from the Promoter, BEL, and the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes.The company may raise up to Rs 180 crore through a Pre-IPO Placement.   If the placement is undertaken, the issue size will be reduced.Brigade Hotel Ventures Ltd is a wholly-owned subsidiary of Brigade Enterprises ...
Post a Comment
Read more