Skip to main content

Full I-T e-assessment from next year; CBDT forms committee

Full I-T e-assessment from next year; CBDT forms committee
The government is set to roll out a pan-India "faceless and nameless" e-assessment procedure for income tax payers from 2018 with the CBDT today constituting a high-level committee to prepare a quick roadmap for the implementation of this ambitious proposal.
The Central Board of Direct Taxes (CBDT), the policy- making body for the Income Tax Department, notified a nine- member committee--headed by a Principal Chief Commissioner rank officer -- and has set for it a deadline of February 28, 2018, for submitting its report.
"The deadline of February end to the committee is an indication that the government and the CBDT want to usher in this new regime from the first half of the new year," a senior tax officer privy to the development said.The committee is being constituted as the "department is embarking upon the concept of a faceless and nameless e- assessment procedure", the CBDT order, issued late evening, said.
The CBDT has been running a pilot project in a few major cities and has been testing the feasibility of implementing this new regime of tax assessment for the last few years.The initiative was launched to reduce visits by taxpayers to I-T offices and their interface with the taxman, thereby curbing corruption.

"As such, there is an imperative need to re-deploy the available manpower in the light of the proposed e-assessment," the CBDT order said.
PTI has accessed the CBDT order.
The terms of reference of the committee are to propose the new deployment of manpower in view of the implementation of e-assessment; to propose modalities and stages of re- deployment of manpower from existing stations and to recommend the requirements of additional manpower and infrastructure, if any, in the light of this new initiative.
The committee will also "recommend distribution of manpower between assessment units, investigation wing and DG Systems (the technical wing of the CBDT) in view of the new areas assigned to the investigation wings in matters related to Operation Clean Money", launched by the government to check black money post demonetisation.
A blueprint prepared by the CBDT earlier this year had said the number of income tax payers opting for paperless assessment, under the pilot project, rose by 78 per cent over the last three years.
An official CBDT statement issued at the conclusion of the two-day 'Rajaswa Gyan Sangam' conference (national meeting of top tax officers of the country), held here this year, had said the government wanted I-T assessing officers to "be encouraged to maximise e-assessment in a phased manner and to ensure that work be completed online so that there is complete transparency."
Prime Minister Narendra Modi, who had inaugurated the conference, had also asked I-T employees to create an environment that instills confidence among honest taxpayers and uproots corruption.

PTI had first reported in April this year that all I-T department related proceedings would henceforth be conducted online.A new link--e-proceeding-- was recently hosted by the department on the personal login of the taxpayer on the e- filing website income tax india efiling.gov.in
The new regime of e-communication will, however, be voluntary and taxpayers can take a call on whether to conduct their dealing over the e-system or through the existing procedure of manual submissions of documents by visiting the tax office.Once taxpayers register on the web portal, they will get a confirmation as a text message and an email on their registered mobile number and email ID, indicating success.
The functionality to conduct e-proceeding will be available for all types of notices, questionnaires and letters issued under various sections of the I-T Act, the CBDT had earlier said.
The Economic Times, New Delhi, 21th December 2017

Comments

Popular posts from this blog

New income tax slab and rates for new tax regime FY 2023-24 (AY 2024-25) announced in Budget 2023

  Basic exemption limit has been hiked to Rs.3 lakh from Rs 2.5 currently under the new income tax regime in Budget 2023. Further, the income tax slabs in the new tax regime has been changed. According to the announcement, 5 income tax slabs will be there in FY 2023-24, from 6 income tax slabs currently. A rebate under Section 87A has been enhanced under the new tax regime; from the current income level of Rs.5 lakh to Rs.7 lakh. Thus, individuals opting for the new income tax regime and having an income up to Rs.7 lakh will not pay any taxes   The income tax slabs under the new income tax regime will now be as follows: Rs 0 to Rs 3 lakh - 0% tax rate Rs 3 lakh to 6 lakh - 5% Rs 6 lakh to 9 lakh - 10% Rs 9 lakh to Rs 12 lakh - 15% Rs 12 lakh to Rs 15 lakh - 20% Above Rs 15 lakh - 30%   The revised Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25)   Income tax slabs under new tax regime Income tax rates under new tax regime O to Rs 3 lakh 0 Rs 3 lakh to Rs 6 lakh 5% Rs 6

Jaitley plans to cut MSME tax rate to 25%

Income tax for companies with annual turnover up to ?50 crore has been reduced to 25% from 30% in order to make Micro, Small and Medium Enterprises (MSME) companies more viable and also to encourage firms to migrate to a company format. This move will benefit 96% or 6.67 lakh of the 6.94 lakh companies filing returns of lower taxation and make MSME sector more competitive as compared with large companies. However, bigger firms have shown their disappointment since the proposal for reducing tax rates was to make Indian firms competitive globally and it is the large firms that are competing globally. The Finance Minister foregone revenue estimate of Rs 7,200 crore per annum for this for this measure. Besides, the Finance Minister refrained from removing or reducing Minimum Alternate Tax (MAT), a popular demand from India Inc., but provided a higher period of 15 years for carry forward of future credit claims, instead of the existing 10-year period. “It is not practical to rem

Don't forget to verify your income tax return in August: Here's the process

  An ITR return needs to be verified within 120 days of filing of tax return. Now that you have filed your income tax return, remember to verify it because your return filing process is not complete unless you do so. The CBDT has reduced the time limit of ITR verification to 30 days (from 120 days) from the date of return submission. The new rule is applicable for the returns filed online on or after 1st August 2022. E-verification is the most convenient and instant method for verifying your ITR. However, if you prefer not to e-verify, you have the option to verify it by sending a physical copy of the ITR-V. Taxpayers who filed returns by July 31, 2023 but forget to verify their tax returns, will get the following email from the tax department, as per ClearTax. If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee. Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V through s