Income taxpayers having an annual income of over Rs. 5 lakh will be required to file their returns in electronic form, a senior finance ministry official said on recently.
Besides, the finance ministry is also making provisions for e-filing of wealth tax returns.
Mr. Sumit Bose, Revenue Secretary said, “Income tax returns for the group above Rs. 5 lakh, all such returns will be efiled. This is a move towards using technology so that the interface between assessing officer and assessee is minimised“
The central government had last year introduced the system of e-filing of income-tax returns for assessees with annual income of Rs. 10 lakh and above.
Section 14 of the WealthTax Act provides for furnishing of return of net wealth as on the valuation date in the prescribed form.
Now, certain documents and reports are required to be furnished along with the return of net wealth under the provisions of Wealth-Tax Act read with the provisions of Wealth-Tax Rules.
Sections 139 C and 139 D of the Income Tax Act contain provi sions for facilitating filing of return of income in electronic form by certain class of income-tax assessees.
“In order to facilitate electronic filing of annexure-less return of net wealth, it is proposed to insert new sections 14 A and 14 B in the Wealth-Tax Act on similar lines... The amendments will take effect from June 1, 2013 ,“ said the memorandum to the finance bill 2013.
Bose further said the income-tax department is making all efforts to widen the tax base and is in the process of identifying PAN holders who have not filed returns.
He said the tax department would be sending out second set of “polite letters“ to 35,000 assessees. total above 70,000
As of now, the letter sent by the Income Tax authorities to 35,000 assessees include simple queries on whether or not they have filed their income-tax returns as well as the details of the filing, Mr. Bose said.
No comments:
Post a Comment