Tuesday, July 23, 2013

CBDT Special IT return counters set up for tax payers 2013

The Central Board of Direct Taxes (CBDT) has announced that it has set up special income tax return counters for tax payers having incomes of upto Rs.5 lakh.

It also said that it has made E-filing of return compulsory for assessment year 2013-14 for persons having incomes exceeding five lakh rupees.

The CBDT vide its earlier notifications had exempted salaried employees having total income upto Rs. 5 lakhs, including income from other sources upto Rs. 10,000/- from the requirement of filing return of income for assessment year 2011-12 and 2012-13 respectively.

The exemption was available only for the assessment year 2011-12 and 2012-13. The exemption was giving considering 'paper filing of returns' and their 'processing through manual entry' on system.

However, this year the facility for online filing of returns has been made user-friendly with the advantage of pre-filled return forms. These E-filed forms also get electronically processed at the central processing centre in a speedy manner. Hence, the exemption provided during the last two years is not being extended for assessment year 2013-14.

Taxpayers are being encouraged to file their returns electronically. E-filing is an easy, fast and secure method of filing of income tax return. Moreover, Digital signature is not mandatory for these taxpayers and they can transmit the data in the return electronically by downloading ITRs, or by online filing and thereafter submit the verification of the return in From ITR-V acknowledgement after signature to Central Processing Centre. The processing for E-filed returns is faster.

From July 25 to 31 (except 27th and 28th July being holidays), special return receipt counters for salaried tax payers will operate at Pratayakshar Bhawan, Civic Centre, Minto Road, New Delhi this year. (Instead of Pragati Maidan and Mayur Bhavan as were done in the past).
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