No need to send ITR-V to CPC Bangalore
There is good news for the taxpayers as they needn’t to send the paper documents to CPC Bangalore in the near future. Income tax department is going to introduce a new system in which e-verification of the documents will be possible.
This is in the earlier stage of introducing the e-verification of paper documents as there is a lot to do before implementing as many formalities and approval to be taken. First the department need to develop infrastructure and some amendments to be made and after parliament approval is must before implementing.
According to officials, this new facility of electronic verification may be in operation in September which will save a lot of time and hassle of the taxpayers.
There is same option available in USA and income tax department wants to implement it in India.Presently two options are available in contrast of electronic income tax return filing. Either taxpayer need to digital sign or file the ITR without digital signature.
If the taxpayer signs digitally, there is no need to send ITR-V to the department but in the case of not digitally signature, the taxpayer need to send ITR-V to CPC Bangalore for the physical verification of ITR within 120 days of e-filing of income tax return.
There is a big increase of e-filing of income tax return in 2012-13 compare to the previous year and the figure is 31% higher.
source: tasxalertindia.com
CAclubindia
