E- Filing returns
Individuals earning over R5 lakh a year will now have to file their tax returns in the electronic format. Last year, the government had made e-filing of tax returns mandatory for assessees with annual income of R10 lakh and above.
“This is a move towards using technology so that the interface between assessing officer and assessee is minimised,” revenue secretary Sumit Bose said at a post-Budget Ficci event.
Analysts say one can get the refund within three to four months after filing the returns online as the government has launched a web-based status tracking facility for refunds and the grievances redressal mechanism has been strengthened for ensuring prompt disposal of all complaints.
The Central Board of Direct Taxes has set up Aaykar Seva Kendras for efficient tax administration and the web-based facility can be used by the taxpayer to track the resolution of refunds and credit for pre-paid taxes and augmentation of processing capacity. Refunds are directly deposited through electronic clearing system in taxpayers’ bank accounts. Electronic filing of TDS returns are now available throughout the country. To ramp up the processing of refunds, the Centralized Processing Centre (CPC) at Bangalore has also increased its daily processing capacity of returns filed. Analysts note that the process of streamlining the tax refunds has helped taxpayers as they do not have to wait endlessly for getting their refunds.
The biggest disadvantage if one does not file
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