fixed deposit and other income must be mentioned. The tax department usually checks these details through an automated process and compares them with their database.
To give more time to taxpayers filing returns without digital signature certificate, the director general of income tax has extended the date up to December 31, 2012, for filing the ITR V forms, or within 120 days of uploading the electronic return data, whichever is later.
The relaxation has been made since there are still a large number of electronic returns relating to assessment year 2011-12 that had been filed on or before the due date for which the ITR-V forms have not yet been received by the CPC.
Easier & faster
* The Central Board of Direct Taxes has set up Aaykar Seva Kendras for efficient tax administration
* 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 the electronic clearing system in the taxpayer’s bank account and electronic filing of TDS returns is now available throughout the country
* To ramp up the processing of refunds, the Centralised Processing Centre at Bangalore has also increased its daily processing capacity of returns filed
* A belated return can be filed within two years of the end of the financial year or before completion of the assessment year, whichever is earlier