Financial Daily from THE HINDU group of publications
Saturday, May 18, 2002
Financial Daily from THE HINDU group of publications Saturday, May 18, 2002 |
|
|
|
|
|
Industry & Economy
-
Income Tax Bulk filing of I-T returns to be allowed in 14 cities Our Bureau
NEW DELHI, May 17 THE Central Board of Direct Taxes (CBDT) is set to permit bulk filing of tax returns on a computer readable medium by salaried taxpayers in 14 cities to begin with. These include the four metros -- Delhi, Mumbai, Kolkata and Chennai - besides Ahmedabad, Bangalore, Baroda, Bhopal, Gandhinagar, Hyderabad, Jaipur, Jabalpur, Pune and Thane. The scheme -- to be called Suvidha -- was announced in this year's Budget to enable salaried taxpayers fulfill their tax obligations and receive refunds within a short period without any interface with the Income-Tax Department. As per the rules, an employer who has a minimum of 50 employees with income chargeable to tax for the relevant financial year assessed will be eligible to file bulk returns. Only employers who have been alloted a "tax deduction account'' number (TAN) will be eligible to file returns under this scheme. In the case of Union Government or State Government or a State-owned company, the drawing and disbursing officer (DDO) will be eligible to file bulk income-tax returns. An "eligible employee'' has been defined as an individual deriving income from salaries from an eligible employer or a DDO in any one of the 14 cities. The employee should also have a PAN number. Under the scheme, the "eligible'' employee can furnish his return of income for an assessment year to his employer who will transcribe the data of such returns on a computer readable medium using an authorised bulk return preparation software (BRPS) which will be made available by the Income- Tax Department. The scheme is an optional one as it provides an additional mode for filing income-tax returns. One bulk return will be furnished for one specified city using the BRPS and the bulk return will be processed on a priority basis, according to the proposed scheme which is on the Finance Ministry's Web site. The intimation under Section 143 (1), demand notices and refunds, where the employee has given an option, will be served on the employer.
Send this article to Friends by E-Mail
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|