The finance ministry (FinMin) has asked Infosys to work on ways to extract and access taxpayers' real-time data faster and accurately as it is crucial for taking decisions on policy changes. While reviewing progress of the income tax portal 2.0, which had faced glitches, the officials also told the Infosys team to increase the scope of pre-filled data in the ITR forms. Senior officials in the ministry held a review meeting last month with the Infosys team and officials of the Central Processing Centre (CPC).
Individual tax-payers could get notices in case of a loan or a cash gift from a relative.
Use of the incorrect form will result in your return being treated as defective, points out Suresh Surana, founder, RSM India.
Income Tax dept to enhance prosecution against large defaulters.
Taxpayers are allowed to make the changes under certain circumstances
Under the new system, Infosys will handle end-to-end solution - from e-filing to return assessment to refund processing. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge relief for taxpayers.
The CBDT said this is "the final opportunity being provided to the taxpayers to regularise their pending ITRs pertaining to AYs 2009-10 till 2014-15.
After taxpayers file returns, IT department checks them.
Company says faults, which were noticed soon after system upgrade on March 27, have been rectified
Even if the same party returns to power, what is important to debate is that having introduced an entitlement, how challenging it is to reverse such decisions, says Mukesh Butani.
Move to hasten rollout and, if successful, set a precedent for new banking firms.
