E-filing of income tax returns will become completely paperless in a few months. The 2.14 crore tax payers who filed I-T returns electronically last fiscal, will not have to send the ITR-V, known as the acknowledgement or verification form, to the central processing centre (CPC) from 2014-15.
The Central Board of Direct Taxes (CBDT) is finalising a proposal to introduce electronic verification for such filings, K Satyanarayana, chief commissioner of income tax, told reporters here.
“It (introduction of electronic verification of online income tax returns) is in very advanced stage. Some clearances, some approvals have to be taken. Amendments to the Information Technology Act will be required. Then it will go to Parliament,” Satyanarayana added.
The facility is likely to come into effect from September. The measure would benefit the tax payers by saving them the hassle of sending paper documents by post and tracking its delivery.
However, salaried individuals may not be able to avail of the benefit as the last date of filing is July 31. Corporate tax assessees or those whose accounts are to be audited, will be able to use the facility as the last date them is September 30.