Govt goes ahead with tax reforms

Resisting stiff opposition from the unions, the government pushed ahead with its tax reform agenda by launching electronic filing of income ...

Resisting stiff opposition from the unions, the government pushed ahead with its tax reform agenda by launching electronic filing of income tax returns in seven cities. While E-filing of returns is expected to make the process hassle-free for the assessees it would also make the tax administration efficient.

The banks selected by the finance ministry for the purpose are HDFC Bank, UTI Bank, IDBI Bank, ICICI Bank, Indian Overseas Bank and Bharat Overseas Bank. The facility would be available in six bank branches in Delhi, five in Mumbai, four each in Chennai and Bangalore and three each in Kolkata, Hyderabad and Ahmedabad.

Talking to reporters, CBDT chairman P. L. Singh explained that initially electronic filing was being done through intermediary banks as individuals would have to secure digital signature first for filing of electronic returns directly. The banks would charge Rs 100-400 for filing of returns per individuals. So far only 5,000 persons have secured digital signature.

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As a first step towards paper-less filing of tax returns, paper challans as proof of tax payment would be dispensed with for tax deduction at source (TDS) from this year.

Reacting on the issue of outsourcing of PAN cards, Singh said UTI’s subsidiary, from whom the service was being outsourced, of the 4.33 lakh applications received, 81,000 cards have been issued and an additional 1.33 lakh cards have been processed.

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