CA. M. Lakshmanan
Applicable to returns filed electronically and for class of assessees specified in this behalf
The following assessees have to file compulsorily e return only:
– Limited Companies
– Compulsory Audit Cases
– from A.Y. 2012-13 Individuals/HUFs having
Total Income above Rs. 10 Lakhs and assessees who have got foreign assets.
To be filed with digital signature only for Limited Companies and for others whose accounts are audited u.s. 44 AB. If filed without digital signature the acknowledgement in Form V duly verified is to be sent to CPC within 120 days by ordinary or speed post.
If ITR V is rejected because the same is unsigned, illegible, mutilated, bad quality or not as per specification it is deemed to have been not filed and the return is to filed once again followed by submission of ITR V .
The Commissioner may condone the delay in a case or class of cases and he can call for fresh ITR V under special circumstances.
ACKNOWLEDGEMENT OF RECEIPT OF ITR V
This will be sent by CPC to the email address provided.
If not received within a reasonable time it can be downloaded from ‘My Account” menu.
REVISED RETURN OF INCOME
If original is filed electronically the revised is to be filed electronically only. Centre will process only the revised return.
INVALID or DEFECTIVE RETURN
The Commissioner may declare a return defective due to specific reasons and the same will be intimated to the assessee If revised return is not filed within the time specified the return filed will be rejected
The Commissioner has got powers to condone the delay.
PROCESSING OF RETURNS
The returns are processed after considering TDS/TCS and after verification of payment of taxes, intimations are generated to assessees by e-mail.Online GST Certification Course by TaxGuru & MSME- Click here to Join
Refunds are sent through refund bankers.
If there is demand the intimations are treated as demand notice u.s. 156.
If for any reason the return could not processed the same will be transferred to the jurisdictional officer and the same will be intimated to assessee as communication via email.
RECTIFICATION OF MISTAKE
Mistake apparent on record
Own motion or application by assessee
To be filed electronically only
Applications are processed after being vetted by the tax officials in the CPC.
Order u.s 154 is to be treated as demand notice u.s 156
If the error is due to data entry or software error the excess refund or reduction in demand will be corrected by CPC it on its own motion.
If the rectification results in excess demand or reduction in refund intimation will be sent and reply by assessee is to be considered.
ADJUSTMENT AGAINST OUTSTANDING TAX DEMAND
All outstandings as uploaded by the officer will be adjusted before issuing refund.
Appeal shall lie with the CIT (Appeals) having jurisdiction over the assessing officer.
Remand Reports and giving effect to the appellate orders shall be done by the Assessing officer.
NO PERSONAL APPEARANCE
Assessee or Authorised Representative shall not be required to appear at the centre.
Written or electronic communication is sufficient.
Centre can call for clarification, evidence or document, which are to be submitted electronically only.
SERVICE OF NOTICE OR COMMUNICATION
Delivering or transmitting electronically Placing the copy in the registered electronic account
Any of the modes mentioned in Sec 282(1).
Date of posting in the website/email is the date of service.
Computer generated notices need not carry any signature.
TO OPEN THE DOCUMENT PASSWORD IS REQUIRED
It is combination of PAN and Date of Birth/incorporation.
This can be stored as a word file in the computer in the respective assessee’s file for easy retrieval at every time for opening the documents received.
RE-SENDING OF INTIMATION U/S. 143(1)/154 / INCOME TAX REFUND
The process of request for re-sending of Intimation u/s 143(1)/154 and refund is available in ‘Services’option.
The Assessees who filed their income tax return online can request online for resending of their intimation under section 143(1) and section of the Income tax Act, 1961. Assessee can also place request for re-issue of income tax Refund..