The finance ministry on Tuesday said electronic records submitted through registered account of taxpayers in the income tax portal shall be deemed to have been authenticated by the taxpayer by EVC
Tax department should not issue notices indiscriminately
Many assessees have challenged reassessment notices under old law
Revenue department identifies people who have ignored notices calling for enquiry and verification of tax returns.
The CBIC has decided that all Saturdays (except second Saturday) will be working days for all the faceless assessment groups (FAGs) and port assessment groups (PAGs) across the country
Says recovery surveys be resorted to only if assessee is not responding to notices, can only be undertaken by those in investigation or TDS wing of tax dept
FinMIn says will benefit both assessees and I-T department, critics say personal hearing required in complex cases
While Faceless Assessment and Taxpayers Charter came in force from August 13, income-tax appeals are all set to go faceless from today, September 25
According to officials, Regional e-Assessment Centre (ReAC) has also been increased to 34 from 8 earlier
Taxpayers will be selected for assessment and other procedures through a system that uses data analytics, artificial intelligence and machine learning.
The faceless appeal system was also unveiled by prime minister Narendra Modi on Thursday
The nomenclature of the scheme has now been changed to "Faceless Assessment Scheme" from the existing "E-assessment Scheme"
One of the key points to note while accounting for these investments made from April to July is that a deduction once claimed in FY20 on an investment made, cannot be claimed again for FY21
The Rs 100-crore tax demand on Tata Education and Development Trust was raised last year by the I-T department owing to cancellation of registration on past exempted income.
Easing taxpayer compliance, the annual information statement has been subsumed in the Form 26AS
The earlier deadline was December 31, 2019
Though the system is called faceless, it would have a room for inviting tax payers through video conferencing
The Centre will have 16 officials and will be headed by a Principal Chief Commissioner of Income-tax as its chief
The 21-day time period would be from the date of receiving e-mail or SMS from the I-T Department regarding non-filing of tax returns
The e-assessment system will require the information technology wing of the direct tax office to undergo a major revamp