Income Tax Rules Changed: Taxpayers Must Know These Key Details

 







New Delhi: In a relief for taxpayers, Central Board of Direct Taxes (CBDT) has eased the process of authentication of electronic records in faceless assessment proceedings. The central government has amended Income Tax Rules, 1962, to provide that records submitted through account of the taxpayers in the Income Tax Department’s portal must be deemed to have been authenticated by the taxpayer by electronic verification code (EVC), as per IANS report
Income Tax Act Amendment
With this change, submission of electronic record by taxpayers by logging into registered account in designated portal of the Income Tax Department will be considered authenticated by EVC for the purposes of section 144B(7)(i)(b) of the Income Tax Act, 1961, IANS reported.
However, under the existing provisions, this simplified process of authentication by EVC is not available to certain persons (such as companies, tax audit cases, etc.) and they are mandatorily required to authenticate the electronic records by digital signature. It has now been decided that simplified process of authentication by EVC will be provided even for this category of taxpayers, according to IANS report.
Hence, the persons who are mandatorily required to authenticate electronic records by digital signature shall be deemed to have authenticated the electronic records when they submit the record through their registered account in the Income Tax Department’s portal, as per IANS report.
Government will make legislative amendments in this regard in due course, IANS reported.
Meanwhile, the CBDT has permitted filing of tax settlement applications for period up to January 31, by September 30, IANS reported.
It has been decided that such application can now be filed before the Interim Board for Settlement by taxpayers who have a pending case where filings could not be made earlier, according to IANS report.


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