Value Add : Mandatory E-filing of Income Tax Return

Five Rupee Coin

Income Tax (Photo credit: Dinesh Cyanam)

 

A recent circular from CBDT (Central Board of Direct Taxes) mandated the filing of Income Tax return compulsorily via electronic mode if your total income exceeds 5 lakh rupees.

This circular means that all assess with total income more than 5 lakh rupees, individual & HUF, who previously had option of filing paper based return, will now have to compulsorily move to efiling.  This means that they have two options still available:

– Obtain Digital Signature & file returns online.  (Costly option)

– File return online without Digital signature, take print of ITR-V & submit by ordinary post or Speed Post only at Bangalore CPC (obvious choice for most of assess)

While this is definitely a progressive move, however, lot of individuals would not be fully aware of the process of efiling (which personally I think is quite easy) & thus they will need to take service of professionals (they charge anything from 99 to 300 rupees).  From the department, I am expecting a quick turn-around on assessment as this time there wont be requirement of special form acceptance camps during July end period & obviously no data-entry efforts.

A notification dated, May 1, 2013 No. 34/2013, issues this mandatory order. Here is the updated extract for the Income Tax Rule 12 (sub rule 3):

The return of income [***] referred to in sub-rule (1) may be furnished in any of the following manners, namely:—

(i)  furnishing the return in a paper form;

(ii)  furnishing the return electronically under digital signature;

(iii) transmitting the data in the return electronically and thereafter submitting the verification of the return in Form ITR-V;

(iv) furnishing a bar-coded return in a paper form:

Provided that—

[(a) an individual or a Hindu undivided family, if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds five lakh rupees, shall furnish the return for the assessment year 2013-14 and subsequent assessment years in the manner specified in clause (ii) or clause (iii);

 

– Source: Income Tax Circular

 

 

 

 

Brainless Bomb : An expectation from MEN – ‘MARD’

In view of recent events of Delhi Rape and then media frenzy on security of women and stereotyping of all Men as ‘rapist’, to my utter surprise, I received this video, defining MEN.

This has been wonderful social activism, I came across in recent times.

MARD – MEN AGAINST RAPE & DISCRIMINATION

– Obtained this video as a forward on Whatsapp, no copyright violations intended.

Brainless Bomb : The Haircut – Short Story on Politicians

Cartoon, politicians

Politicians Cartoon

One day a florist went to a barber for a haircut.

After the cut, he asked about his bill, and the barber replied, ‘I cannot accept money from you, I’m doing community service this week.’ The florist was pleased and left the shop. When the barber went to open his shop the next morning, there was a ‘thank you’ card and a dozen roses waiting for him at his door.

Later, a cop comes in for a haircut, and when he tries to pay his bill, the barber again replied, ‘I cannot accept money from you , I’m doing community service this week.’ The cop was happy and left the shop. The next morning when the barber went to open up, there was a ‘thank you’ card and a dozen donuts waiting for him at his door.

Then a politician came in for a haircut.

When he went to pay his bill, the barber again replied, ‘I cannot accept money from you. I’m doing community service this week.’ The politician was very happy and left the shop. The next morning, when the barber went to open up, there were a dozen politicians lined up waiting for a free haircut.

And that, my friends, illustrates the fundamental difference between the citizens of our country and the politicians who run it.

MORAL TO REMEMBER: POLITICIANS AND DIAPERS SHOULD BE CHANGED OFTEN AND FOR THE SAME REASON.

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Story Credit: Source of story is unknown to me, found it via a forward message from a friend on Whatsapp !!!

Picture Credit: Google Image Search – No copyright violations intended.