| October 25, 2006 |
| The Finance Ministry introduced e-filing of Income-tax returns as part of e-governance initiatives of the Government of India. This year e-filing of corporate returns was made mandatory and the corporates were expected to file such returns by 31st October ’06. There have been certain problems in e-filing due to various technical reasons, such as bandwidth inadequacy, software errors and connectivity problems. The Finance Ministry proactively conducted awareness program in various cities and deputed earmarked technical experts to redress the practical difficulties and improvise the system on continuous basis. |
| Mr. T.N. Manoharan, President, The Institute of Chartered Accountants of India (ICAI) told that in view of inadequacy of time and the teething problems, representation was made to the Hon’ble Finance Minister Shri P. Chidambaram and to the CBDT to extend the time for corporate e-filing. The Finance Ministry was responsive to the representation made and CBDT gave personal audience on 23.10.2006. The ICAI highlighted all the genuine difficulties of corporate tax-payers and professionals in the e-filing of returns. The Revenue Secretary Shri. K.M. Chandrasekar was receptive and favourable to the representation seeking extension of due date by one month, Mr. Manoharan said. |
| Mr. Manoharan, President, ICAI thanked the Finance Ministry for issuing order in an expeditious manner on a holiday i.e., on 24.10.2006 extending the mandatory e-filing of corporate Tax Audit reports and Fringe Benefit Tax (FBT) returns of corporates upto 30th November 2006. This extension of time will help corporates and professionals to acquire grip over the e-filing and comply with the requirement well in time. ICAI has been chanellising the specific problems through an earmarked E-mail ID ranga@icai.org and forwarding the same to CBDT on a daily basis. ICAI will actively involve and associate with CBDT to make the mandatory e-filing of corporate returns a successful measure. Mr. Manoharan informed that Frequently Asked Questions (FAQs) clarifying many technical issues about e-filing are being compiled, which will be hosted in the website and released to the tax payers and professionals to enable them to successfully do the e-filing devoid of the teething problems. The FAQs will deal with critical questions that arise while e-filing and also the solutions which will be educative to the corporates and professionals, Mr. Manoharan told. |
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