Recently, a big relief news came from the Income Tax Department for the taxpayers. The Income Tax Department has now started the facility of online filing of Form ITR-B for those who have received a notice under section 158BC of the Income Tax Act.
Income Tax: Recently, a big relief news came from the Income Tax Department for the taxpayers. The Income Tax Department has now started the facility of online filing of Form ITR-B for those who have received a notice under section 158BC of the Income Tax Act. Now this form can be filled by going to the e-Proceeding tab of the Income Tax portal.
With this decision, taxpayers will get rid of the manual process and they will be able to take necessary action digitally from home. This step of the Income Tax Department is considered to be a big step towards making the tax system more transparent and technology based.
What is 158BC?
When the Income Tax Department conducts a search or seizure and hidden income is detected, then section 158BC comes into force. Under this section, the Assessing Officer can send a notice to the taxpayer and order him to file the returns of the last 6 assessment years. ITR-B form is especially used for this.
Now the option of e-Proceeding will be available on the portal
Earlier this form had to be filled manually. Due to this, there was a hassle of submitting documents in the tax office and corruption also increased. Now taxpayers can easily fill this form by logging into the Income Tax Portal and going to the e-Proceeding tab. This will not only make the process easier, but will also save time and reduce the chances of error.
CBDT issued advisory
The Central Board of Direct Taxes (CBDT) has appealed to all such taxpayers who have received a notice under section 158BC to avail this online facility without delay. Complete guidelines and step by step instructions have also been provided on the portal, making filing of returns even easier.
What should a taxpayer do?
If you have received a notice under section 158BC, then without wasting time, login to the portal and go to your e-Proceeding section and upload the ITR-B form. Delay may lead to penalty or additional action. This facility gives taxpayers an opportunity to fulfill their obligations in a more responsible and professional manner.
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