New Procedure for Filling Tax Return - Filing of Return

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New Procedure for Filling Tax Return?
The Income-tax Department has introduced a simplified system for payment of taxes called Online Tax Accounting System (OLTAS). The salient features of the new system...

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T The Income-tax Department has introduced a simplified system for payment of taxes called Online Tax Accounting System (OLTAS). The salient features of the new system are: (a) Four copy challans have been replaced by single copy challans as under: Challan No. 280 - For payment of Income Tax (advance tax/ self assessment tax/tax on regular assessment) by all categories of tax payers. Challan No. 281 - For Tax Deducted at Source Challan No. 282 - For other Direct Taxes (including Wealth tax and Securities Transaction Tax) Challan No. 283 - For Banking Cash Transaction Tax and Fringe Benefit Tax. Were to File Return? The return should be filed with the Assessing Officer who assessed tax-payer in the preceding assessment year or to whom the records have since been transferred. The new assessees should file return to the Assessing Officer, who has territorial jurisdiction over the residence or the principal place of business of the assessee or with the assessing Officer having special jurisdiction over specific assessees or classes of assessees or classes of income. For example, assessees having income from contract business, should file their Income Tax -returns with the Assessing Officer having jurisdiction over the contractor's circle. A doctor or lawyer or chartered accountant should file is return in the respective professional circle. [Sec. 124] The return in the prescribed form duly stapled with acknowledgement slip should be delivered in person or through a messenger at counter against a receipted copy of the acknowledgement slip. In special circumstances, the return may be sent by registered post. Filing of Returns on Computer Readable Medium A salaried tax-payer may, at his option, furnish his return of income to his employer, in accordance with the scheme for bulk filing of returns'. The employer shall furnish all such returns received by him on or before the due date, on a floppy, diskette, magnetic cartridge, tape, CD-ROM or any other computer readable media, in the prescribed manner. [Sec. 139(1 A) & (1 B)]
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