HomeVideosBusinessCBDT amended the Income Tax Rules 1962. EVC can be used...

CBDT amended the Income Tax Rules 1962. EVC can be used to authenticate electronic records

New Delhi: The Central Board of Direct Taxes (CBDT) has amended the Income Tax Rules, 1962 to simplify the process of authentication of electronic records in faceless assessment proceedings.

As per the new amendments, for the purpose of 144B(7)(i)(b) of the Income Tax Act, 1961, a simplified way to authenticate electronic records deposited through the registered account of the taxpayers in the portal of the Income Tax Department (‘The Act’) ) i.e. the use of Electronic Verification Code (EVC) will now make available the category of people who were earlier exempted.

Read also: Publicize report on agriculture laws for ‘peaceful solution’: SC panel member urges CJI NV Ramana

‘Under the existing provisions of section 144B(7)(i)(b) of the Act, this simplified process of authentication by EVC is not available to certain persons (such as companies, tax audit matters, etc.) and they are essentially “There is a need to authenticate electronic records by digital signature,” the finance ministry said in a statement.

In order to extend the benefit of simplified process of authentication by EVC to these persons, it has been decided to extend the simplified process of authentication by EVC to these persons also.

The statement also said that legislative amendments for the purpose will be proposed in due course.

.

RELATED ARTICLES
- Advertisment -

Most Popular

Recent Comments