15 Point Summary of New Income Tax E-filing Portal

(1.) The new IT Portal gets information/ data/ linkages from various other authorities such as BANKS, CIBIL, CAMS, TRACES, CDSL, IRDA, GSTN, STOCK EXCHANGES.

It is possible that the data obtained from above will be soon appearing in Form 26AS.

(2.) It is likely that for faster refunds, there would be automatic 18-20 validation stages/ model wherein if the assessee passes through it refund would be issued.

(3.) Figures of following will be appeared:I



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(4.) PAN application will soon be online without any additional charges. An E-PAN can be downloaded.

(5.) Going forward it seems that they would have an option on the portal that a person can view whether other person has filed his IT return or not.

(6.) Going forward the new portal will also verify whether PAN Number is correct or not. This may reduce TDS notices for wrong PAN’s.

(7.) Authorised Person can be assigned by the assessee.

(8.) A transaction ID will be generated when CAs accept the Form 15CB and will also receive an email. Do keep a record of it.

(9.) All the manual Form 15CA/ 15CB will have to be filled online on portal at a later stage when the website permits.

(10.) Since the new portal has an option of TDS/ TCS deductor and collector it seems that TRACES website will be done away wilth going forward.

(11.) Though Traces and IT Portal are linked, you will be able to file TDS Returns for Q4. If not it is advised to file offline.

(12.) Please download new DSC Management Utility from the new portal.

(13.) A nice summary of last 8 years IT Returns filed can be downloaded in excel file.

(14.) Based on PAN No, various applicable IT Forms will be appeared, however if any form is applicable and not appearing on the tab due to upgradation it is advised to raise Grievance.

(15.) E-Proceedings, DSC Registration and re-registration option for Trusts (12AA, 80G, etc.) is presently not functional and there are still many challenges on the new IT portal such as data not being saved, mismatch of data based on Aadhar and Pan, Authorised Representative (legal heir), UDIN Updates, etc.

On a positive note:

A great Data Analytics measure initiated by the Finance Ministry.

Be Patience as Change is Inevitable.