Worried tax assessees complain about lack of communication with Bengaluru-based CPC
The last date for filing income-tax returns is near. So the rush to file returns is on. However, despite the I-T department's initiative to provide electronic facility (e-filling) for filing returns, the commotion and the confusion just doesn't seem to go away.
R Krishnamurthy submitted his ITR-V (Income Tax Return -Verification) form by ordinary post on 5 May 2011. But he has not received any acknowledgement of receipt from the Income Tax department's Centralised Processing Centre (CPC), in Bengaluru, and is therefore uncertain about the status of his returns.
There are three ways to file the returns electronically. First, using digital signature where no paper return is required to be submitted. Second, is to file without digital signature where ITR-V form is supposed to be submitted to the CPC, Bengaluru, within 120 days of e-filing. This is a single-page receipt-cum-verification form. The third option is to file the papers through an e-return intermediary who would do the e-filing and assist the assessee in this process.
Mr Krishnamurthy sent his ITR-V form by post as his file did not have a digital signature. According to the procedure, on receiving the ITR-V, the CPC must send an e-mail acknowledging receipt.
Mr Krishnamurthy, has repeatedly tried to contact the CPC office on email and even on phone, but without success. Strangely, he did receive an SMS saying that certain documents were sent to him on email, but he says he has not got anything yet.
This is only one of numerous such cases that have been piling up over the past many months and there just does not seem to be anybody who will do anything about this. Some persons have complained about not getting e-receipts for their submissions. Others complain about wrong submission numbers on the e-receipts.
The issue of acknowledgements is all the more important as the CPC does not accept submissions by Speed Post, Registered Post, or by courier, and assessees who do not have a digital signature are required to send their the forms only by ordinary post and people have complained that this is unreliable.
The deadline for filing returns in 31 July 2011
Moneylife sent a detailed e-mail to the CPC seeking a explanation on these issues, but we have not received a reply till the time of publishing this story.
Moneylife reported last week that the Bombay Chartered Accountants' Society is making efforts to take up related issues with the Centralised Processing Centre. (Read, "Bombay Chartered Accountants' Society to take up I-T rectification matter with tax authorities".)
The Anil Dhirubhai Ambani Group (ADAG) company’s total revenues increased marginally due to lower than expected earnings from its wireless and broadband business
Reliance Communications Ltd (RCom) on Monday reported a 71% fall in full year net profit due to lower earnings from its wireless and broadband business, even as its revenues increased marginally (4.4%) to Rs23,108 crore.
For the FY that ended in March 2011, RCom said its net profit fell to Rs1,346 crore from Rs4,655 crore, while its total turnover, including wireless, global, broadband and diversified business, rose 4.4% to Rs23,108 crore from Rs22,132 crore. The company said its earnings before interest, tax, depreciation and amortisation (EBITDA) from the wireless segment decreased 15.2% to Rs4,737 crore and those from the broadband business fell 17.3% to Rs949 crore.
However, during the same period, RCom's EBITDA from its global business grew 134.7% to Rs3,980 crore from Rs1,696 crore.
The company said in March it drew down the third and final tranche of Rs1,200 crore towards refinancing of 3G spectrum fees out of the Rs8,700 crore facility provided by China Development Bank.
During the 12 months to end-March 2011, RCom said its subscriber base rose 33% to 136 million from 102 million, a year ago.
The company declared a full year dividend of 10% or about Rs120 crore.
For the year ending 31 March 2011, the standalone net profits of the company stood at Rs1.54 crore as against a net loss of Rs3.43 crore reported in the same period of the previous year
IT peripherals manufacturer TVS Electronics has reported a 95% increase in its standalone net profits for the fourth quarter ending 31 March 2011.
The Chennai-headquartered company has reported standalone net profits at Rs1.36 crore for the fourth quarter ending 31 March 2011, up by 95.1% from the Rs28 lakh reported in the same period of the previous year, the company said in a filing to the National Stock Exchange (NSE).
For the year ending 31 March 2011, the standalone net profits of the company stood at
Rs1.54 crore as against a net loss of Rs3.43 crore reported in the same period of the previous year, it said.
The standalone total income of the company for the fourth quarter ending 31 March 2011 dipped to Rs48.11 crore from Rs51.32 crore reported during the same period of the previous year.
At 15:38 hrs, the company was at Rs23.65 at the BSE (up 0.64%) while the benchmark Sensex was at 18,223.18 (down 42 points).