Hyderabad, December 26......The Federation of Telangana Chambers of Commerce and Industry (FTCCI ) jointly with The Institute of Chartered Accountants of India (ICAI) organised a Seminar and interactive programme on the Income Tax E-verification scheme with Smt Sunita Bainsla, IRS, Principal Director General of Income Tax (Intelligence & Criminal Investigation) at Federation House, FTCCI on Tuesday.

The Central Board of Direct Taxes (CBDT), a statutory authority functioning under the Central Board of Revenue Act on 13th December 2021 notified the e-Verification Scheme 2021 to encourage voluntary tax compliance and to facilitate a transparent and non-intrusive tax administration. 

Speaking to a gathering of 200 plus CAs, Taxpayers and others Smt Sunita Bainsla said Hyderabad has a large number of cases of the e-verification scheme pending. It has an equally large number of non-response cases, which means it is a matter of great concern and difficulties ahead.

The scheme is simple and easy to comply with. It is a win-win scheme it helps all —the tax papers, CAs and the Income Tax Department, she added

In my view, Sunita Bainsla said, e-verification is the only way ahead for the department. It is important. And she urged people to comply and cooperate with the department.  Our objectives for the e-verification scheme are moving towards compliance and to have non-intrusive compliance.

Objectives of the e-Verification scheme Smt Sunita Bainsla said are to show the correct valuation of assets and liabilities. To know whether the balance sheet exhibits a true and fair view of the state of affairs of the business. To find out the ownership and title of the assets etc. 

Raj Gopal Sharma, IRS, Director of Income Tax (I & CI) (Admn), New Delhi gave a detailed presentation on the e-verification scheme. e-Verification is the most convenient and instant way to verify your ITR. You can also e-Verify other requests/responses/services to complete the respective processes successfully, including verification of: Income Tax Forms (through online portal / offline utility) e-Proceedings. Refund Reissue Requests. He gave the objectives of the scheme.

One important objective is to encourage voluntary compliance in, a non-obstructive manner. He explained the usefulness of the scheme. The inaccuracy of the data provided by the source can be corrected. It is also an opportunity to correct any omission or correction and mismatch of the data with the ITR. He also gave various sources of data where they get information from about transactions. He also explained the steps in e-verification.

1. Vijay Kumar, IRS, Director of Income Tax (I & CI) Hyderabad said the interactive session was long pending which for some or other reason couldn’t materialise. It is our good fortune to bring Smt Sunita Bainsla among us. She played a pivotal role in the e-verification scheme. It is also a unique meeting of taxpayers, CAs and Tax Officials.

Meela Jayadev, President for f FTCCI said, we understand that, with the help of the e-Verification Scheme 2021, the government is empowering the tax office to gather more information from taxpayers and reconcile it with information received from other specific agencies. 

CA Satish Kumar, Chairman of ICAI Hyderabad; CA Saran Kumar, CA P Samba Murthy, Suresh Singhal, Senior Vice President of FTCCI and Ms Sujatha, Dy CEO of FTCCI, CA Sudhir Sudhir VS, Chair, Direct Taxes Committee of FTCCI and others participated in the interactive session.