Union budget 2020: faceless tax agents to keep you alert

NEW DELHI: Prepare for a fully electronic audit of your tax return, which is a paradigm shift with respect to the current procedure. These are the key points you need to know about faceless assessment.

1. All notices will be issued only in electronic mode in your e-filing account on the income- tax department’s portal. You may also receive intimation on your registered email ID. Do keep personal details like email id and mobile number updated on the income tax department’s portal for timely receipt of such notices.

2. Keep login credentials of your account on income tax portal handy to check on such notices and for filing timely responses.

3. The response to notices and all the documents are to be filed electronically on the income tax department’s portal within 15 days of issuance of the notice.

Live plus 4. You should keep handy Form 16 and Form 12BA (annual withholding tax certificate) issued by the employer; monthly salary slips and proof of all expenses reimbursed by your employer.

5. In addition, do ensure that documents for all deductions and exemptions claimed by you in the tax return form are readily available. These could include evidence of investments, including purchase of immovable property, copy of rent agreement, receipt of municipal tax (if you have let out your house on rent), interest certificate for home loans, details of loans/ gifts taken or received, copy of bank statements and demat account statements.

6. Under the new scheme, there is no face-to-face interaction between the tax officer and the individual. The individual would not know details of the tax officer who would be conducting the audit of his/ her return.

7. There is no requirement to visit the tax office. In rare cases when personal interaction is required, hearing will be conducted only through video-conferencing.