Good news for ITR Filers; You can now file tax audits with Aadhaar OTP, no digital signature required

By: Admin
June 29, 2024
Categories: Important News|Income Tax News
4 Min Read

The Income Tax Department has introduced a new verification method for tax audit forms, allowing taxpayers to use Aadhaar OTP instead of a Digital Signature Certificate (DSC). This simplified process enhances accessibility and user-friendliness, particularly benefiting those unfamiliar with digital signatures or who find DSC procurement challenging. To use this method, taxpayers select the Aadhaar OTP option on the e-Filing portal, receive an OTP on their registered mobile number, and enter it for verification. This initiative saves time, broadens accessibility, and reflects the department’s commitment to leveraging technology for a better taxpayer experience. For more information, taxpayers can visit the official e-Filing portal or contact the helpline.

Key Details:

The Tax Audit Report (Form 3CD) for the Assessment Year 2024-25 has undergone significant changes, as per the Income-tax (Fourth Amendment) Rules, 2024, with the aim of enhancing compliance and transparency in tax reporting.
Key amendments have been made to specific clauses in Form 3CD, including Clause 8a, 12, 18, and 19, which pertain to special tax regimes, reporting of profits under presumptive tax schemes, depreciation admissibility, and deductions under Sections 35, 35D, etc.
The mandatory requirement of Digital Signature for Tax Audit Reports has been removed, making the process more convenient for assesses.
Now, Individuals and Hindu Undivided Families (HUFs) can furnish or approve their Tax Audit Reports using Aadhar OTP or other Electronic Verification Code (EVC) modes.
However, this facility is not available to Firms, Limited Liability Partnerships (LLPs), Companies, Trusts, and other such entities.
Source #Income Tax Portal

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