RECENTLY ONE OF MY INCOME TAX ASSESSEE CALLED ME TO PROVIDE THE PASSWORD OF HIS INCOME TAX ONLINE REGISTRATION TO THE BRANCH MANAGER OF SOME REPUTED BANK. I COULDN’T UNDERSTAND WHY HE IS ASKING FOR THIS SO I ASKED MY ASSESSEE TO TAKE THE BRANCH MANAGER ON LINE.
I ASKED BRANCH MANAGER THAT WHY DOES HE WANT THE PASSWORD WHEN MY ASSESSEE IS PROVIDING HIM THE ITR’S , COMPUTATION OF INCOME TAX FOR LAST THREE YEARS AND OTHER DOCUMENTS WHATEVER IS NECESSARY, THAT’S ENOUGH FOR A BANK TO SANCTION LOAN.
HE TOLD ME SIR I WANT TO VERIFY THE ASSESSEE’S ITR’S , I SAID WHY YOU NEED TO VERIFY,THEN HE TOLD ME THAT HE WANT TO CHECK THROUGH INCOME TAX LOGIN ACCOUNT OF THE ASSESSEE THAT WHETHER THE STATUS OF RETURN IS SHOWING PROCESSED OR NOT.
FURTHER I ASKED HIM THAT WHY HE WANT TO CHECK THE STATUS HE TOLD ME SIR THAT MANY PEOPLE ARE FILING ONLINE RETURNS MENTIONING THEIR INCOME UPTO 10 LAKHS,SHOWING FRODLY PAID TAXES ETC,THEN THEY TAKE OUT PRINTOUT AND MANUALLY NEVER SEND THEIR ITR TO CPC BANGALORE/E-VERIFY THEIR RETURNS.
SINCE THEY KNOW THAT IF THEY WILL NOT SEND THE COPY OF ITR TO CPC BANGALORE WITHIN 120 DAYS IT WILL BE TREATED AS NULL AND VOID.
IN THE MEANWHILE THEY COME UP WITH THEIR ITR’S APPLY FOR LOAN ON THE BASIS OF ITR’S AND THE BANK ALSO SANCTION THE LOAN IMMEDIATELY ON THE BASIS OF ITR’S.AFTER THE LOAN IS SANCTIONED THEN BANK REALIZES THAT THE PERSON HAS APPLIED FOR LOAN SHOWING FORGERY ITR’S.
BUT MY QUESTION IS THAT THAT MISUSE OF ASSESSEE’S PASSWORD CAN LEAD TO MORE AND MORE FORGERY.
ACCORDING TO ME IT’S BETTER FOR BANKS TO ASK FOR ORDER OF INTIMATION U/S 143(1) ALONG WITH ITR’S BEFORE SANCTIONING THE LOAN. BECAUSE I THINK THIS IS THE AUTHENTICATED RECORD OF AN ASSESSEE FROM INCOME TAX DEPARTMENT.
FURTHER I REQUEST TO INCOME TAX DEPARTMENT TO TAKE STRICT ACTION AGAINST PEOPLE WHO HAVE FILED ONLINE RETURNS AND NOT VERIFIED TILL 120 DAYS EXCEPT IN FEW CASES.EVEN THE DAYS FOR VERIFYING THE ASSESSEE’S INCOME TAX RETURN THE TIME PERIOD CAN REDUCE TO 30 DAYS ALSO.
MUKESH KURIYAL
SYSTEMS ANALYST
KUDIYAL @ GMAIL.COM
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