I-T Dept makes online info submission mandatory for firms

 In a move to plug loopholes that led to the alleged tax evasion by telecom giant Vodafone, the Income-Tax Department will make it mandatory for firms to submit information to it online before remitting payments to foreign companies, from July this year. "The information ... shall be furnished electronically to the website designated by the Income Tax Department, and thereafter a signed printout of the said form shall be submitted prior to remitting the payment," according to a new rule of the I-T Department.