CBDT mandates use of e-proceeding facility for income tax scrutiny

Facility not applicable for search related assessments

by Nidhi Bhati

The central board of direct taxes (CBDT) has mandated that all income tax scrutiny assessment cases shall be conducted only through the ‘e-proceeding’ functionality in ITBA/e-filing. However, the e-proceeding will not apply to search-related assessments. The department has provided a relaxation till 31 March 2018 for stations which have limited bandwidth for e-communications. All orders, communications or notices issued to the assessee have to be signed digitally by the assessing officer. The CBDT further added that if an assessee objects to e-proceeding, then the case may be put on hold for the time being.

References
1. https://economictimes.indiatimes.com/news/economy/policy/big-relief-for-individuals-i-t-scrutiny-turns-faceless-with-e-proceeding-facility/articleshow/62894704.cms
CMIE STATISTICS
Unemployment Rate
Per cent
4.8 -0.0
Consumer Sentiments Index
Base September-December 2015
94.7 0.0
Consumer Expectations Index
Base September-December 2015
94.8 0.0
Current Economic Conditions Index
Base September-December 2015
94.6 0.0
Quarterly CapeEx Aggregates
(Rs.trillion) Jun 17 Sep 17 Dec 17 Mar 18
New projects 2.36 1.34 1.30 2.28
Completed projects 0.87 1.21 1.05 1.26
Stalled projects 2.67 0.69 0.95 3.35
Revived projects 0.23 0.34 0.22 0.18
Implementation stalled projects 0.77 0.78 0.59 1.05
Updated on: 22 May 2018 9:20AM
Quarterly Financials of Listed Companies
(% change) Jun 17 Sep 17 Dec 17 Mar 18
All listed Companies
 Income 9.6 7.9 11.9 10.9
 Expenses 9.9 9.0 12.9 18.6
 Net profit -19.8 -18.1 -14.0 -62.8
 PAT margin (%) 5.3 5.5 4.9 3.2
 Count of Cos. 4,493 4,481 4,445 993
Non-financial Companies
 Income 10.2 8.2 13.2 12.7
 Expenses 10.5 8.1 12.4 14.0
 Net profit -25.1 -6.0 12.6 2.8
 PAT margin (%) 5.2 6.2 6.4 9.3
 Net fixed assets 9.2 18.1
 Current assets 78.6 8.6
 Current liabilities 11.0 11.1
 Borrowings 10.4 -5.7
 Reserves & surplus 5.2 9.8
 Count of Cos. 3,471 3,456 3,443 784
Numbers are net of P&E
Updated on: 22 May 2018 9:20AM
Annual Financials of All Companies
(% change) FY15 FY16 FY17 FY18
All Companies
 Income 5.6 1.8 5.5 3.6
 Expenses 5.7 1.9 5.5 2.8
 Net profit 0.0 -10.0 25.8 9.8
 PAT margin (%) 3.1 2.8 3.6 10.0
 Assets 9.5 10.1 7.1 7.1
 Net worth 8.5 11.3 6.6 5.1
 RONW (%) 5.8 4.9 6.0 15.5
 Count of Cos. 25,791 23,882 21,156 37
Non-financial Companies
 Income 4.8 0.9 5.3 3.0
 Expenses 5.0 0.3 5.6 2.0
 Net profit -8.2 19.0 20.5 10.6
 PAT margin (%) 2.0 2.4 3.0 8.7
 Net fixed assets 13.4 17.3 6.1 2.7
 Net worth 7.0 12.0 5.3 3.6
 RONW (%) 4.7 5.2 6.1 17.0
 Debt / Equity (times) 1.1 1.1 1.0 0.2
 Interest cover (times) 1.9 1.9 2.1 16.2
 Net working capital cycle (days) 66 65 62 27
 Count of Cos. 21,034 19,996 17,659 28
Numbers are net of P&E
Updated on: 20 May 2018 10:09PM

Time-series available from 2007-08 onwards