E-Filing to be introduced for Indian corporates

The government of India is set to introduce e-filing system for Indian corporates for tax payments. Following this system is mandatory for firms but voluntary for other classes of tax payers.

 The Central Board of Direct Taxes issued a circular which serves as a guidance note for corporate tax payers which will insure that their interaction with taxman will be reduced considerably. Firms need not attach audit reports along with their tax return, barring those with annual turnover of over Rs.40 Lakh.