Close on the heels of the Income Tax Department allowing Digital signing of Form 16, Skorydov Systems Pvt. Ltd. a software solutions provider has launched www.myitreturn.com for e-filing of tax returns. A first of its kind initiative in India, the website is designed to provide easy and quick web based solutions for filing Income-tax returns and facilitates generation and digital signing of Form 16. Operational since 1st April 2008, www.myitreturn.com is poised to herald a go green movement by facilitating the e filing of returns and eliminating the cumbersome paperwork involved in the tax filing process. It will be intuitive to use for corporates, individuals and tax return preparers. Today, 4 crore people file returns either in paper or electronic format every year and this number is likely to increase to over 10 crore by 2010. Myitreturn.com aspires to cater to this ever-growing group with simple return filing solutions. Last Year the Income-tax Department received nearly 1.5 million returns in electronic format. This figure just shows the popularity of the e-filing process. **

Skorydov has now introduced software for Digitally Signing of Form 16. Some companies have a large number of employees and the issuance of certificates of deduction of tax at source with manual signatures was becoming very time consuming. To overcome this problem Income tax department has permitted the use of digital signatures to authenticate TDS certificates instead of signing them manually. **

A week post the launch, Myitreturn.com already has prestigious corporate clients like, Wipro, Reliance Energy Limited, ICICI Bank Limited, Transworks and others. Currently Skorydov has a mandate to file tax returns for over 5 lakh employees from various corporates and individuals who are using the software solution to help their employees file their IT returns.

Mr. Saakar Suresh Yadav, Founder & Managing Director, Skorydov Systems Pvt. Ltd., states, “Skorydov has always been at the forefront in offering innovative solutions and products in the tax compliance or processes space. Our core strength lies in introducing technologically superior yet easy to use web based solutions to simplify the tax filing process for both individual and corporate users... The Income-tax Department has set a bench mark for other departments in the Government to follow the e-filing path.”

Skorydov is the first and the only company in country providing this solution of digitally signing and issuing Form16 to corporate clients. Some of the significant features of the software are:

• Generates Form16 as per the Department format
• Certificate is available in tamper proof – digitally signed PDF Format.
• Allows user to import the data in text format with text delimiter.
• Easy installation of software
• Configured with Microsoft Outlook for emailing of Form16 to employees.
• Multiple signing is possible
• Duplicate form 16 can be issued
• 1000 forms can be created and signed digitally in less than 60 minutes
• Privacy of the data is optimum as the software is installed at the employer’s computer.
  

Now Myitreturn.com combines this product along-with easy online filing of tax returns. By using this service, IT returns can be filed in a secure and low cost manner for just Rs. 199. Corporate houses do not need to disclose any confidential data of their employees while filing their tax returns and can also keep a track of the status of the returns. Chartered Accountants and Income Tax practitioners can help their individual assessee to file returns via this service. The payment module for e-filing of myitreturns.com allows professionals to have their own pricing structure.

* The provisions of section 203 of the Income-tax Act, 1961 lays down that every person responsible for deduction of tax at source shall furnish a certificate of deduction of tax at source to the deductee specifying therein the amount of the tax deducted and the rate at which the tax has been deducted and other particulars prescribed under rule 31 of the Income-tax Rules, 1962. The relevant Form for such certificate in respect of tax deducted at source from income chargeable under the head "Salaries" is Form No.16.

** For Reference of PR: http://incometaxindiaefiling.gov.in/portal/E-filing_report.html

** Reference Circular number 2/2007 of the Income-tax Department

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About Skorydov Systems Pvt. Ltd.:

Skorydov Systems Private Limited was formulated in the early 1998 in order to provide innovative software solutions. Today, by providing various softwares for tax compliance, Skorydov has become a leader of sorts in this area. It is the largest provider of tax compliance solutions is the country catering to the entire Income tax department of India. Large corporates also avail of their softwares in order to facilitate tax filing for their employees.

Skorydov is a common brand among Chartered Accountants and Companies and some of the commonly used products offered by Skorydov are Lexlegis, Taxhelp, eTDS & eReturn.

For further information, refer to – www.mytaxassistant.com