Banks, Cos worth Rs1 crore can file e-returns for clients

Banks, Cos worth Rs1 crore can file e-returns for clients

New Delhi: Companies having a networth of over Rs1 crore, including banks, can now qualify as an e-return intermediary and submit electronic income tax returns on behalf of tax assessee.

“A company incorporated in India, including a bank, having a net worth of Rs1 crore or more (qualify as an e-return intermediary)," the Central Board of Direct Taxes (CBDT) said in a notification.

Already, public sector companies, a firm of chartered accountants or company secretaries or advocates that have been allotted a permanent account number (PAN), individual CAs and advocate with PAN among others are authorised as e-return intermediaries.

In July 2007, the CBDT introduced the system of electronic filing of tax returns through intermediaries.

Any company with turnover of atleast Rs40 lakh in a year is required to file electronic returns. Others can also do so voluntarily.

According to the scheme, all e-return intermediaries would have to be registered with CBDT-appointed registrar. The intermediary should have a digital signature certificate from a competent authority authorised to issue such certificates by the Controller of Certifying authorities.

The intermediary would also have to ensure the confidentiality of information, have the necessary archival and security policy in place and should not have any criminal record, the CBDT said.