TMI BlogElectronic Furnishing of Return of Income Scheme, 2007X X X X Extracts X X X X X X X X Extracts X X X X ..... Taxes vide S.O. 1073(E) dated the 30 th September, 2004, except as respects things done, or omitted to be done, the Central Board of Direct Taxes hereby specifies the following scheme, namely:- 1 . Short title and commencement.- (1) This scheme shall be called the Electronic Furnishing of Return of Income Scheme, 2007. (2) It shall come into force on the date of its publication in the Official Gazette. 2. Definitions.- In this scheme, unless the context otherwise requires - (a) Act means the Income Tax Act, 1961 (43 of 1961); (b) Board means Central Board of Direct Taxes constituted under the Central Board of Revenues Act, 1963 (54 of 1963); (c) digital signature means a digital signature issued by any Cert ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ings respectively assigned to them in the Act. 3. Filing of e-Returns.- (1) An eligible person being a company or a firm referred to in clause (a) of proviso to sub-rule (3) of rule 12 of the Income-tax Rules, 1962 or any other eligible person may, at his option, furnish his return of income which he is required to furnish under section 139 or clause (i) of sub-section (1) of section 142 or sub-section (1) of section 148 or section 153A of the Act or return of fringe benefits which he is required to furnish under sub-section (1) or sub-section (2) of section 115WD of the Act for assessment year 2007-08 or any subsequent assessment year, to an e-Return Intermediary who shall digitise the data of such return and transmit the same ele ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccountants or Company Secretaries or Cost Accountants or Advocates, if the firm has been allotted a permanent account number; or (d) a Chartered Accountant or Company Secretary or Cost Accountant or Advocate or Tax Return Preparer, if he has been allotted a permanent account number; or] (2) The e-intermediary should have at least class II digital signature certificate from any of the Certifying authorities authorised to issue such certificates by the Controller of Certifying authorities. (3) The e-intermediary should have in place security procedure to the satisfaction of e- Return Administrator to ensure that confidentiality of the assessees' information is properly secured. (4) The e-intermediary should have necessary arch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry shall be valid for a period of two years and may be extended for a further period of two years. (8) The Registrar, including his employees, agents, franchisees, etc., shall maintain confidentiality of any information that comes to their possession during the course of implementation of this scheme and shall not part with any such information except with the prior permission of the e-Return Administrator. 7. Refund of security deposit to an e-Return Intermediary under the earlier scheme. - Where a person has been appointed as an e-Return Intermediary under the Electronic Furnishing of Income Scheme, 2004 , the security deposit made by him shall be refunded to him by the e-Return Administrator within the time decided by the e-A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Form ITR-V has been filed with the Assessing Officer within fifteen days from the date of issue of the provisional receipt. If the Form ITR-V is filed after fifteen days from the date of uploading the data then the date of filing the Form ITR-V will be the date of filing the return of income. 10. Processing of e-Return. - (1) The e-Retum shall be processed on priority basis. (2) The refund, if any, due to the assessee shall be either credited by the assessing officer directly to his bank account, using the Electronic Clearing Services of the Reserve Bank of India or be directly sent to the assessee. 11 . Functions and responsibilities of e-intermediary.- The e-Return Intermediary shall - (a) ensure that the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sing officer; (k) ensure that all his employees, agents, franchisees, etc., adhere to the provisions of this scheme; (I) promptly inform the Registrar of any change in the particulars given in the application filed by it for registration; (m) abide by the instructions issued by the e-Retum Administrator, from time to time, for proper implementation of this scheme. 12. e-Return Administrator.- (1) The e-Return Administrator shall specify the procedures, formats and standards for ensuring secure capture and transmission of data and shall also be responsible for the day to day administration of the scheme. (2) The e-Return Administrator shall ensure compliance by the e-Return intermediaries with he technical requirements o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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