Banks, firms worth Rs 1 cr can file e-returns for clients

Companies with a net worth of over Rs 1 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 Rs 1 crore or more (qualify as an e-return intermediary),” the Central Board of Direct Taxes (CBDT) said in a notification.

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

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

Any company with turnover of at least Rs 40 lakh in a year is required to file electronic returns. Others can also do so voluntarily.