Industry & Economy
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Income Tax
NSDL authorised to receive annual information returns
K.R. Srivats
New Delhi
,
July 22
THE Finance Ministry has specified National Securities Depository Ltd (NSDL), including its TIN facilitation centres, as an authorised agency for receiving annual information returns.
The Income-Tax Department relies on these returns to enlarge its information base on high-value transactions.
Currently, seven categories of entities/persons and transactions above certain specified value are under the scope of the returns.
NSDL would receive the returns on behalf of the Commissioner of Income-Tax (Central Information Branch), an executive order issued by the Central Board of Direct Taxes (CBDT) said.
The income-tax rules provide that annual information return has to be furnished to the Commissioner of Income-Tax (Central Information Branch).
It, however, stipulates that "where the board has authorised an agency to receive the return on behalf of the CIT (Central Information Branch), then the return shall be furnished to that agency."
Meanwhile, the CBDT has appointed the Director-General of Income-Tax (Systems) as the `Annual Information Return - Administrator'.
The day-to-day administration of the return would now rest with the DGIT (Systems).
The first set of returns are expected to be furnished by certain categories of persons (which includes Government agencies, banks, mutual funds and registrars) by August 31 for specified transactions recorded or registered with them during the 2004-05 fiscal.
The Finance Ministry has already allowed returns to be submitted through online transmission of electronic data under digital signatures.
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