Sponsored
NEW RETURN FORM NO. 1 FOR COMPANIES FOR ASSESSMENT YEAR 2006-07 – FURNISHING OF RETURN BY REPRESENTATIVE ASSESSEES OF NON-RESIDENTS
CIRCULAR NO. 12/2006, DATED 27-11-2006
The Central Board of Direct Taxes, vide Notification S.O. No. 1163(E), dated 24-7-2006, inter alia, notified a new return from (Form No. 1) for companies for assessment year 2006-07. It was provided in the Form, and later explained in the Circular No. 9/2006 dated 10-10-2006 that it is mandatory for all corporate taxpayers to electronically furnish the return for assessment year 2006-07 after 24-7-2006.
2. It has been brought to the notice of the Board that the agents of non-residents, within the meaning of section 160(1)(a) of the Income-tax Act, are facing difficulties in electronically furnishing the returns of non-residents. This is because of the reason that there may be more than one agent for a non-resident in India for different transactions or a person in India may be an agent of more than one non-resident. Such situations are not covered by the existing software which functions on the principle of one assessee – one PAN – one return. Accordingly, it has been decided by the Board that it will not be mandatory for agents of non-residents, within the meaning of section 160(1)(a) of the Income-tax Act, to electronically furnish the returns of non-residents in Form No. 1 for assessment year 2006-07.
[F. No. 133/38/2006-TPL]
Sponsored
Kindly Refer to
Privacy Policy &
Complete Terms of Use and Disclaimer.
