The Income Tax Department is ready for accepting e-filing of returns for income tax and fringe benefit tax by corporates and non-corporates.
According to a recent notification by the Central Board of Direct Taxes, form number one--meant for filing of IT and FBT returns by corporates and form number two-- for filing of these returns by non-corporates -- have been designed as amenable to electronic filing.
In case where the taxpayer does not use a digital signature, a two-step procedure has been prescribed for furnishing these forms electronically without digital signature.
The first step is to transmit the details of the returns and schedules electronically without digital signature to the designated website and thereafter to file a paper return, the notification said.
However, if the return is furnished electronically under the digital signature, it will not be necessary to furnish the paper returns.
All corporate taxpayers are necessarily required to furnish the return for assessment year 2006-07 electronically after July 24.