e-Return Intermediary

• What are the eligibility criteria for any entity for registering as e-Return Intermediary?
• If our company has applied under 'A registered company or a statutory body being an employer' category then, can we accept and upload the IT returns of any other person who is not our employee?
• One of the eligibility criteria for a firm of chartered accountants is that it has, 'Returned Total Income of two lakh rupees or more in each of the last two years'. How do you compute 'Returned Total Income'?
• Can any criteria be relaxed on the grounds of any other merit?
• What does Banking & Financial Services mean?

What are the eligibility criteria for any entity for registering as e-Return Intermediary?
Ans.'Electronic Furnishing of Return of Income Scheme, 2004' describes the eligibility criteria

If our company has applied under 'A registered company or a statutory body being an employer' category then, can we accept and upload the IT returns of any other person who is not our employee?
Ans. No, If you have applied under 'A registered company or a statutory body being an employer' category, you can only accept and upload IT returns of your employees. Eligibility criteria for accepting and uploading IT returns from General Public.

One of the eligibility criteria for a firm of chartered accountants is that it has, 'Returned Total Income of two lakh rupees or more in each of the last two years'. How do you compute 'Returned Total Income'?
Ans. Returned total income is the net taxable income excluding all the deductions ( i.e partners remuneration, deductions under any section). This income should be more than Rs 2 lakh for each of the last two years. Returned Income is the income on which tax is calculated in the return filed with Income Tax Department.

Can any criteria be relaxed on the grounds of any other merit?
Ans. No, The criteria prescribed by e-administrator (ITD) as per the scheme can not be relaxed by e-Return Intermediary Registrar (NSDL).

What does Banking & Financial Services mean?
Ans.

Banking & Financial Services for the purpose of this scheme means:

1. Financial leasing services including equipment leasing and hire-purchase by a body corporate;
2. Credit card services;
3. Merchant banking services;
4. Securities and foreign exchange (forex) broking;
5. Asset management including portfolio management, all forms of fund management, pension fund management, custodial depository and trust services, but does not include cash management;
6. Advisory and other auxiliary financial services including investment and portfolio research and advice, advice on mergers and acquisition and advice on corporate restructuring and strategy