E-Return Intermediary By - PowerPoint Presentation

1. E-Return IntermediaryByCMA S VENKANNACOST ACCOUNTANT14-09-2021ICMAI

2. Who is ERIAn Authorised Person who can filed ITR on behalf of Tax PayerE-Return Intermediary is a scheme launched by Income Tax Department.Eligible entities who can file ITR the Electronic Furnishing of Return of Income Scheme.As per the scheme, taxpayers have the option to submit their tax returns electronically through a liaison or intermediary. These authorised persons who assist taxpayers by filing their income tax returns on their behalf are known as e-Return Intermediaries.These intermediaries are officially appointed and authorised by the Income Tax Department to carry out such tasks. 14-09-2021ICMAI

3. Who can become e-RIAny person, except an Association of Persons/ Body of Individuals which possesses a PAN or assessable to tax. All eligible persons who wish to serve as e-Return Intermediaries are required to register themselves online with the NSDL provided they meet the eligibility criteria laid down by the Income Tax Department prior to the submission of their application.14-09-2021ICMAI

4. Eligible PersonsA Public Sector Company and any subsidiary of those companies.A Company incorporated in India includes Bank that is having a net worth of rupees one crore or moreA Firm of Chartered AccountantsA Firm of AdvocatesA Firm of Company SecretariesA Chartered AccountantAn AdvocateA Company SecretaryTax Return Preparers (Income Tax)A Disbursement Officer (DDO) of a Government DepartmentA Cost AccountantsA Firm of Cost Accountants14-09-2021ICMAI

5. Documents RequiredDue Diligence Certificate in the prescribed formatProof of Memorandum Of AssociationProof of certificate of registration issued by Registrar of CompaniesProof of PAN Card issued to the applicantProof of Memorandum of Association of Holding CompanyProof of Certificate of Registration issued by Registrar of Companies to Holding CompanyProof of PAN Card issued to Holding CompanyProof of Declaration from Holding companyProof of Registration Certificate issued to the firm by The Institute of Chartered Accountant of IndiaCopy of Net worth Certificate ( In case of companies incorporated in India)Proof of RBI approval (In case of Banks)Proof of Registration Certificate issued to the firm by Bar Council of India14-09-2021ICMAI

6. Contd…Proof of Registration Certificate issued to the firm by the Institute of Company Secretaries of IndiaProof of Certificate of Practice granted to the applicant by the Institute of Chartered Accountant of IndiaProof of Certificate of Bar Council of IndiaProof of Certificate of Practice granted to the applicant by the Institute of Company Secretaries of IndiaCopy of Tax Return Preparers Course Completion Certificate issued by Income Tax DepartmentProof of Tax Return Preparers Identity Card issued by Income Tax DepartmentLetter from the concerned Officer in case of Government DepartmentProof of Tax Deduction / Collection Account Number (TAN) allotment letterProof of Certificate of Practice issued to the applicant by the Institute of Cost Accountant of India14-09-2021ICMAI

7. Pre-requisitesClass II or III Digital Signature Certificate acquired through a licensed NSDL approved certifying authority. This is required for digitally approving and signing the uploaded online returns as well as the submitted application. This certificate is required to be in the applicant’s name. However, the applicant should provide and authorised letter in case the certificate is in an employee’s name or the name of a partnerComputer Hardware Requirements:A CPU unit of more than 500 MHzRAM of at least 256 MBAn 800 X 600 pixel screen resolution with a 256 colour display monitorA dedicated storage space of at least 20 GB on the hard driveAn UPS for backup power for at least 30 minutesA DAT drive or a CD writer or any other device that can be used for backupworking printer14-09-2021ICMAI

8. Software RequirementsAn operating system of Windows 98 or higherAny sufficient anti-virus softwareAny browser higher than IE 6.014-09-2021ICMAI

9. Internet and othersThe entity should possess internet connectivity of sufficient speedThe computer system used by the entity should only have programs allowed by the Income Tax Department along with required procedures in place that provide security of dataA due diligence certificate acquired from an authorised ISA or CISA professional should be submitted by the entityThe entity should not possess a criminal record14-09-2021ICMAI

10. Registratione-Return Intermediaries are required to follow the procedure below in order to apply for registration:Any entity that is considered eligible will be required to register himself or herself as an e-Return Intermediary with the NSDL via online means by filling in and submitting the relevant form of registration according to the given instructions. Any applications submitted physically will not be acceptedShould the application be confirmed and verified, the entity will be directed to a screen which will display an unique 15 digit number of acknowledgementThis acknowledgement will have to be downloaded, saved and printed by the entity14-09-2021ICMAI

11. The entity will then be required to sign the acknowledgementThis signed acknowledgement will then be required to be submitted to the NSDL with the following:Eligibility proofCertificate of due diligencePayment of for registrationPAN or TAN card, as per the disposition of the entity14-09-2021ICMAI

12. FeesRegistration processing Fee # (Non-Refundable)4,000/-Correction/ Update Processing Fee # (Non-Refundable)500/-Renewal Fee # (Non-Refundable)2,000/-Note: All Fees are subject to GST at 18%14-09-2021ICMAI

13. Validity of registrationThe correction / update facility is provided to the e-Return Intermediaries to correct/ modify any details submitted in the application after it has already been submitted to NSDL.Registration is valid for two years. The renewal will be effective from first of April. In case the initial application has been submitted between April and September, for the purpose of renewal it will be assumed that the intermediary was registered for the whole of that financial year. If the application has been submitted between October and March, for the purpose of renewal it will be assumed that the intermediary was registered from the next financial year.14-09-2021ICMAI

14. RenewalAn eligible entity shall apply for renewal of ERIA ID (e-Return Intermediary Admin ID) by submitting below documents: Duly filled e-RI Renewal FormDue Diligence Certificate issued by a CISA / ISA qualified auditorEligibility documents as applicable for your category (details available atwww.tin-nsdl.com)Processing fee – ₹2,360/- (₹2,000 + GST @ 18%) through cheque / DD payable at par in Mumbai – drawn in favour of “NSDL – ERI”.For processing of e-RI renewal application, kindly send the above mentioned documents and payment instrument to the address given below –14-09-2021ICMAI

15. Responsibilities of e-RIThey are required to make sure that the taxpayer or the assessee fulfils the eligibility criteria to avail of the schemeTo make sure that the PAN or TAN number quoted by the taxpayer is authenticTo make sure that all information relating to TDS, tax paid in advance and self assessment taxes are authentic in relation with the submitted documentsTo make sure that the taxpayer has entered and confirmed the correct details on the physical tax return formTo make sure that the data or information relating to tax returns is accurate prior to submissionTo make sure the returns are filed electronically on or prior to the filing dateTo make sure that the assessee has verified the ITR-V FormTo make sure that all electronic data relating to the tax returns are retained for at least a year after the assessment year ends14-09-2021ICMAI

16. ResponsibilitiesTo make sure that the taxpayer receives a physical copy of the following:The e-returnThe receipt of acknowledgement of the ITR-V FormThe ensure all information received is entire confidential, and can only be used after acquiring permission of the taxpayerTo make sure that all the terms, provisions and conditions outlined by the scheme are followed the individuals working under himTo ensure that any changes in the data submitted in the application is intimated to the RegistrarTo adhere to the rules and regulations outlined by the e-Return Administrator14-09-2021ICMAI

17. Procedure for RegistrationStep 1: An eligible entity shall access the official NSDL website for the registration of e-Return Intermediary online. Step 2: Then fill out the registration form as per the instructions that are given in the website. (Physical applications are entertained)Step 3: Upon finishing the application form, submit it online. On confirmation of the application, an acknowledgement number will be received that is displayed on the screen. Make a print or save the same for future reference.Step 4: The acknowledgement slip must be duly signed. In case of entities except for Chartered Accountant, an Advocate, a Company Secretary or Tax Return Preparers (Income Tax), Cost Accountant, the authorised official shall sign the acknowledgement slip and affix with the appropriate seal or stamp.Step 5: The duly signed acknowledgement slip along with all the above-mentioned documents, due diligence certificate and requisite payment must be sent to NSDL.14-09-2021ICMAI

18. Contd..Step 6: The payment for the processing of registration can be made either by Cheque or Demand Draft (DD) in favour of ‘NSDL – ERI’ for the amount of Rs. 4,600.Note: The Demand Draft (DD) shall be payable at MUMBAI. In case of cheque  (drawn on any bank) with any HDFC Bank branch across the country (except Dahej).Step 7: On receipt of required documents and the realisation of payment, the NSDL will assign with the user id and password. NSDL will also notify a URL provided to access the ITD website specified for upload of data in the prescribed form. Now the user will be notified with the user id and password via the e-mail address that has been provided in the application form.Step 8: Now login with the login credentials and conduct the data transmission test as directed in the official site.Step 9: On successful completion of this test, ITD will enable the applicant for the filing of e-Returns as per the scheme.Step 10: For this purpose, ITD will provide a unique e-Return Intermediary Identification Number (ERIIN) and password to the applicant.14-09-2021ICMAI

19. Contd..Status of application will be intimated by e-mail at the e-mail id provided in the application form.If the application is rejected, NSDL will intimate by email at the email address provided in the application form.For any future correspondence with NSDL, the applicant should quote 15-digit acknowledgment number.14-09-2021ICMAI

20. Dutiesensure that the assessee is an eligible person under this scheme;ensure that the assessee has quoted a correct and valid permanent account number or tax deduction account number;ensure that the particulars of advance tax, self assessment tax and tax deducted at source are in accordance with the documents enclosed;ensure that the paper return of income has been properly filled in and duly verified by the assessee;ensure accuracy of the data entry while transcribing the return of income and during its transmission;ensure that the electronic portion of the return of income is transmitted on or before the due date for filing the return of income;ensure that the Form-ITR-V, duly verified by the assessee, is filed with the assessing officer having jurisdiction over the concerned assessees;14-09-2021ICMAI

21. Contd…retain for a period of one year from the end of the relevant assessment year the electronic data of the return of income and the information relating to the provisional receipts issued in respect of the returns filed through it;provide to the assessee a paper copy of the e-return submitted by e-intermediary and the acknowledgement receipt of Form ITR-V filed to the Assessing Officer;maintain confidentiality of the information that comes to his possession during the course of implementation of this scheme and shall not part with any such information to anyone, except with the prior permission of the assessee or the assessing officer;ensure that all his employees, agents, franchisees, etc., adhere to the provisions of this scheme;promptly inform the Registrar of any change in the particulars given in the application filed by it for registration;Abide by the instructions issued by the e-Return Administrator, from time to time, for proper implementation of this scheme.14-09-2021ICMAI

22. AdvantagesTaxpayers can avail of a number of benefits by filing their taxes electronically through an e-Return Intermediary. Some of the benefits are outlined below:E-filing via an intermediary is quicker and doesn’t take up much time. It is a convenient and less cumbersome way for taxpayers to file their tax returnsIf eligible, taxpayers can receive tax refunds within a period of one or two months should they file their returns through an e-Return IntermediaryAll information provided by the taxpayer through an e-Return Intermediary are secure and confidentialFiling through e-Return Intermediaries also reduces any instances of mistakes or errors while filing tax returns as the system immediately highlights inaccurate data that has been filled in, and notifies the user to enter the correct information.14-09-2021ICMAI

23. TRP SchemeTax Return Preparer To assist small and medium taxpayers in preparation of their return of income and other income tax related issues, the Government of India has designed the Tax Return Preparer Scheme (TRP Scheme). Under the TRP Scheme, the Government of India authorizes tax professionals called as the Tax Return Prepares (TRPs). The Scheme is managed by the Income Tax Department. 14-09-2021ICMAI

24. QualificationDegree from Recognized University in the following disciplineLawEconomicsStatisticsMathematicsCommerceManagement / Business AdministrationAge21 to 35 years14-09-2021ICMAI

25. SyllabusArithmetic AptitudeLogical Reasoning TestVerbal RespondingGeneral EnglishThe Income Tax Department periodically conducts the examination for TRPs. Candidates who undergo the prescribed training and who successfully clear the examination are authorized to act as TRPs.14-09-2021ICMAI

26. ProcessEnclose a demand draft of Rs. 100 in favor of "NIIT Limited-TRPSCHEME" A/c. along with the application form.Training of 5,000 candidates will be carried out at 120 centers across the country.The selection of the candidates for the training of TRP shall be made for each centre separately.A maximum of 500 candidates per center shall be shortlisted out of the applications received on the basis of the marks obtained in the bachelor’s degree.The shortlisted candidates should appear for an enrolment test.An applicant is allowed to apply for 3 centers, clearly mentioning the centre preferences in the application form.In case a candidate is shortlisted at more than one training center for the enrolment test, he would be allotted the training center according to his order of preference.The result of the enrolment test shall be posted on the website.Successful candidates will make a security deposit of Rs. 1000 with NIIT. This deposit will be refunded only on successful completion of training of the candidateThe study material will be provided to successful candidates for training, including a web-based and classroom-based training program.After the training program, the candidates will go through an examination and will be certified as 'Tax Return Preparers'. They will also get subsequent help through a web-based Knowledge Portal and help desk to file returns of the taxpayers.14-09-2021ICMAI

27. Duties of TRPPreparation of the income tax return for individual and HUF taxpayersSigning such prepared returnSubmission of the ITRObtain a copy of acknowledgment on behalf of the taxpayerSubmission of statement of particulars to the resource center on or before 7th of each monthMaintain records of all tax returns prepared by them during the current as well as the previous year14-09-2021ICMAI

28. Thank You14-09-2021ICMAI