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November 27, 2006 Circular No. 12/2006 New return Form No. 1 for companies for assessment year 2006-07 - furnishing of return by representative assessees of non-residents 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]
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