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of <h1>Centralized Processing of 2006-07 Tax Returns: Mandatory Electronic Filing for Corporates, Optional for Others. New Forms Introduced.</h1> The Central Board of Direct Taxes has mandated centralized processing for returns filed at post offices or electronically for the 2006-07 assessment year. New return forms have been introduced, with electronic filing mandatory for corporate taxpayers and optional for others. The process involves designated Assessing Officers handling returns centrally, ensuring data entry, issuing intimation, and managing refunds. Concurrent jurisdiction is assigned to facilitate processing, and specific procedures are outlined for handling discrepancies between electronic and paper returns. Refunds are processed based on outstanding demands, with specific thresholds and timeframes for action. Penalty proceedings are not initiated by designated officers but referred to the main Assessing Officer.
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