Assessment - General - Specified provisions of the Act which shall apply to Centralised Processing of Returns Scheme, 2011. - 03/2012 - Income Tax

Centralised Processing of Returns mandates electronic filing, ITR V procedures, electronic intimations and rectification by upload.

Notification prescribes modifications to the Income-tax Act to implement the Centralised Processing of Returns Scheme by making electronic transmission and processing the operative mechanism, treating electronic transmission date as the date of furnishing where Form ITR-V is timely submitted, allowing rejection of non compliant ITR Vs, requiring electronic filing of revised returns, enabling electronic service and processing of defective returns and rectification applications, determining liabilities after automated credit of TDS/TCS and validated tax payments, issuing electronic intimations that may operate as notices of demand, and conferring procedural rule making powers on the Director General.