CMA Intermediate · Direct and Indirect Taxation · Filing of Return of Income
Under section 264 of the Income-tax Act, 2025, which statement about the Scheme for returns through tax return preparers is correct?
The Board may make a Scheme that is notified and may operate irrespective of section 263. It is not limited to companies, which are actually excluded, and nothing requires annual parliamentary action or paper filing.
- AIt must be notified, and may be made irrespective of section 263Correct
- BIt applies only to companies filing returns
- CIt requires the Scheme to be made by the Parliament in each year
- DIt is operative only where the return is filed on paper
Explanation
Section 264(1) provides that the Board may make a Scheme which shall be notified, and clause (b) says it may be made irrespective of section 263. Companies are excluded from the specified class, and nothing in the text ties the Scheme to paper filing or yearly parliamentary action.
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