TAX RETURN PREPARERS

Amit


TAX RETURN PREPARERS

For most of the people, filing tax returns is a tedious process. Many people who are tax assessed but do not file the return only because they find the process too cumbersome and tedious. Government of India launched Tax Return Preparer (TRP) scheme in 2006-7. Through this scheme, anyone interested in becoming TRP can apply and get trained. The application is invited at regular intervals. The training is provided by NIIT centres and the fee is Rs. 100/- (Rs. 1000/- refundable security deposit at the time of admission).

The TRPs help people in filing their tax returns under section 139 of the Income Tax Act. However, they are not allowed to prepare the returns for professionals, those who are carrying out business or an NRI. The Tax Return Preparer shall prepare and furnish the return of income to the Assessing Officer having the jurisdiction over the concerned assessee or to any other officer or agency as may be directed by the Resource Centre with the approval of the Board and hand over the acknowledgement of having furnished the return to the concerned eligible person.

TRPs will receive 3% of the tax paid on the returns prepared & filed for every new assessee in the 1st year (subject to a maximum of Rs. 1000/-), 2% in the second year and 1% in the third year and Rs. 250 for the returns prepared & filed for the old assessees.

Similar to the Income Tax Return Preparers, the government of India has also allowed people tp get trained and become GST tax Return Preparers. They help the clients in