Banks and companies having a net worth of over Rs1 crore can now function as an e-return intermediary and submit electronic income tax returns on behalf of tax assessee, the Central Board of Direct Taxes (CBDT) said in release on Tuesday.

The CBDT issued a notification amending para 5 of its earlier notification on the qualifications of an e-return intermediary. According to the amended rules, an e-return intermediary must be:

a)  A public sector company or any other company in which public are substantially interested and any subsidiary of those companies; or

b) A company incorporated in India, including a bank, having a net worth of Rs1 crore or more; or

c) A firm of chartered accountants or company secretaries or advocates, if it has been allotted a permanent account number; or

(d) A chartered accountants or company secretaries or advocates or tax return preparers, if he has been allotted a permanent account number; or