E filing of Audit report

BY CA MUKESH BANSAL

9350774515

CA MUKESH BANSAL 9350774515 Downloaded from:www.simpletaxindia.net

ONLINE FILING OF

TAX AUDIT REPORTS

BACKGROUND


As per Notification No.34/2013 dated 01/05/2013, E-filing of audit reports shall be mandatory in following cases:(a) Audit report under Sec. 44AB in respect of books of account;(b) Audit report under Sec. 92E in respect of international transaction; or(c) Audit report under Sec. 115JB in respect of MAT computation.

CONTD..


Pursuant to amendment in rule 12 of the Income Tax Rules, by the notification no 42 dated 11/6/2013, the following proviso has been inserted in sub- rule (2) of rule 12.

“Provided that where an assessee is required to furnish a report of audit specified under sub-clauses (iv), (v), (vi) or (via) of clause (23C) of section 10, section 10A, clause (b) of sub-section (1) of section 12A, section 44AB, section 80-IA, section 80-IB, section 80-IC, section 80-ID, section 80JJAA, section 80LA, section 92E or section 115JB of the Act, he shall furnish the same electronically.”

http://taxguru.in/income-tax/notification-document-free-return-trust-efiling-audit-report.html

Procedure for E-filing

The procedure for E filling can be summarised in the following Four steps:

1. Registration as Tax Professional on Income Tax E filing Website

2. Engaging Tax Professional by Assessee

3. Uploading of Form 3CB by Tax Professional (CA) and

4. Approval of Form 3CB by Assessee


REGISTRATION AS TAX PROFESSIONAL ONE TIME ACTIVITY

The pre-requisites for registering as Chartered Accountant in e-Filing are:

1. The person should be a practicing Chartered Accountant (registered with Institute of Chartered Accountants of India, ICAI, with a valid Membership Number)

2. He/she should have a valid Permanent Account Number (PAN) and Digital Signature Certificate.



If you are a new user, click on the Register Yourself button

Registration


Registration Select “Chartered Accountant” against the radio button found under “Tax Professional” and click on the CONTINUE button.


The REGISTRATION FORM screen will appear.

Enter the details, upload the Digital Signature Certificate (DSC) and click CONTINUE button.

Registration


On successful validation, you will be directed to the next page of registration where you have to enter additional details like Password, Contact details, email Id and enter the Code displayed on the screen and click on the SUBMIT button.

Registration

Note: Make sure you provide a valid mobile number and email ID, as all the future communications will be sent to this mobile no. & email ID.CA MUKESH BANSAL 9350774515 Downloaded from:www.simpletaxindia.net

Successful RegistrationOn successful registration, a message will be displayed along with a transaction ID. An email with the user ID and activation link will be sent to your registered email ID.

Login to your email ID and click on the activation link. To login to e-Filing, you must activate your account.

You can now login and use the services on the portal.



Assessee can add CA to upload the Forms (other than ITR) on his/her behalf.1. Assessee should Login to e-Filing portal 2. Navigate to My Account -> Add CA3. Enter the Membership no of the CA, select the Form and

Assessment Year and enter captcha.

Steps to Add CA – Annual Activity


Steps to add CA

Some important points:At the time of adding CA , we have to fill only

membership number and the name of CA will be automatically filled in.

An email will be sent to the CA whose name has been added as such with the required particulars of Assessee.

An email will also be sent to the Assessee regarding engagement of CA for particular year.


Being a registered user on the portal, you can file Forms (Other than ITR) electronically.

The pre-requisites for e-Filing are:1. Assessee and the CA should be registered on e-Filing website2. Assessee should have added the CA for the desired Form and Assessment Year

Submission of Forms (Other than ITR)


Downloading of Offline utility



Preparation of Utility


Select Appropriate Form


Steps for submission of Offline Forms

1.GO TO 'Downloads' section and select applicable Form (other than ITR) of the relevant Assessment Year

2.Download and fill the utility of the Form (other than ITR) and validate.

3.Generate an XML file and save at desired path / destination of your system.

(c:/fakepath/….)



1.LOGIN to e-Filing application and GO TO --> e-File --> Upload Form

2.Enter the Assessee PAN, CA’s PAN; select the Form Name (other than ITR) and the Assessment Year.

3.Browse and Select the XML file


7. Upload Digital Signature Certificate.8. Click 'SUBMIT'.9. On successful upload, the Form (other than ITR) is sent to Assessee's workflow for acceptance.

10. The Assessee should LOGIN to e-Filing application, GO TO Worklist and accept/reject the Form (other than ITR).

11. A) On Approval, the Form is successfully submitted with e- Filing application. No further action is required.

B) If Rejected, the Tax Professional can file the Form

(other than ITR) again and follow the same process again.



Contd…

Four attachments are required: 1. Balance Sheet (Mandatory) 2. Profit & Loss Account (Mandatory) 3. Cost Audit Report 4. Excise Audit/other audit reportAttachments must be either in “zip” or “pdf”

format and with size up to 50 MB

Though Notes to Accounts are not mandatory but as a prudent practice they should also be submitted along with these documents


Approval/Rejection by assessee

After uploading of form by CA, Assessee has an option to approve or reject the form

He can also see and download the attachments and form uploaded by the CA

For approval as well as rejection he has to digitally sign

For rejection he has to give reasons (min 50 and max 250)




Uploading of form



Error message- if any


Confirmation of uploading


Assessee account position before approval


Form approved


Form rejected- reasons to be given




Checking of status from Income Tax Website


Features of Forms

Calendar for dates In text field, the maximum character and

remaining character shown at bottomUser will be prompted, if any field left blankAdd/remove and edit option availableSave Draft option availableAll amount in Rupees rounded off In case of %, fill only value In PAN field, NO auto check available


Benefits

Minimize chances of mismatch between the return and report

CA can keep track of his limit of tax audit. (45)

There may be cases where Assessee deliberately do not disclose the disallowance/ remarks of tax auditor

Earlier since signed report was not available, it was difficult for the Deptt. to trace such instances.


Benefits (contd.)

As per Section 44AB, it is the duty of the Assessee to furnish Tax Audit Report.

Assessee who has more than one tax auditor, has to obtain one combined tax audit report, since only one CA can file TAR of one assessee.

TAR has to be signed by the CA in his individual capacity since there is no column for mention of Firm name.

Contd…


Issues

Tax Audit report has to be filed on or before date of filing return of income.

All observations/qualifications/Disclaimer to be given in Column 3(a), no option to modify Form 3CA & 3CB


Issues

Every partner of the firm has to keep track of audit reports signed by him since Tax Audit Report has to be digitally signed by CA in his individual capacity. For audit period of F.Y. 2012-13 partners will not be able to sign audit reports on behalf of other partners.

Import facility not available.


After you login, the blue navigation bar on top will display additional menu options.

The Dashboard option will provide the current notifications

My Account option will provide services such as View Forms and View Client List.

The e-File and Downloads options, will allow you to file your return and download Forms, respectively.

Services


The Profile Settings option will allow you to update your profile, details like digital signature upload, secret question, contact details, change password, etc.

The Work list option will provide list of items, which may be pending for action at your end.

The Helpdesk option will allow you to raise a ticket, if you face any issues while e-Filing and check status of the ticket, if raised.


Verification of Forms (other than ITR)

There are some statutory Forms like Form 62, Form 63, Form 63A and Form 64 which needs to be initiated by Assessee and reviewed by CA. On finding the Forms in order, CA will approve and an acknowledgment number is generated.

Steps to verify submitted Forms (other than ITR) of Assessee

1.The CA should LOGIN to e-Filing application, GO TO Worklist and verify the Income Tax Form (other than ITR) submitted by the Assessee.

2.Upload Digital Signature Certificate.3.Click 'SUBMIT'.4.The Form is successfully submitted with e-Filing application.

No further action is required.


View Forms

My Account

View Forms displays the list of Forms uploaded by CA for an assessee.

The CA will type the PAN of the assessee and clicks SUBMIT button


View Client List

View Client list displays the list of clients of the CA.

My Accountcontd…



THANK YOUCA MUKESH BANSAL

9350774515

Date post:	14-Sep-2014
Category:	Business
View:	15,623 times
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E filing of Audit report

Business