• Nov
  • 12
  • 2012

Now Submission of Certified Tax Audit Report with ITR is Must

Article ID 53544 | Posted In Income Tax | , | 8 Comments » Print Friendly and PDF

Prof. Krutesh Patel, CA

The Income Tax E filling website has undergone massive changes last week. The site has been modernized with growing need of Industry and professionals. The most important change is addition of professional window for chartered accountants. Till today, we have to file all income tax returns and related submissions like 154 through user account of concerned tax payer. It is open fact that about 90% of Income Tax Return is prepared by such professionals and not by tax payer directly. This created problem to keep track of processing of returns. When volume of return is numerous, it become practically impossible for professional to keep eye on their processing status. However, this separate professional window will help them to cater their customers in better way. Just like ROC, where such separate window is very successful, the same success is expected even in case of Income Tax. Still I am unable to register with said window, as site has been shown under construction. But I expect that, said window will call for better role of professionals.

However, there is some bad news, too. Now, professional has to certify Tax Audit Report along with filling of Income Tax return. It was required even now, but submission was not required online. But new site requires auditor to upload Income Tax Return along with Audit Report. This mean that, now CA can not keep preparations of 3CD report pending after September. Many times, due to over burden during September, many CA prefer to upload return mentioning date of Audit Report and then make Audit Report afterwards. However, now they have to put extra efforts and work harder in September.

Certifying report and return by professional will minimize changes of mismatch between that two. There were the cases where Assessee deliberately do not disclose some remarks of Tax Audit Report or don’t disallow some expenses, even if they were disallowed by tax auditor.  As return did not contain tax audit report, it was not possible for department to trace such instances. They come to know such only during scrutiny and many assessees takes shelter of that. This would be practically impossible due to said new portal. We keep our fingers cross and expect a successful implementation and functioning of said changes, both in the interest of department and taxpayer.