16 January 2013
Income Tax department has started it new e filing site . The Major change is that now CA has separate login facility and they are required to update/upload Income Tax audit report form 3CD and other income tax related forms. CA is required to verify and authorize various statutory Income Tax Forms under the Income Tax Law. Form 3CA Audit report under section 44AB of the Income-tax Act, 1961, in a case where the accounts of the business or profession of a person have been audited under any other law - Certificate of Audit from CA obtained by the assessee whose Income from Business is more than INR 60 Lakhs or Income from Profession is more than INR 15 Lakhs for Companies Form 3CB Audit report under section 44AB of the Income-tax Act, 1961, in the case of a person referred to in clause (b) of sub-rule (1) of rule 6G - Certificate of Audit from CA obtained by the assesssee whose Income from Business is more than INR 60 Lakhs or Income from Profession is more than INR 15 Lakhs for other than companies Form 3CD Statement of particulars required to be furnished under section 44AB of the Income-tax Act, 1961 - Annexure Form for audit report u/s 44AB Form 3CEB Report from an accountant to be furnished under section 92E relating to international transaction(s) - Every person entering International Transaction Form 29B Report under Section 115JB of the Income-tax Act, 1961 for computing the book profits of the company - MAT applicable for companies
Can anyone tell me from which year these forms to be filed Compulsorily?
02 August 2024
The new e-filing system for the Income Tax Department introduces several key changes for Chartered Accountants (CAs) and their clients, particularly concerning the filing and verification of various audit reports and income tax forms. Here’s a detailed overview of the significant aspects of this update:
### 1. **Overview of the New E-Filing System**
- **Separate Login Facility for CAs**: - CAs now have a dedicated login facility on the Income Tax e-filing portal. This allows them to directly manage and upload audit reports and other income tax-related forms on behalf of their clients.
- **Authorization and Verification**: - CAs are required to verify and authorize various statutory forms. This ensures that all the submitted forms are accurate and compliant with the Income Tax Act.
### 2. **Important Forms and Their Requirements**
#### **Form 3CA - Audit Report Under Section 44AB**
- **Applicability**: - For cases where the accounts of the business or profession of a person have been audited under any other law. This form is applicable to companies where the income from business exceeds INR 60 lakhs or income from profession exceeds INR 15 lakhs.
- **Usage**: - Used to report the audit findings conducted under any other law (e.g., Companies Act).
#### **Form 3CB - Audit Report Under Section 44AB**
- **Applicability**: - For persons whose accounts are audited specifically under the Income Tax Act. This form is used when the income from business exceeds INR 60 lakhs or income from profession exceeds INR 15 lakhs, and the entity is not a company.
- **Usage**: - Used to report audit findings for entities other than companies.
#### **Form 3CD - Statement of Particulars Under Section 44AB**
- **Applicability**: - Required to be furnished by the auditor as part of the audit report under Section 44AB. This form details various particulars required for the assessment under the Income Tax Act.
- **Usage**: - Provides detailed information about the financial status, compliance, and other relevant aspects of the business or profession.
#### **Form 3CEB - Report on International Transactions Under Section 92E**
- **Applicability**: - For every person who enters into international transactions or specified domestic transactions. This is applicable for compliance with transfer pricing regulations.
- **Usage**: - Provides details about international transactions, ensuring compliance with transfer pricing norms.
#### **Form 29B - Report Under Section 115JB**
- **Applicability**: - For companies subject to the Minimum Alternate Tax (MAT). This form is used to compute the book profits of a company for MAT purposes.
- **Usage**: - Used to determine the book profits for calculating MAT liability.
### 3. **Process for CAs**
- **Uploading Forms**: - CAs need to upload the audit reports and related forms through their separate login on the e-filing portal. The forms should be filled accurately based on the audited financial statements.
- **Verification and Authorization**: - After uploading, CAs must verify and authorize the forms to ensure correctness and compliance with legal requirements.
- **Client Communication**: - CAs should communicate with their clients regarding the status of these forms and any required actions or corrections.
### 4. **Taxpayer Responsibilities**
- **Providing Accurate Information**: - Taxpayers must provide accurate and complete information to their CAs for the preparation of these forms.
- **Reviewing Submitted Forms**: - It's prudent for taxpayers to review the forms submitted by their CAs to ensure accuracy and completeness.
### 5. **Compliance and Deadlines**
- **Timely Submission**: - Ensure that all forms are submitted within the due dates to avoid penalties and comply with tax regulations.
- **Keeping Records**: - Maintain records of all forms and communications related to tax filings for future reference and compliance checks.
### Summary
The new e-filing system streamlines the process of submitting and verifying tax-related forms by providing CAs with a dedicated login and enhanced functionalities. Key forms like Form 3CA, 3CB, 3CD, 3CEB, and Form 29B have specific requirements and applications, and CAs are responsible for ensuring that these are accurately filled and submitted.
For compliance and accurate filing, both CAs and taxpayers should stay updated with the latest regulations and utilize the e-filing system effectively. Consulting a tax professional for guidance on complex matters can further ensure that all requirements are met accurately.
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