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Presentation on e-Filing of Audit Reports Webcast to ICAI Members 29 th August , 2013

Presentation on e-Filing of Audit Reports Webcast to ICAI Members 29 th August , 2013. New E-Filing Portal. Went LIVE on 9 th Nov 2012. New Features of E-filing Portal. Online Filing: ITR 1 online is new. ITR 4S is under development and will be implemented soon

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Presentation on e-Filing of Audit Reports Webcast to ICAI Members 29 th August , 2013

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  1. Presentation on e-Filing of Audit Reports Webcast to ICAI Members 29th August , 2013

  2. New E-Filing Portal Went LIVE on 9th Nov 2012

  3. New Features of E-filing Portal • Online Filing: ITR 1 online is new. ITR 4S is under development and will be implemented soon • Pre-Fill- Personal and Tax Information can be pre-filled in the Income Tax Return. • e-Filing History – Assessee can view all the ITRs filed by him electronically. Assessee can view (take a print) of XML, ITR-V/ITR-V receipt and the Return itself • Forms Other than ITR – can be filed by tax payer/CA/Deductor as the case may be ICAI a stake holder • Additional Web Services – ERIs /External Agencies (MCA, CBEC, DGFT, CBI, FIU) • Call Center • SMS and email alerts • Opt for Higher Security - for additional secured login • Helpdesk Module for raising queries relating to e-Filing

  4. e-filing: Year Wise Growth • Total 3.45 crore taxpayers are now registered for e-filing. • Total 2.14crore e-Returns filed in FY 2012-13 compared to 1.64 crore in FY 2011-12, and increase of 30.7%. • So far 1.38Crore returns received in FY 2013-14 an increase of 65% • In FY 2012- 13 78% of e-returns are from voluntary category.

  5. Summary on e-Returns submitted

  6. e-Filing - Background This is the New Portal Went LIVE on 9th Nov 2012 Uploads – 1. Income Tax Returns (ITRs) 2. Forms Other than ITRs 3. TDS Statements - To be developed 4. Annual information Returns (AIR) - To be developed

  7. e-Filing - Background Front end for CPC a) Status of returns – Processing/Demand/Refund b) Rectification uploads and status after processing c) Refund Re-issue Request d) Request for Intimation u/s 143(1) and 154 e) Outstanding Tax Demands f) Tax Credit Mismatch Summary g) View Form 26AS h) ITR-V Receipt Status

  8. e-Filing - Additional Services Offline Filing – Tax Payer can submit tax returns using excel utility preparation (All ITRs except ITR 7, which is yet to be developed) Online Filing – ITR 1 and ITR 4S are online. Pre-Fill- Personal and Tax Information can be pre-filled in the Income Tax Return. e-Filing History – Assessee can view all the ITRs filed by him electronically. Assessee can view (take a print) of XML, ITR-V/ITR-V receipt and the Return itself Forms Other than ITR – can be filed by tax payer/CA/Deductor as the case may be

  9. e-Filing - Additional Services contd… Additional Web Services – 1. ERIs 2. External Agencies (MCA, CBEC, DGFT, CBI, FIU) Call Center - Toll free number for calls, emails on e-Filing queries/Reset of password • 64 agents operational 24/7 during peak months • 45 agents operational 9am to 8pm (Monday to Saturday) during non-peak months SMS and email alerts Opt for Higher Security -for additional secured login Helpdesk Module for raising queries relating to e-Filing

  10. e-Filing – New User s Practicing Members of ICAI

  11. Issues Raised by ICAI (General) Issue Resolution While Audit Report will become valid on acceptance by Assessee, Date of upload would be treated as date of filing PAN Correction is the correct resolution Not acceptable. • Date of Receipt of Audit Report (Whether Date of filing by CA or date of Acceptance by Assessee) • Mismatch between PAN date of Birth and Date of Birth in ICAI database • DSC May be dispensed with

  12. Issue Resolution The field for Capturing FRN will be added in the verification for the CA. In Reports filed so far where the FRN was not captured procedure shall be intimated • As per ICAI’s Council Guidelines the Firm Registration Number (FRN) and the name of the firm with which he/she is associated, has to be mentioned in all audits. However, there is no such requirement in Form No. 3CA/3CB & 3CD

  13. Issues Resolution ICAI had suggested that separate column may be created with the clause itself; this would require a change in the form by TPL. More space is being created. A sub Committee of ICAI and ITD examining the additional space in Para 3 of Form No. 3CA/ Para 3(a) of Form No.3CB, • Guidance Note on tax audit u/s 44AB of the Income-tax Act, 1961” requires the tax auditor to mention his observations/reservations, if any, in respect of various clauses of Form No.3CD in Form No.3CD itself for the ease of the AOs in Para 3 of Form No. 3CA/ Para 3(a) of Form No.3CB,

  14. Issues Resolution More space is being created. A sub Committee of ICAI and ITD examining the additional space requirements • Word limit has been fixed for reporting in the e-filing schema like under each clause of Form no. 3CD limit is set at 100, for observations and comments the limit is fixed at 1000/2000, for ratios and computation thereof the limit is 30 in Para 3 of Form No. 3CA/ Para 3(a) of Form No.3CB,

  15. Issues Resolution ICAI pointed out that only in the case of disagreement would two separate reports be required to be filed. Thus more than audit report under DSC of different CAs are enabled Revised Reports can be filed • Capturing Signatures of More than one CA in the instance of joint Audits. • Revised Audit Reports to be enabled Capturing Signatures of More than one CA in the instance of joint Audits. According to the institute in case joint Auditors disagree there may be more than one Audit in Para 3 of Form No. 3CA/ Para 3(a) of Form No.3CB,

  16. Issues Resolution While the general feeling is that the CA's should themselves exercise caution, certain validations are being developed based on the recommendations of the sub-committee • ICAI wanted validations to be built in into various fields such as limits under Chapter VI A or where certain deductions can be claimed by Assessees of certain status.

  17. Issues Resolution While print option available post upload/approval of Forms. The XML can be imported into the Forms to check the correctness of the particulars keyed in before upload. The suggestion is being examined • In the Java format of e-filing tax audit reports, it is observed that the user is not able to take print out of the filled in forms before or after uploading the same in the e-filing portal in Para 3 of Form No. 3CA/ Para 3(a) of Form No.3CB,

  18. Issues Resolution For ITD to Provide import facility for multiple formats may not be viable. ICAI/ ERIs can consider working on such Utilities. However a standard CSV format for Depreciation schedule shall be made available to permit import • The facility of import of data form multiple formats (Excel etc) should be created to prevent tedious data entry/ dta entry errors especially with regards to depreciation schedule and other large schedules in Para 3 of Form No. 3CA/ Para 3(a) of Form No.3CB,

  19. Issues Resolution Have been resolved • CA s could not view clients • There were issues with regards to upload of 20MB/ 50 MB • Erasure of certain clauses particularly, the data entered in clauses 7(b), 8(b), 9(a) & 10 after saving • Special characters disabling • Companies prior to 1913 in Para 3 of Form No. 3CA/ Para 3(a) of Form No.3CB,

  20. Issues Resolution Consciously a decision has been taken not to put any validation in the Audit Report as it is not being processed. • In case of partnership firm, the total of profit sharing ratio of all partners is equal to 100%. The user should not be allowed to fill in further information if the total of profit sharing ratio is less than 100% in Para 3 of Form No. 3CA/ Para 3(a) of Form No.3CB,

  21. Issues Resolution While a change in the form is being suggested to TPL Increasing space for remarks at the end of the form is being worked out subject to overall limit of 50MB • 17- Separate disclosure for different nature of disallowance is not possible • Under this clause only single amount of disallowance can be specified in sub-clauses 17(a)/ (b)/ (c)/ (d)/ (e)/ (f). in Para 3 of Form No. 3CA/ Para 3(a) of Form No.3CB,

  22. Issues Resolution These issues stand resolved. PDF documents/ Text or Excel documents can be uploaded. Working on convergence with MCA • PAN to not be a mandatory field in the 206A cases • No order number in case of brought forward loss reference order • Difficulty in uploading scanned P&L accounts and balance sheets in Para 3 of Form No. 3CA/ Para 3(a) of Form No.3CB,

  23. Thank You e-Filing Team

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