The new ITR 5 and ITR 6 forms require corporate taxpayers to attach their balance sheets as per revised Schedule 6 of the Companies Act, against as per the I-T Act at present.
ITR 5 is used by association of persons, body of individuals and firms while ITR-6 is used by companies other than those claiming exemption under Section 11 of the Income-Tax Act.
In case of payment of bed debt, interest to non-resident, royalty, nature of expense/income and amount, additional disclosures in balance sheet is required. In case assessee has earned income from other sources, he is required to specify the source of income from which this income is earned.
Procedures to e- file the Tax Audit Report for AY 2013-14
Chartered Accountants holding Certificate of Practice or otherwise eligible to sign the tax audit report u/s 44AB of the Income-Tax Act, shall get themselves registered as Tax professionals on Income Tax E-filing Portal by clicking on following image:
As soon as you register yourself, you will receive an activation link on email id provided during registration, now you will have to click on the link to complete the registration process.
Once you complete the registration process, you can now login by using user id as ARCA (authorized representative CA) prefixing with your membership number. Eg. ARCA654321.
This step is to be done either by the assessee or by CA by using user id and password of assessee.
Assessee, who needs to get his account audited u/s 44AB of the Act, shall add the CA who is going to or has signed his tax audit report by following steps given below:
- Login with the user id and password of the assessee
- Go to my account
- Add CA – Enter the membership no of CA from whom the assessee wants or got his account audited and the system will automatically reflects the name of the CA only if he is already registered as tax professional as mentioned in step 1.
Now this step is similar to generating XML file for filing ROI, Download excel utility form of the tax audit report from the link given below, fill it completely and generate the XML file:
- Go to download
- Forms (other than ITR)
Since Balance Sheet and Profit and Loss Account is required to be attached or uploaded (in PDF format) with the XML file of tax audit report, prepare the final balance sheet and profit and loss account before submitting the tax audit report.
After preparing all the documents now upload it on e-filing portal of income tax by following steps:
- Go to the link https://incometaxindiaefiling.gov.in/e-Filing/Logout.html?ID=872639272
- Login with user id and password (e.g.ARCA654321)
- Go to the menu E-file
- Select the option upload forms
- Fill out the required details and submit it.
This step is to be followed either by the assessee or by CA by using user id and password of assessee.
Assessee whose tax audit report has been uploaded and submitted by the CA, (in step 5) is requiring approving the tax audit report. Steps to be followed:-
- Login with the user id and password of assessee
- Go to work list
- Approve the tax audit report