CERTIFICATION OF ITR BY CA

                                            Chartered Accountant (CA) Cannot Certify ITR 

As per Frequently Asked Questions (FAQs) issued by Institute of Chartered Accountants of India ( ICAI ) relating to Unique Document Identification Number (UDIN) said that

"For the certification of ITR, Members are not authorized to certify ITR as a true copy. However, they can make an opinion/ certificate/ report about ITR based on its source, location and authenticity of data from which ITR is being prepared and UDIN is required while doing so."

The attached format can be used for Certification of ITR

PRACTITIONER’S REPORT ON INCOME TAX RETURNS AND PROFIT & LOSS ACCOUNTS AND FINANCIAL STATEMENTS

1. This Report is issued in accordance with the terms of our engagement letter by __________________________.

2. The accompanying Income Tax Returns, Computation of Income and Profit and Loss Account and Financial Statements for financial years ended 31/03/2017 and 31/03/2018 and 31/03/2019 are prepared from trial balance produced before us for the respective years which are prepared from unaudited books of account.

MANAGEMENT’S RESPONSIBILITY:

3. The preparation of the Statement is the responsibility of the Management of business of __________________________ including the preparation and maintenance of all accounting and other relevant supporting records and documents. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Statement and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances.

PRACTITIONER’S RESPONSIBILITY:

4. Our responsibility is to provide a reasonable assurance whether: The Income Tax Return copy attached is same as filed on the website of Income tax Department and the Profit and Loss Account and Balance Sheet are prepared as per the closing balances appearing in the trial balance produced before us for the respective financial years.

OPINION:

5. Based on our examination, as above, we are of the opinion that:

a. ITR-V copy attached is same as filed on the website of Income tax Department

b. Profit and Loss Account and Balance Sheet are prepared as per the closing balances appearing in the trial balance produced before us for the respective financial years.

RESTRICTION ON USE:

6. The certificate is addressed to and provided to __________________________ solely for the purpose to enable comply with requirement of Loan Document and to submit the accompanying Statement to ___________ Bank Limited, and should not be used by any other person or for any other purpose. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this certificate is shown or into whose hands it may come without our prior consent in writing.

ATTACHED:

ITR-V, Profit and Loss Account and Balance Sheet for financial years ended 31/03/2017 and 31/03/2018 and 31/03/2019 UDIN: ____________________________ Date: __________ Place: _________

For, __________________________.

Chartered Accountants

Partner CA ___________________

M. No. _____________

FRN _____________

Note on ITR V and P&L, BS after every stamp and Sign of CA and Date

“As per our Practitioner’s Report attached of even date under UDIN: ______________”

to download the Format in word click here

Decisions taken in 39th Meeting of the GST Council

39^th Meeting of the GST Council, New Delhi

14 March, 2020

***

 PRESS RELEASE

(Law and Procedure related changes)

The GST Council, in its 39^th meeting held on 14.03.2020, has made the following recommendations:

1.     Measures for Trade facilitation:

a.     Interest for delay in payment of GST to be charged on the net cash tax liability w.e.f. 01.07.2017 (Law to be amended retrospectively).

b.     Where registrations have been cancelled till 14.03.2020, application for revocation of cancellation of registration can be filled up to 30.06.2020 (extension of period of application as one-time measure to facilitate those who want to conduct business).

c.     Annual Return:

                                               i.     Relaxation to MSMEs from furnishing of Reconciliation Statement in FORM GSTR-9C, for the financial year 2018-19, for taxpayers having aggregate turnover below Rs. 5 crores;

                                             ii.     Due date for filing the Annual return and the Reconciliation Statement for financial year 2018-19 to be extended to 30.06.2020; and

                                           iii.     Late fees not to be levied for delayed filing of the Annual return and the Reconciliation Statement for financial year 2017-18 and 2018-19 for taxpayers with aggregate turnover less than Rs. 2 crores.

d.     A new facility called ‘Know Your Supplier’ to be introduced so as to enable every registered person to have some basic information about the suppliers with whom they conduct or propose to conduct business.

e.     The requirement of furnishing FORM GSTR-1 for 2019-20 to be waived for taxpayers who could not opt for availing the option of special composition scheme under notification No. 2/2019-Central Tax (Rate) dated 07.03.2019 by filing FORM CMP-02.

f.      A special procedure is being prescribed for registered persons who are corporate debtors under the provisions of the Insolvency and Bankruptcy Code, 2016 and are undergoing the corporate insolvency resolution process, so as to enable them to comply with the provisions of GST Laws during the CIRP period.

g.     A special procedure for registered persons in Dadra and Nagar Haveli & Daman and Diu during transition period, consequent to merger of the UTs w.e.f. 26.01.2020; transition to be completed by 31.05.2020.

h.     Extension of due dates for FORM GSTR-3B for the month of July, 2019 to January, 2020 till 24^th March, 2020 for registered persons having principal place of business in the Union territory of Ladakh. Similar extension is also recommended for FORM GSTR-1 & FORM GSTR-7.

i.      Bunching of refund claims allowed across financial years to facilitate exporters.

2.     Deferment of E-invoice and QR Code:

a.     Certain class of registered persons (insurance company, banking company, financial institution, non-banking financial institution, GTA, passenger transportation service etc.) to be exempted from issuing e-invoices or capturing dynamic QR code; and

b.     The dates for implementation of e-invoicing and QR Code to be extended to 01.10.2020.

3.     Deferment of e-wallet Scheme:

a.     Extension of the time to finalize e-Wallet scheme up to 31.03.2021; and

b.      Extension of the present exemptions from IGST and Cess on the imports made under the AA/EPCG/EOU schemes up to 31.03.2021.

4.     Continuation of existing system of furnishing FORM GSTR-1 & FORM GSTR-3B till September, 2020;

5.     Other new initiatives:

a.     Seeking information return from Banks;

b.     To curb fake invoicing and fraudulent passing of ITC, restrictions to be imposed on passing of the ITC in case of new GST registrations, before physical verification of premises and Financial KYC of the registered person.

6.     Issuance of circulars in respect of:

a.     Clarification in apportionment of ITC in cases of business reorganization under section 18 (3) of CGST Act read with rule 41(1) of CGST Rules;

b.     Appeals during non-constitution of the Appellate Tribunal;

c.     Clarification on refund related issues; and

d.     Clarification on special procedure for registered persons who are corporate debtors under the provisions of the Insolvency and Bankruptcy Code, 2016, undergoing the corporate insolvency resolution process.

7.     Amendments to the CGST Rules: Key amendments are as below:

a.     Procedure for reversal of input tax credit in respect of capital goods partly used for affecting taxable supplies and partly for exempt supplies under rule 43 (1) (c);

b.     ceiling to be fixed for the value of the export supply for the purpose of calculation of refund on zero rated supplies;

c.     to allow for refund to be sanctioned in both cash and credit in case of excess payment of tax;

d.     to provide for recovery of refund on export of goods where export proceeds are not realized within the time prescribed under FEMA; and

e.     to operationalize Aadhaar authentication for new taxpayers.

8.     Certain amendments to be carried out in the GST laws.

*****

Note: The recommendations of the GST Council have been presented in this release in simple language for information of all stakeholders. The same would be given effect through relevant Circulars/Notifications or amendment in GST laws which alone shall have the force of law.