The certification of Income Tax Returns (ITR) by a Chartered Accountant (CA) in India is a process mandated by the Income Tax Act, 1961, in specific cases where businesses, professionals, or individuals must undergo verification or provide a certified report to comply with tax laws. Here’s everything you need to know about CA certification for ITR:
What is CA Certification of ITR?
CA certification of ITR involves verifying specific details of an assessee’s income, deductions, and tax liability. The CA issues a report or certificate confirming the accuracy and compliance of the return with tax laws. This certification is required in cases involving audits, complex tax filings, or legal mandates.
Who Can Provide Certification?
Only qualified Chartered Accountants (members of the ICAI) holding a valid Certificate of Practice (CoP) are authorized to certify ITRs, conduct audits, and issue reports under the Income Tax Act.
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Documents Required for CA Certification
For Businesses/Professionals:
Financial statements (audited/unaudited).
Trial balance, invoices, and expense records.
For Transfer Pricing:
Agreements, invoices, and documentation of related party transactions.
For Charitable Trusts:
Registration certificates, donation receipts, and financial accounts.
General:
PAN, Aadhaar, and bank account details.
Previous year’s ITRs and tax computation statements.
Penalty for Non-Certification
Failure to obtain certification or file a required CA report can attract penalties, including:
Section 271B: ₹1.5 lakh or 0.5% of turnover (whichever is lower) for not filing the tax audit report.
Section 271J: ₹10,000 penalty for incorrect certification by a CA.
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