CA certified Computation of income and ITR
Get CA certified Computation of income and ITR with UDIN in 30 mins for loan, income proof, visa purposes
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What is Computation of Income?
Computation of Income (CoI) for Income Tax Returns (ITR) is a summary of taxpayer details, all income sources, various deductions and calculation of income tax. This document is essential for various purposes, including bank loan approvals, insurance policies, and VISA applications. The CoI can be generated both before and after filing the Income Tax Return.
The official government ITR document contains extensive information, data, and complex calculations based on various sections of the Income Tax Act, making it challenging to interpret. However, the Computation of Income simplifies this by providing a clear summary of a person’s income structure, including sources of income, investments, expenses, and other relevant details. This summary enables banks, insurance companies, and financial institutions to easily analyze and make informed decisions.
What are the Components of Computation of income?
- Taxpayer details like PAN, Name, Father’s name
- Assessment year, ITR form number, Acknowledgement number, Date of filing
- Gross total income which is a total of all income sources and exemption
- Deduction under Chapter VI A for various investment and expenses
- Total income (Gross income – Deduction)
- Taxes paid like TDS, Self assessment tax, advance tax
- Tax payable or refundable
Use of CA certified Computation of Income and ITR
- Bank Loan like home loan, car loan
- Health Insurance Policy
- Term Life Insurance Policy
- Student and Tourist Visa Approvals
- Any other place where you need to show your income.
Documents Required for Computation of Income Preparation
To prepare the Computation of Income (COI), the following details and documents are required. All of these can be downloaded from the Government Income Tax Filing Portal through your login:
- ITR Form (Previously Filed Form)
- ITR V (Acknowledgement)
- JSON/XML File
Documents Required for CA certified Computation of Income and ITR
- ITR Form (Previously Filed Form)
- ITR V (Acknowledgement)
- Computation of income
- Balance sheet and P/L A/c (for business ITR)
How to get CA certified Computation of income and ITR?
- Call Us: Your requirement will be discussed on call for proper clarity
Provide the Documents: Share the documents with us on email [email protected] or whatsapp us at 9769647582
Review and Certification: The CA will prepare or review the Computation of Income based on the provided documents. Once satisfied with the accuracy, the CA will certify the Computation of income and ITR by signing and stamping it with their official seal on a separate certificate with UDIN.
Get Certificate: After certification, we will send Scanned copy in 30 minutes and physical copies will be delivered in 1-3 days. We deliver all across India.
Normal vs. CA Certified Computation of income and ITR
An Income Tax Return (ITR) is the primary document used for preparing the Computation of Income (COI). Once the COI is prepared, it can be used for various purposes. However, for added authenticity and credibility, entities like companies, agencies, insurance companies, or banks often require the COI and ITR to be certified by a Chartered Accountant (CA). A CA Certified COI and ITR includes the attestation, UDIN, seal, and signature of a CA in a seperate certificate, providing additional validation to the document.
How to verify the UDIN?
Every certificate we provide comes with a unique 18 digit ID – the UDIN (Unique Document Identification Number). You can effortlessly check its authenticity online at https://udin.icai.org/search-udin. After you search the UDIN you can see some details as mentioned in the certificate are available on UDIN.
Can a CA certify income tax return and computation of income?
In a series of commonly asked questions regarding the issuance of the Unique Document Identification Number (UDIN), The Institute of Chartered Accountants of India clarified that Chartered Accountants (CAs) are not authorized to certify Income Tax Returns and computation of income as true copies. However, they can provide a report, opinion, or certificate regarding the Income Tax Return and computation of income based on its source and data authenticity. CA certification provides guarantee that ITR is filed for the relevant year. Refer Page 24 Q36 of ICAI guidelines
The UDIN plays a crucial role in promoting transparency in the sector and combating malpractice. It is a unique number assigned to documents for anyone to verify their validity and legitimacy, aimed at preventing fraud. Banks, financial institutions, third-party stakeholders, and regulatory bodies can easily track UDINs issued by CAs, ensuring the credibility of certified documents and upholding the integrity of the data.
CA certified Computation of income
A CA issues a certificate which mentions that the computation of income for a particular ITR is same as the ITR filed which is downloaded from the income tax efiling portal. The Computation of income consists of details of taxpayers like name, address, PAN, ITR form number, Acknowledgement number, Date of ITR filing, Various income sources like salary, capital gains, business income, rental income and any other income, deductions, Total income, TDS, tax payable, etc.
The total income as mentioned in the computation of income should match with ITR acknowledgement form downloaded from income tax portal.
Format of CA certified Computation of income and Income tax return for bank loan
On the Letterhed of Chartered Accountant (CA)
We hereby certify that [name] Residing at [address] holding PAN has filed the income tax returns for the below Assessment Years and the data mentioned in the ITR (Details of which are mentioned below) is authentic and is based on details mentioned in the underlying computation of income. The ITR is downloaded from www.incometaxindiaefiling.gov.in.
Particulars | FY 2019-20 AY 2020-21 | FY 2020-21 AY 2021-22 | FY 2021-22 AY 2022-23 |
ITR Form Details | ITR-3 | ITR-3 | ITR-3 |
ITR Acknowledgement No. | 714074xxxxxx | 2181330xxxxx | 895xxxxxx722 |
Date of filing | 10-11-2020 | 16-12-2021 | 20-07-2022 |
Type of Return | Original | Original | Original |
Gross Total Income | 417750.00 | 431609.00 | 440840.00 |
Deduction Under Chapter VI-A | 845.00 | 1409.00 | 2396.00 |
Total Income (R/o to Rs. 10/-) | 416910.00 | 430200.00 | 438440.00 |
Total Taxes Paid | 0.00 | 0.00 | 0.00 |
The certificate is addressed to and provided to [name] solely for the purpose to enable comply with requirement of Loan Document and to submit the accompanying Statement to [bank and branch location] 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.
The accompanying Income Tax Returns, Computation of Income and Profit and Loss Account and Financial Statements for Financial Years ended on 31/03/2020, 31/03/2021 & 31/03/2022 are prepared from unaudited Books of Accounts produced before us for the Respective Years. Our responsibility is to provide a reasonable assurance whether Income Tax Return copies attached are same as filed on the website of Income tax Department.
For A R Dhorajiya & Co.
Chartered accountants
FRN : xxxxx
[Sign and stamp of CA]
Arjun Dhorajiya
(Proprietor)
Membership No. : xxxxxx
Place – Junagadh
UDIN – 23xxxxxxBGWPNA1498
Date – 24-02-2023
Format of CA certified Computation of income and Income tax return for Visa
On the Letterhed of Chartered Accountant (CA)
We hereby certify that [name] Residing at [address] holding PAN has filed the income tax returns for the below Assessment Years and the data mentioned in the ITR (Details of which are mentioned below) is authentic and is based on details mentioned in the underlying computation of income. The ITR is downloaded from www.incometaxindiaefiling.gov.in.
Particulars | FY 2019-20 AY 2020-21 | FY 2020-21 AY 2021-22 | FY 2021-22 AY 2022-23 |
ITR Form Details | ITR-3 | ITR-3 | ITR-3 |
ITR Acknowledgement No. | 714074xxxxxx | 2181330xxxxx | 895xxxxxx722 |
Date of filing | 10-11-2020 | 16-12-2021 | 20-07-2022 |
Type of Return | Original | Original | Original |
Gross Total Income | 417750.00 | 431609.00 | 440840.00 |
Deduction Under Chapter VI-A | 845.00 | 1409.00 | 2396.00 |
Total Income (R/o to Rs. 10/-) | 416910.00 | 430200.00 | 438440.00 |
Total Taxes Paid | 0.00 | 0.00 | 0.00 |
The certificate is provided solely for the purpose to comply with the requirement of VISA application and should not be used for any other purpose.
The accompanying Income Tax Returns, Computation of Income and Profit and Loss Account and Financial Statements for Financial Years ended on 31/03/2020, 31/03/2021 & 31/03/2022 are prepared from unaudited Books of Accounts produced before us for the Respective Years. Our responsibility is to provide a reasonable assurance whether Income Tax Return copies attached are same as filed on the website of Income tax Department.
For A R Dhorajiya & Co.
Chartered accountants
FRN : xxxxx
[Sign and stamp of CA]
Arjun Dhorajiya
(Proprietor)
Membership No. : xxxxxx
Place – Junagadh
UDIN – 23xxxxxxBGWPNA1498
Date – 24-02-2023
Sample Format of CA certified Computation of income and ITR
Page 1 – CA certified certificate for Computation of income and ITR
Page 2 – ITR V acknowledgment
Page 3 – Computation of income
Page 4 – UDIN Verification page
Conculsion
In conclusion, a CA cannot certify the income tax return and computation of income but can only provide a certificate regarding whether the ITR is actually filed and the details of computation of income and financial statements like balance sheet and Profit & Loss account provided by client matches with ITR form downloaded from the income tax portal.
If you want CA certified income tax return and computation of income for loan or visa purpose as explained to you in this article or you have any query then you can contact us at +91 9769647582
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