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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 which are taxable and exempt, various deductions and calculation of income tax, TDS, advance tax paid. 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
What is CA certified Computation of income?
A CA certified Computation of income is 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.
Where is CA certified Computation of Income and ITR required?
- Bank Loan like home loan, car loan, mortgage loan, bike loan, business loan, CC loan, Credit card loan, etc
- Health Insurance Policy
- Term Life Insurance Policy
- Student and Tourist Visa Approvals
- Any other place where you need to show your income.
what does ITR with COI mean?
When someone says ITR with COI, they usually mean Income Tax Return filed (ITR V or ITR acknowledgement) along with a Certificate of Income (COI). This combination is often used when a person, such as a freelancer, self-employed individual, salaried employee or someone without formal salary proofs, needs to declare income for visa, bank loan or term insurance purposes. The COI is issued by a Chartered Accountant based on the income declared in the ITR and serves as a supporting document to validate the income shown.
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?
Provide the Documents: Share the documents with us on whatsapp at +91 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.
Here is a step by step process –
Visit the Official UDIN Portal
Go to https://udin.icai.orgClick on ‘Verify UDIN’
On the top menu, select the “Verify UDIN” tab.
Or go directly to: https://udin.icai.org/search-udinEnter the Details
Verifier type from drop down menu like Regulators, Banks, Authorities, or others
Verifier Name
Mobile and Email ID
- UDIN (19-digit number issued by CA)
- Captcha code
Click on Send OTP
Enter the OTP recieved on mobile and email. The portal will check and display the status of the UDIN.Check the Result
If the UDIN is valid, the page will show CA details, firm name and document type.
If the UDIN is not found or invalid, it will show an error.
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.
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 https://www.incometax.gov.in/iec/foportal/
Particulars | FY 2019-20 AY 2020-21 | FY 2020-21 AY 2021-22 | FY 2021-22 AY 2022-23 |
ITR Form Details | |||
ITR Acknowledgement No. | 714074xxxxxx | 2181330xxxxx | 895xxxxxx722 |
Date of filing | 10-11-2020 | 16-12-2021 | 20-07-2022 |
Type of Return | Original | Original | Original |
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
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 https://www.incometax.gov.in/iec/foportal/
Particulars | FY 2019-20 AY 2020-21 | FY 2020-21 AY 2021-22 | FY 2021-22 AY 2022-23 |
ITR Form Details | |||
ITR Acknowledgement No. | 714074xxxxxx | 2181330xxxxx | 895xxxxxx722 |
Date of filing | 10-11-2020 | 16-12-2021 | 20-07-2022 |
Type of Return | Original | Original | Original |
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
Membership No. : xxxxxx
Place – Junagadh
UDIN – 23xxxxxxBGWPNA1498
Date – 24-02-2023
computation of income format
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
ITR sample format
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
Frequently Asked Questions
Computation of Income (COI) in ITR refers to the detailed calculation of a taxpayer’s total taxable income from various sources such as salary, business or profession, house property, capital gains, and other sources, after claiming eligible deductions and exemptions under the Income Tax Act. This computation forms the basis for determining the total tax liability for the financial year and is usually helpful in quick analysis of income by banks, visa emabassies, insurance companies, etc.
Yes, UDIN is mandatory for all CA Certificates, according to the Q28 of FAQ on UDIN released by ICAI.
You can get your Computation of Income (COI) by using documents like Form 16 (for salaried individuals), Form 26AS, AIS, and bank statements to calculate income from all sources, claim eligible deductions, and determine your taxable income. This can be done manually, through a Chartered Accountant, or by using software that auto-generate the COI based on your inputs like JSON of the ITR filed.
Computation of income from salary refers to the process of calculating the taxable income earned from salary by an individual during a financial year. It involves adding up all salary components such as basic pay, allowances, bonuses, and perquisites, then deducting exemptions like HRA (House Rent Allowance), standard deduction (₹50,000), and professional tax (if applicable). The resulting amount is the net taxable salary, which is then included in the overall computation of total income to determine the individual’s tax liability.
CA attestation on ITR refers to the process where a Chartered Accountant (CA) reviews and certifies the Income Tax Return (ITR) to ensure accuracy with the ITR filed online. While most individual taxpayers are not required to get their ITRs attested, CA attestation becomes mandatory in specific cases like while applying for loan, visa, insurance, etc This attestation acts as a professional validation of financial statements or claims made in the ITR.
The Income Tax Return Acknowledgement is a confirmation document generated after successfully filing your ITR. It is also known as ITR-V (Verification form) and acts as proof that your return has been submitted to the Income Tax Department.
Yes, a Chartered Accountant can certify the computation of income based on the ITR filed. While the ITR itself is filed by the taxpayer, a CA can issue a certificate or report confirming the declared income, which is often required for visa, loan or official documentation purposes.
You can prepare your ITR computation using income details, deductions and tax liability calculations manually or through tax filing software. If you are filing with the help of a CA, they usually provide a detailed computation sheet along with your filed ITR.
The term “IT Return Certificate” is not officially used by the Income Tax Department, but it usually refers to the ITR-V (acknowledgement) or a CA certified computation of income certificate (COI). You can download ITR-V from your income tax portal account. For a computation of income certificate, contact a Chartered Accountant like us at +91 9769647582.
Provisional computation refers to a preliminary calculation of total income and tax liability, usually prepared before finalizing the ITR. It helps estimate tax payable and plan for advance tax or self-assessment tax before filing the return.
COI stands for Computation of Income. It is a summary of income, deductions and tax calculation of the income of an individual based on their ITR and financial documents. It is commonly required for term insurance, loan processing or visa applications.
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