05 February 2014
IN CASE OF A CORPORATE, HAVING TURNOVER OF 72 LACS ,SHOULD I HAVE TO DOWNLOAD BALANCE SHEET WITH ANNEXURES WITH DSC OF CA OR JUST TO FILE IT RETURN WITH CLIENTS DSC
21 July 2024
For filing income tax returns of a corporate entity in India, including the balance sheet with annexures, the process involves a few key steps regarding digital signatures and submission:
1. **Preparation of Financial Statements**: Ensure the balance sheet and annexures are prepared accurately according to the Companies Act and Income Tax Act requirements.
2. **Digital Signature Certificate (DSC)**: Both the Chartered Accountant (CA) and the corporate entity need to have valid DSCs. Here’s how they are typically used:
- **CA's DSC**: The CA uses their DSC to digitally sign the financial statements and the tax audit report (if applicable). This is mandatory for companies with a turnover exceeding the prescribed limits under the Income Tax Act (currently ₹1 crore for AY 2023-24 for companies opting for presumptive taxation).
- **Corporate DSC**: The corporate entity’s authorized signatory (e.g., Managing Director, Director, etc.) uses their DSC to sign the income tax return (ITR) and to authenticate other forms submitted on the Income Tax e-filing portal.
3. **Submission Process**: - The CA prepares the balance sheet, annexures, and tax audit report (if required) using their DSC. - They upload these documents to the Income Tax e-filing portal while filing the company’s income tax return. - The corporate entity reviews the prepared documents and the ITR and submits it using their DSC.
4. **Verification and Approval**: - Once the ITR is filed and submitted with all required documents (including the balance sheet with annexures), the process involves verification by the CA and the corporate entity. - The CA verifies and signs the documents using their DSC. - The corporate entity’s authorized signatory verifies and signs the ITR using their DSC.
### Specific to your Query: - **Balance Sheet with Annexures**: If your turnover is ₹72 lakhs, and assuming you are opting for regular audit (since you mentioned the turnover limit), the CA will prepare the balance sheet with annexures and sign them with their DSC.
- **Filing Process**: You, as the corporate entity, will file the income tax return (ITR) using your DSC after the CA has uploaded the signed documents.
### Conclusion: To answer your question directly: - **Balance Sheet and Annexures**: They need to be prepared and digitally signed by the CA using their DSC. - **Income Tax Return (ITR)**: The corporate entity will file the ITR using its own DSC after the CA has completed the necessary filings.
Ensure all documents are prepared and signed correctly to comply with Income Tax regulations. If in doubt, consulting with your CA or tax advisor is recommended for precise guidance tailored to your specific circumstances.
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