Verification of income tax returns

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This query is : Resolved

ABHISHEK AGARWAL (Querist)

10 February 2012 Dear members,
One banker has approached us to verify the returns submitted to them, what will be procedure of verification.

CA. Hari Kishan

CA. Hari Kishan (Expert)

10 February 2012 You shall have to obtain the scope of your work from the income tax department.. Since its from the bankers prespective it shall be mainly for the determination of the credibiltiy of the client.. C L To C A ratio;s.. projection of the co. etc. it shall be more of analytical exercise.. to justify the dr's and cr;s position.. stock level sufficient to cover OD etc.

ABHISHEK AGARWAL

ABHISHEK AGARWAL (Querist)

11 February 2012 Thank You for guidance. But my problem is that whether there is any procedure by which department will allow us to verify the Income tax returns submitted to bank. or will it be done unofficially

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

12 February 2012 In a CA's office or in a Bank, nothing happens like that which can be termed as unofficial.
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Bankers require to verify the returns, in that case you may verify them online also by the department's e-filing website.
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In case Return is filed manually, the constituent will produce before you the original return and supporting documents on the basis of that, prima-facie, you can verify the return by putting your Seal and Signature.
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