Significant Accounting Policies

ExpressITR || Significant Accounting Policies

This article explains the step-by-step process to access, view, and generate the Significant Accounting Policies in ExpressITR.

Step 1: Access the ITR Summary
  1. In the application, open the relevant Client Profile.
  2. Navigate to the ITR Summary section.
  3. Click on Return Flow to proceed.
      

Step 2: Open Income Details
  1. Within the ITR Summary, select the Business Profession Income head.
  2. This section displays income details specific to the client’s business or profession.
      

Step 3: Open Financial Statements
  1. In the Business Profession Income section, click on New Financial Statements.
  2. This will display the list of available financial statement options.
      

Step 4: Access Significant Accounting Policies
  1. From the list of available options, click on Accounting Policies to open the Significant Accounting Policies section.
      

Step 5: Select the Policy Format
  1. Choose the required format for generating the Accounting Policy. Two formats are available:
    1. Ind AS (Indian Accounting Standards)
    2. AS (Accounting Standards)
  2. The data is auto-generated based on the comparison between the current and previous financial years.
  3. Once generated, the content can be reviewed and edited as needed.
  4. Two response types — Response 1 and Response 2 — are provided. Select the appropriate option based on your requirement.

Step 6: Generate the Policy Using AI
  1. After selecting the desired response type, click on AI Generate.



  2. The system will process and display a preview of the AI-generated Significant Accounting Policy.
  3. Review the generated policy and make any necessary edits before finalising.
Conclusion
By following the above steps, users can easily access and generate Significant Accounting Policies in ExpressITR.
This AI-assisted feature simplifies policy preparation and ensures accuracy, consistency, and compliance within a few clicks.

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