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Certification Assignment

Certification Assignment

Certification work One of the most precise & important service of any chartered Accountant/cost Accountant/company secretary is issuance of certificates to its client required for various purposes under different applicable rules & regulation. Broadly, following types of certificates are being needed by the business houses depending upon their constitution/the privileges being enjoyed by them under the law, Financial arrangement with the financial institution, Benefit & deductions to be claimed under statue and periodical compliance of applicable rules & regulation.
Generally, Following types of certificates are needed to carry on business activities in India:

15CA 15CB Certificate for Foreign Payments

Documents required for getting 15CA and 15CB issued by a Chartered Accountant
1. PAN Card of Applicant (Remitter)
2. Invoice for which payment is to be made.
3. No PE Declaration from Non Resident ( if applicable)
4. Bank Account Details (Cancelled Cheque) from which payment is to be made
5. BSR Code ( Branch code of bank from which payment is to be made.
6. Digital Signature of Remitter.

Important update on payments made abroad to Non – Resident

W.e.f. 01-06-2015 if any payment is made by any person to a non-resident, any sum whether or not chargeable to income tax shall furnish form No. 15CA & 15CB.
Earlier only income chargeable to income tax in India had to be reported only but now all payments are covered.
Form 15CA needs to be filled all the transaction with non-resident [Sec 195(6)]
– For all Import Transactions
– For all credit card transactions
– For all transaction with Non-resident even if payment is made to an Indian Bank account
– For all the transactions related to payment of Interest, Royalty and Fee for Technical Services (FTS)
– For Commission paid abroad
– For Salary paid abroad

That means, any payment to non resident ( either by Bank Transfer / Credit Card / Paypal will now be covered)
If the relevant form is not filled or incorrectly filled, then the penalty of Rs. 1,00,000 can be levied on the assesses.

Cases where 15CA CB is applicable and should be taken care of:
1. Payments Made to Facebook or Other Advertisement Agencies
2. Payments made for Software purchased / Subscription Purchased
3. Any domain / hosting or any website purchased.

If such information is not furnished or the information furnished is inaccurate then U/s 271-I penalty of Rs. 1 Lakh may be imposed.
➥ Certificate of Cost of production of captively consumed (CAS-4) goods as per Central Excise Valuation Rules.
➥ Certificate of Cost of production of captively consumed (CAS-4) goods as per Central Excise Valuation Rules.
➥ Issuance of various certificates under Indian Foreign Trade Policy and Aayat Niryat (Import and Export) Forms (ANF).
➥ Certificate for Average Cost of Transportation as per Central Excise Valuation Rules.
➥ Certificate of the amount of duty paid on materials used for the manufacture of exported goods under Customs Act
➥ Certificates on the basis of financial books of accounts and annual financial statements.
➥ Certificates on the basis of statutory records being maintained under Indian Companies Act, 1956 and other applicable laws.
➥ Certification of statutory liabilities.
➥ Certification of Fare Values of Shares of Company for the purpose of merger/de-merger, Buy Back, Allotment of further shares and transfer of shares from resident to non resident.
➥ Certificates for foreign remittance to be made by resident in India to foreign entity outside India u/s 195 of the Income Tax Act, 1961
➥ Net worth Certificates required for the purpose of Bank finances, Furnishing of Bank guarantee and issuance of Visa by Embassy.
➥ Certification of arms length price u/92 of the income Tax Act, 1961.
➥ Utilization certificates of various grants being released by Govt. of India to NGO’s, Statutory Bodies, Autonomous Bodies, Charitable organizations.
➥ Certificates for claiming various deductions & exemption under various rules & regulation.
Mybizz Consultants can issue certificates as required by various statue/laws/banks etc.