Certification and Attestation can be carried out under various categories and there is no exhaustive list for that. However, following are few common areas where certificate from Chartered Accountant is mandatory :
- Certification under the Income Tax Act 1961
- Certificate under GST Law
- Certificate under Company Law
- Certification for LIC, passport, credit card, etc
- Documents for banking related requirement
- Net worth Certification
- Attestation and certification under various other laws
Apart from statutes, certificates from Chartered Accountants can be required by various other persons to authenticate correctness of facts such as Turnover certificate required in government tenders.
Following certificates are popularly issued:
1. Certificates which are issued on the basis of financial statements and books of accounts namely:
- Capital contribution certificate
- Gross turnover certificate
- Sundry debtors certificate
- Closing stock certificate
- Statutory liabilities certificate
2. Certificates which forms the basis of statutory records mandatory to be maintained under several laws such as the Companies Act 2013
3. Certificates under the ambit of merger and demerger
- Fair value certificate for shares
- Buy-back of shares
- Allotment of shares
- Transfer of shares from resident to non-resident and vice versa
4. Form 15 CB is the certification issued under Income Tax Act, 1961 to determine liability of payer to deduct on TDS on payment made to non-residents.
5. Net worth Certificate. The major purpose of issuing this certificate being:
- For Bank Finances
- For Bank Guarantees
- Issuance for Visa
- Student Study Loan
- Some governmental tenders
6. Section 92 of the Income Tax Act 1961, requires a certification to determine arm’s length price of underlying transaction
7. Fund utilization or Grant utilization certificates are also required by the following clients:
- Non Governmental organizations
- Statutory bodies
- Autonomous bodies
- Charitable organizations
8. Deductions claimed under section 80IA, 80IB, 10A or 10B of the Income tax Act 1961 also requires certification to ensure that the concerned person complies with other requirements of statute
- Claim for refund under GST Act or other Indirect tax laws can be done only after it is certified by a chartered accountant.
- Exchange Control Legislation requires a certification for imports, ECB, EOU, DGFT, remittances, etc.
- Companies planning for initial public issue needs several certificates.
- Privilege and limitation certificates described under different laws and regulations.
- Transfer Pricing certificate.
- Certificate for different exemptions under federal tax regulations.