CA Sandeep bhatnagar


Certification work under various Laws

One of the most important services of Chartered Accountants is the issuance of certificates for various purposes under different applicable rules & regulations. Broadly, the 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 institutions, benefits & deductions to be claimed under the statute, and periodical compliance of applicable rules & regulations.

Generally, the following types of certificates are needed to carry on business activities in India:
  • Certificates on the basis of financial books of accounts and annual financial statements.
  • Certificates on the basis of statutory records being maintained under the Indian Companies Act, 1956, and other applicable laws.
  • Certification of statutory liabilities
  • Certification of Fair Value of Shares of Company for the purpose of merger / de-merger, Buy Back, Allotment of further shares, and transfer of shares from resident to a nonresident.
  • Certificates for foreign remittance to be made by a resident in India to a foreign entity outside India u/s 195 of the Income Tax Act,1961
  • Net worth Certificates are required for the purpose of Bank finances, furnishing of Bank guarantee, and issuance of Visa by the Embassy.
  • Certification of arm’s length price u/ 92 of the Income Tax Act, 1961.
  • Utilization certificates of various grants are being released by Govt. of India to NGOs, Statutory Bodies, Autonomous Bodies, and charitable organizations.
  • Certificates for claiming various deductions & exemption under various rules & regulations.
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