“Chartered Accountants are considered to be the Doctors of Financial Information i.e. they can analyze interpret and report the financial figures in the best possible manner” said Regional Council Member, CA Abhijit Kelkar while speaking as a Speaker on a seminar organized on UDIN by Nagpur Branch of ICAI.
The reliance on Certificates issued by CA’s for correctness of any financial figures by any person be it any financial institution, Bank or any Government Organization is very huge. Financial statements and Certificates of an enterprise depict the financial and/or factual situation of the enterprise or its data for a particular period at a particular date.
The information in these statements is of vital importance for a large section of the society, which deals with that enterprise. This function of attestation is done by professional accountants, who are known as Chartered Accountants in our country.
It has been however, noticed that financial documents/ certificates attested by third person misrepresenting themselves as CA Members, are misleading the Authorities and Stakeholders. It is for this reason that The Institute of Chartered Accountants of India (ICAI) vide announcement dated September 26, 2018 has introduced the concept of UDIN i.e. Unique Document Identification Number to secure certificates/ documents attested/certified by practicing Chartered Accountants.
Speaker of the seminar and RCM CA Abhijit Kelkar said that the UDIN system is introduced by ICAI to address concern regarding authenticity of documents / certificates that are issued by persons other than a Chartered Accountant. He also informed that, henceforth, CAs must ensure that each certificate issued on or after February 1, 2019 has a UDIN stated after their signature and Membership Number. And in the case of other reports the UDIN is applicable w.e.f 01/07/2019. He explained the members present about the procedure of creating the same from website. He also stated that the accountability and transparency of certification with UDIN can be ensured and it puts control over manipulation of documents. This initiative will facilitate Government and other stakeholders in verifying authentic documents and tracing of forged documents will be easier.
The new return forms for A.Y. 2019-20 has been notified by the Government well in time said CA. Ram Bonde while speaking about recent changes in the new Income Tax Return Forms for A.Y. 2019-20. The New Return Forms emphasis more on detailed information to be submitted by different types of assesses while filing Income Tax Return for this year. CA Ram Bonde cautioned the Income Tax Filers to exercise due precaution before filing of Income Tax Return for this year to avoid deficiency notices from Department which in turn will delay their refund of taxes or it will result in generation of demands.
Chairman CA. Suren Duragkar while welcoming both the speakers said that UDIN is a very welcome step by ICAI. Many a times the certificates & financial statements have been foggy signed in the name of Chartered Accountant & submitted to the financial institutions without the knowledge of the CA. The Institute has received lot of complaint from the members as well as stake holders.
The Central Council of ICAI after detailed deliberations has come out with scheme of unique document identification number for the members of the Institute. Every member certifying the financial statements have to obtain UDIN from ICAI, so that proper record will be maintained by ICAI and all stake holders can verify the genuineness of the statements.
While speaking about new ITR forms notified by the CBDT, Chairman appreciated the Government move for issuing the same early for the benefit of all assessees. To appraise members about the changes incorporated in the Income tax forms for A.Y. 2019-20, the branch has organized Seminar so that required proper information can be filled in New ITR forms.
The program was coordinated by Chairman WICASA, CA Sanjay M. Agrawal. Vote of Thanks was proposed by Secretary CA Saket Bagdia. Prominently present were Vice Chairman CA Kirit Kalyani, Treasurer CA Jiten Saglani and Executive Members CA Harish Rangwani, CA Akshay Gulhane and a large number of members.