Regional Council Member CA Abhijit Kelkar while speaking at the seminar organised here on UDIN by Nagpur Branch of ICAI recently said chartered accountants (CAs) were considered as the doctors in financial matters as they analyze, interpret and report the financial figures in the best possible manner. “The reliance on certificates issued by CAs for correctness of any financial figures by any person be it any financial institution, bank or any Government organisation is very huge. Financial statements and certificates of an enterprise depict the financial and factual situation of the enterprise. The information in these statements is of vital importance for a large section of the society, which deals with that enterprise. This attestation is done by professional accountants,” he said.
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.
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 said 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. He explained the members present on the occasion 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 AY 2019-20 have 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 of Nagpur Branch of ICAI CA Suren Duragkar while welcoming both the speakers said that UDIN is a very welcome step by ICAI. Many a times the certificates and financial statements have been foggy signed in the name of chartered accountant and 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 have come out with scheme of unique document identification number for the members of the institute. 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. The programme was coordinated by Chairman WICASA, CA Sanjay M Agrawal while the 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.