Know Your Customer (KYC) Norms

All the members of Institute of Chartered Accountants of India (ICAI), who are in practice, are hereby informed that the Council has formulated the following Know Your Client Norms (KYC norms) at its 307th Meeting held on 13th July, 2011, which shall be recommendatory in nature, and apply only in case of attest function.

KNOW YOUR CLIENT (KYC) NORMS

The financial services industry globally is required to obtain information of their clients and comply Know YourClient Norms (KYC norms).

Keeping in mind the highest standards of Chartered Accountancy profession in India, the Council of ICAI thought it necessary to recommend such norms to be observed by the members of the profession who are in practice. In light of this background, the Council of ICAI approved the following KYC Norms. However, these norms are recommendatory in nature and every Chartered Accountant carrying out attest function is encouraged to follow them.

1. ENTITY INFORMATION

A. GENERAL INFORMATION

▪ Name of the Entity

▪ Type of Entity

▪ Business Description

B. CORPORATE STRUCTURE

▪ Name of ultimate parent company

▪ Name of Parent company

▪ Name of Affiliates

C. REGULATORY INFORMATION

▪ Company PAN No

▪ Company Identification No

▪ Directors’ Identification No

▪ Directors’ Names & Addresses

▪ Name(s) and Addresses of Companies, in which above person is director.

D. ENGAGEMENT INFORMATION

▪ Type of Engagement

2. OTHER INFORMATION

▪ Entities financial Information

▪ Name of the ultimate parent Auditor

▪ Any known violation of any Law/Regulations

This decision shall be in force from 13^th July, 2011

An Attempt to prevent forged signature in Certificates.

UNIQUE DOCUMENT IDENTIFICATION

Way to Authenticate Attested Documents

Time and again, various authorities across the country have reposed their faith in chartered accountants as professionals realising the work of their attributes like Integrity, Excellence and Independence. Based on the same, they are relying on various certifications being issued by chartered accountants in practice in the normal course of business. They look upto Chartered Accountants as reliable source of authentic information and to ensure compliance with various rules, regulations, procedures stipulated under different statutes. However, any instances have been brought to ICAI attention wherein financial statements and certificates issued either by nonmembers or members not holding Certificate of Practice have been relied upon by authorities as true statements and certificates. It needs no reiteration that a certificate issued by a practicing chartered accountant binds him to its accuracy and subject him to Disciplinary Proceedings of the Institute, in case a complaint in that regard is filed with the Institute by the concerned authorities (or any affected party).To ensure the authenticity of various statements and documents being certified/attested by Chartered Accountants, ICAI has introduced the new concept of Unique Document Identification Number. The said scheme is available at the link http://www.icai.org/uid UDIN is a maximum 32 character Unique Document Identification Number which will be issued to every document certified/attested by a Chartered Accountant and registered with the Institute of Chartered Accountants of India (ICAI).

Step 1: Practicing Chartered Accountants can visit the link: www.icai.org/uid?mode=login and get themselves registered

Step 2: For initial registration, please click on “For first time sign up, click here”; on submission of member’s details as regards to Membership No., date of birth and date of enrolment as a member, a registration password will be generated which will be sent by the system to the e-mail ID provided and also to the mobile number registered with the ICAI. On non receipt of the password, please get in touch with the respective regional office for data correction. The board Numbers are: CRO: (0512) 3989398 (epjames@icai.in), ERO: (033) 39893989 (abasu@icai.in), NRO (011) 39893990 (hkjain@icai. org), WRO: (022) 39893989(marazak@icai.org), SRO (044) 39893989 (ysrawat@icai.in).

Mandatory On-Line Filing of Service Tax Return through ACES w.e.f.01.10.2011

As you may be aware Automation of Central Excise and Service Tax (ACES), the new Centralized, Web-based Software Application, is fully operational in all Central Excise and Service Tax Commissionerates across the country since 23.12.2009, with all modules and the services are offered free of cost. Please note that e-filing of Service Tax Returns (ST-3) in ACES has been made mandatory for All Service Tax Assessees from 01.10.2011 vide Notification No. 43/2011 - Service Tax dated  25.08.2011. Earlier, e-Payment of Service Tax was made mandatory from 01.04.2010 vide Notification No. 1/2010-Service Tax dated 19.02.2010, for those assessees who had paid Service Tax of Rs. 10 lakhs ( PLA+CENVAT) or more in a preceding financial year.

How to e-file return in ACES?
Log onto www.aces.gov.in and Click 'Service Tax' Link on top menu bar

Ø  If you are registered with ACES, use your username and password to log-in

Ø  Select your return from RET menu and submit self-assessed return online

Ø  If not registered with ACES, furnish e-mail ID of the authorized person to your Range officer and an e-mail with T-PIN (Temporary UserID) and Password will be sent to enable you to register with ACES

Ø  If you do not receive e-mail, please check spam mail folder or contact Range Officer

Ø  Thereafter, you can log-in and file return as explained above

Ø  You can also use "Offline Returns" available under RET menu or
under 'Download' link of ACES website; fill it in and upload to ACES

Ø  For online tutorial on e-filing of returns, click on LMS on ACES website

You can also avail the facility of ACES Certified Facilitation Centres (CFCs) set up by eligible Members of ICAI/ICWAI/ICSI across the country on payment of prescribed fees. For details please visit CFC link of ACES website (http://aces.gov.in/CFC.jsp). For any further information/assistance, you may visit www.aces.gov.in or contact your jurisdictional Service Tax officer or write to ACES Service Desk at aces.servicedesk@icegate.gov.in or call at National toll-free number 1800 425 4251 on any working day between 9 AM and 7 PM.Please remember that the last date of filing ST-3 returns for the period April, 2011 to September, 2011 is 25th October,2011.

Please file your Service Tax Return in Advance to avoid last minute rush.

Information contributed by CA  Subhjit Sahoo.