Last updated . Forms, limits and dates reflect the law and notifications in force on this date.
A signature others rely on
A bank sets your drawing power from a stock certificate. A tender committee decides eligibility from a turnover certificate. Your bank releases a payment to a foreign vendor only after it sees the accountant's certificate on tax. In each case, someone takes a decision on the strength of a CA's signature.
That is why a certificate should be right the first time. A wrong figure can mean a rejected bid, a blocked remittance, or a tax demand on the payer for short deduction. Getting it right takes the same care as an audit, only on a narrower question.
A statement of specific facts or figures, such as net worth, turnover or the tax position on a payment, verified by a CA against records and issued for a stated purpose and user.
A return or report to a regulator, such as RBI under FEMA or the Registrar under the Companies Act, often with a CA certificate or valuation attached as support.
Three principles behind every certificate
Evidence first
We certify only what we can trace to books, bank statements, agreements or third-party documents. Nothing is certified on verbal comfort.
Clear wording
The certificate says exactly what was checked, for which period and for whom, so it cannot be misread or reused for another purpose.
Traceable
Every certificate carries a UDIN, and our working papers are kept on file so we can answer any query from the user later.
What changed in 2025-26
Almost every form and rate in this area changed in the last eighteen months. The new income tax law renamed the remittance forms, two Budgets cut TCS on foreign remittances, and RBI rewrote the export and import rules. Here is what matters for you.
Forms 15CA and 15CB are now Forms 145 and 146
For remittances from 1 April 2026, the remitter's declaration is Form 145 and the accountant's certificate is Form 146. The duty sits in section 397(3)(d) of the new Act and Rule 220 of the Income-tax Rules, 2026, replacing section 195(6) and Rule 37BB. The ₹5 lakh threshold for a CA certificate is unchanged.
For you: banks will ask for the new forms. Any payment to a foreign vendor made after 1 April 2026 on an old 15CB is a problem to fix now.
Lower TCS on education, medical and travel
Budget 2025 raised the TCS-free limit from ₹7 lakh to ₹10 lakh a year and removed TCS on loan-funded education. Budget 2026 then cut TCS on self-funded education and medical remittances above ₹10 lakh from 5% to 2%, and made overseas tour packages a flat 2%. Other purposes stay at 20% above ₹10 lakh. TCS now falls under section 394.
For you: ₹25 lakh of self-funded tuition in 2026-27 attracts 2% on ₹15 lakh, that is ₹30,000, against ₹75,000 at the old 5% (assuming no other LRS remittance that year).
New export and import rules from 1 October 2026
The Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 replace the 2015 export regulations from 1 October 2026. Export proceeds must be realised within 15 months, or 18 months if invoiced or settled in rupees. Exports made from 5 June 2026 to 30 September 2026 have 9 months.
For you: the deadline depends on the shipment date, so track each bill separately in your receivables and on EDPMS.
Form 10F is replaced by Form 41
A non-resident claiming a lower tax rate under a tax treaty must give a Tax Residency Certificate and, where the TRC does not have all the details, a self-declaration. For income from 1 April 2026, that declaration is Form 41, filed online, in place of Form 10F.
For you: collect a current TRC and Form 41 from foreign vendors before we certify a treaty rate in Form 146. Without them, the higher rate applies.
Our certification services
Certifications for Public Limited Companies
ICAI Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) · Companies Act, 2013
Listed and unlisted public companies need a steady flow of certificates for lenders, investors, regulators and government departments. We prepare and sign them on the basis of your audited and management accounts, reconciled to the underlying records.
- Net worth certificates for lenders, tenders and regulatory applications
- Turnover and profitability certificates for a stated period
- End-use and utilisation certificates for loans, grants and project funds
- Certificates for startups and investors: shareholding pattern, capital infusion and financial information for due diligence
- Auditor's certificate for the Form DPT-3 return of deposits, which comes from the company's statutory auditor
- Support for the CFO's CSR utilisation certificate under Rule 4(5) of the CSR Rules
- Certificates in formats prescribed by banks, government departments and regulators
Expert note: under the ICAI Guidance Note, the data being certified is management's responsibility and ours is to verify it. Expect us to ask for a short engagement letter and a signed management representation before we certify. It protects you as much as us if the certificate is ever questioned.
Foreign Remittance & FEMA Certifications
Section 397(3)(d) and Rule 220, Income-tax Act, 2025 · FEMA, 1999
Certification work, including foreign remittance and FEMA certificates, is a core strength of the practice. When you pay a non-resident, your bank needs to know that the right tax has been deducted before it sends the money. We examine the payment, decide whether it is taxable in India and at what rate, and issue the accountant's certificate in Form 146.
- Form 146 certificates for payments to foreign vendors, consultants, licensors and group companies
- Form 145 filing in the right part: A, B, C or D depending on taxability and amount
- Treaty rate review with the payee's TRC and Form 41
- Assistance with NRI remittances from NRO accounts, within the USD 1 million a year repatriation limit
- LRS guidance for individuals, including TCS planning on education, medical and investment remittances
- Assistance with valuation certificates for share issues and transfers under the FEMA pricing guidelines
Expert note: the ₹5 lakh limit counts all taxable remittances in the tax year together, not invoice by invoice. The order also matters. Form 146 is filed first, and its acknowledgement number is needed to file Form 145 Part C, which must be done before the money leaves India.
Attest & Compliance Certifications
ICAI Guidance Note (Revised 2016) · ICAI UDIN requirement · Rule 89(2)(m), CGST Rules
Certificates for everyday needs: a visa, a tender, a bank review or a refund claim. Each one is checked against documents and issued on our letterhead with a UDIN, so the recipient can verify it in seconds.
- Net worth certificates for visa, immigration and study abroad applications
- Turnover certificates for tenders, vendor registration and MSME purposes
- Financial capacity certificates for tenders: turnover, net worth and working capital in the format the bid document asks for
- Stock and book debt certificates for banks' drawing power reviews
- Bank loan certificates on net worth, turnover, current assets and working capital, with support on projected financials and CMA data
- CA certificate on unjust enrichment for GST refunds above ₹2 lakh
- Income and tax payment certificates reconciled with Form 26AS and AIS
- Other attest work in the format the recipient specifies
Expert note: ICAI has required a UDIN on every certificate since 1 February 2019. Banks, embassies and departments can check it on ICAI's UDIN portal, and a certificate without one is increasingly rejected outright. Always ask for the UDIN, whoever signs for you.
Regulatory Documentation Support
FEMA, 1999 · NDI Rules, 2019 · Overseas Investment Rules and Regulations, 2022 · Companies Act, 2013
Many regulatory filings are simple forms backed by difficult paperwork. We assist with the supporting documents, check them against your books and bank records, and work with your authorised dealer bank and company secretary on the filing.
- FC-GPR and FC-TRS documentation for filing on RBI's FIRMS portal
- Annual FLA return on RBI's FLAIR portal, due 15 July
- ODI documentation for investments in overseas entities, reported through your authorised dealer bank
- Annual Performance Report for overseas investments, due 31 December
- ECB reporting support, including Forms ECB 1 and ECB 2 under RBI's revised ECB framework in force from 16 February 2026
- Export bill follow-up and EDPMS reconciliation with your bank
- DPT-3 return of deposits and other certificate-backed ROC forms
- Replies to bank and regulator queries on remittances and investments
Expert note: from 1 October 2026, banks may close EDPMS entries where no export actually took place, on a genuine request from the exporter, and may allow reductions in export value up to ₹10 lakh on the exporter's self-declaration. If old cancelled shipments are still open on your EDPMS, now is the time to clean them up.
Other certificates and support
Which form or certificate applies?
A quick guide to the most common situations. If you are unsure, send us the invoice or agreement and we will confirm.
| Situation | Form | When it applies | Law |
|---|---|---|---|
| Taxable payment to a non-resident | Form 146 + 145 (C) | Remittances in the tax year exceed ₹5 lakh and no Assessing Officer certificate is held. Filed before remitting | s.397(3)(d), Rule 220 (2025) |
| Smaller taxable payment | Form 145 (A) | Taxable remittances in the tax year within ₹5 lakh. Remitter's declaration only | s.397(3)(d), Rule 220 (2025) |
| Non-taxable payment | Form 145 (D) | Payment not chargeable to tax in India, unless it is on the specified list where no form is needed | Rule 220 (2025) |
| Resident individuals | LRS | Up to USD 2,50,000 per financial year for permitted current and capital account purposes | FEMA, RBI LRS Master Direction |
| LRS remittances | TCS 2% / 20% | Above ₹10 lakh a year: 2% for education and medical, 20% for other purposes, nil for loan-funded education | s.394 (2025) |
| Company issuing shares to a foreign investor | FC-GPR | Within 30 days of the issue, on the FIRMS portal | FEMA NDI Reporting Regs, Reg. 4 |
| Share transfer, resident to non-resident or back | FC-TRS | Within 60 days of the transfer or receipt of funds, whichever is earlier | FEMA NDI Reporting Regs, Reg. 4 |
| Company or LLP with foreign investment | FLA return | By 15 July every year, on the FLAIR portal. Unaudited figures allowed if accounts are not final | FEMA NDI Reporting Regs, Reg. 4 |
| Indian entity with overseas investment | APR | By 31 December every year, for each foreign entity | OI Regulations and Directions, 2022 |
| Company with deposits | DPT-3 | By 30 June every year. Auditor's certificate needed where actual deposits are reported | Rule 16, Deposit Rules, 2014 |
| GST refund claimant | CA certificate | Refund claimed above ₹2 lakh, certifying the tax was not passed on, subject to listed exceptions | Rule 89(2)(m), CGST Rules |
This is a summary for general guidance. Remittances made before 1 April 2026 were governed by section 195(6) and Rule 37BB of the 1961 Act, using Forms 15CA and 15CB. Exact applicability depends on the facts and the notifications in force.
Key dates for the current cycle
Some deadlines fall on fixed dates. Others run from the date of each transaction, so they need to be tracked as they happen.
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Before each remittance
Form 146 by the CA, then Form 145 by the remitter, for taxable payments to non-residents.
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30 Sep 2026
Last shipment date under the 9-month export realisation rule.
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1 Oct 2026
FEMA (Export and Import of Goods and Services) Regulations, 2026 in force: 15 months to realise export proceeds, 18 months if invoiced in rupees.
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Within 30 days of issue
Form FC-GPR for shares issued to a foreign investor.
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Within 60 days
Form FC-TRS from the transfer of shares or receipt of funds, whichever is earlier.
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31 Dec 2026
Annual Performance Report for each overseas entity in which you hold an investment.
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30 Jun 2027
Form DPT-3, return of deposits as at 31 March 2027.
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15 Jul 2027
FLA return for FY 2026-27, for companies and LLPs with foreign investment.
How we issue a certificate
A structured process based on ICAI's Guidance Note, so that the certificate is right, quick and defensible.
Understand the purpose
Who will rely on the certificate, for what decision, and in what format. This shapes the wording and the checks.
Agree the scope
A short engagement letter setting out what we will certify, the period covered and the level of assurance.
Collect evidence
A clear document list up front: books, bank statements, agreements, TRCs, valuation reports or stock records.
Verify and reconcile
Every figure is traced to source and reconciled with your books, tax records and earlier certificates.
Review and sign
The draft is checked against the working papers before it is signed by CA Sejal Patel as proprietor. A UDIN is generated for every certificate.
File and follow up
We file on the portal where needed, share the acknowledgement, and answer any query from the bank or regulator.
Built for urgent remittances
Foreign payments often come with a deadline. For regular remitters, keeping each vendor's current TRC, Form 41 and agreement ready means a Form 146 for a repeat payment usually needs only the new invoice. Each remittance is still examined on its own facts.
Common mistakes we see
Each of these can hold up a payment, a filing or an approval. All of them are easy to avoid with a little planning.
Remitting before the forms are filed
Form 145 must be filed before the money is sent. Paying first and filing later leaves the payer exposed to questions on TDS and reporting.
Splitting invoices to stay under ₹5 lakh
The limit is for all taxable remittances in the tax year together. Breaking one contract into small invoices does not avoid Form 146.
Treaty rate without a TRC
Applying a lower treaty rate without the payee's current TRC and Form 41 can lead to a demand for the shortfall on the Indian payer.
Missing the FC-GPR window
The 30 days run from the date of issue. Late reporting attracts a late submission fee and, if left longer, may need compounding with RBI.
Export bills left open
Bills not realised within the permitted period stay outstanding on EDPMS. Your bank will then ask for explanations or an extension request.
Waiting for audited accounts to file FLA
The FLA return is due by 15 July even if your audit is not complete. RBI allows unaudited figures, revised later once the audit is done.
Documents to keep ready
What we usually need depends on the certificate, but most requests draw on this list.
- Invoice, agreement or purchase order for the foreign payment
- Payee's Tax Residency Certificate and Form 41, and PAN if any
- Details of earlier remittances to the same payee in the tax year
- Audited financial statements and latest management accounts
- Bank statements and statements of investments
- Property documents and valuation reports, for net worth certificates
- Stock and debtor ageing statements, for bank certificates
- Share allotment records, FIRC or bank advice, and KYC of the foreign investor
- Shipping bills and bank realisation details, for export follow-up
- Recipient's prescribed format, if the bank or authority has one
Why clients choose us for certification
- Certification is a core strength. Certification work, including foreign remittance and FEMA certificates, is a core strength of the practice.
- Signed by the founder. As a proprietorship, every certificate is signed by CA Sejal Patel and carries a UDIN.
- Founder involvement. Direct founder involvement and accessibility on every engagement, so you are never passed around.
- Exporter and importer experience. Our work on GST refunds for exporters and import-side control reviews means we know the paperwork behind cross-border trade.
- An experienced team. CA Bhoomi, Audit and Compliance Lead, and a team of 10+ experienced professionals work under direct founder supervision.
- Confidential. Your data is handled under the confidentiality duties of the ICAI Code of Ethics.
Frequently asked questions
What replaced Form 15CA and Form 15CB?
From 1 April 2026, under the Income-tax Act, 2025 and the Income-tax Rules, 2026, Form 15CA is replaced by Form 145 and Form 15CB by Form 146. The reporting duty is now in section 397(3)(d) of the new Act and the procedure in Rule 220, in place of section 195(6) and Rule 37BB. Remittances made on or after 1 April 2026 use the new forms.
When is a CA certificate in Form 146 required for a foreign remittance?
Form 146 is needed when a payment to a non-resident or a foreign company is chargeable to tax in India and the remittance, or the total of such remittances in the tax year, exceeds ₹5 lakh, and you have not obtained a certificate from the Assessing Officer. The CA files Form 146 first, and its acknowledgement number is then used to file Form 145 Part C before the money is remitted.
Do I need Form 145 or Form 146 to send money abroad for my child's education under LRS?
Usually not. Remittances by individuals under the Liberalised Remittance Scheme that do not need RBI approval are on the specified list for which no Form 145 is required. TCS still applies: nil where the education is funded by a loan from a financial institution, and 2% on the amount above ₹10 lakh in the year where it is self-funded, from 1 April 2026.
What is the LRS limit and how much TCS applies in 2026-27?
A resident individual can remit up to USD 2,50,000 per financial year under LRS. From 1 April 2026, TCS under section 394 of the Income-tax Act, 2025 is 2% on education and medical remittances above ₹10 lakh, 20% on other purposes such as investments and gifts above ₹10 lakh, nil on loan-funded education, and a flat 2% on overseas tour packages. TCS can be claimed as credit in your return.
How long do exporters have to bring export proceeds into India?
For exports made from 5 June 2026 to 30 September 2026, the period is 9 months. For exports from 1 October 2026, the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 allow 15 months from the date of shipment for goods or the date of invoice for services, and 18 months where the export is invoiced or settled in Indian rupees. Earlier shipments follow the period in force on the shipment date.
Our company has received foreign investment. What do we need to file with RBI?
An issue of shares to a foreign investor must be reported in Form FC-GPR on the FIRMS portal within 30 days of the issue. A transfer of shares between a resident and a non-resident is reported in Form FC-TRS within 60 days of the transfer or the receipt or remittance of funds, whichever is earlier. Every company or LLP with foreign investment must also file the annual FLA return by 15 July each year.
What is UDIN and how can a bank check our certificate?
UDIN is the Unique Document Identification Number that ICAI requires a practising CA to generate for every certificate. It has been mandatory for all certificates since 1 February 2019. A bank, embassy or authority can enter the UDIN on ICAI's UDIN portal to confirm that the certificate was genuinely issued by the CA who signed it.
Can you issue a net worth certificate for a visa or study abroad application?
Yes. We prepare a net worth statement from your bank balances, investments, property and liabilities, check each item against statements, title documents and valuation reports, and certify it with a UDIN. Property is usually taken at a value supported by a valuation report. Embassies and universities often have their own format, so share it with us at the start.
Who can issue a net worth certificate?
A net worth certificate is issued by a practising Chartered Accountant, that is, an ICAI member who holds a certificate of practice. It must carry a UDIN generated on ICAI's portal, and it is prepared in line with ICAI's guidance on reports and certificates for special purposes. As our practice is a proprietorship, every certificate we issue is signed by CA Sejal Patel.
How long is a net worth certificate valid?
No law fixes a validity period. A net worth certificate states the position as at a particular date, and the bank, embassy, university or tender authority that relies on it decides how recent that date must be. Most want a recently dated certificate, and some specify the exact date. Check the recipient's requirement before the certificate is prepared, so it is not out of date when you submit it.
Can a turnover certificate be issued without audited accounts?
Often yes, depending on the purpose and the recipient. A CA can certify turnover from the books of account after checking it against sales records, bank statements and GST returns, and the certificate then states clearly that the figures are unaudited or provisional. Some recipients, such as many tender authorities, specifically ask for turnover from audited financial statements, and in that case only an audited figure will do. Read the requirement first.
Can a CA certify anything in the format a bank or authority sends?
No. Under ICAI's Guidance Note on Reports or Certificates for Special Purposes, the underlying data is management's responsibility and the CA certifies only what can be verified from records and evidence. If a prescribed format asks us to certify something we cannot verify, we reword that part or state the limitation clearly, so the certificate remains one we can stand behind.
This page is general information and is not professional advice for any specific situation. Forms, rates, limits and due dates change through notifications, rules and RBI directions. Please consult us before acting on it.