CA Certificates: Net Worth, Turnover and Form 15CB

Certificate, report and attestation

ICAI’s Guidance Note on Reports or Certificates for Special Purposes distinguishes a certificate (a written confirmation of the accuracy of facts stated in it, on which the CA gives reasonable assurance) from a report (a formal statement of findings, usually with an opinion). The wording matters: a certificate says the figures “are true and correct as per the records produced and verified by us”, and it should never go beyond what was verified. Where a figure depends on someone else’s expertise (the market value of a flat, the value of jewellery, a legal title), the CA relies on that expert’s report and says so in the certificate.

UDIN: how to check a CA certificate

• UDIN became mandatory for all certificates from 1 February 2019, for GST and tax audit reports from 1 April 2019, and for all other audit and attest work from 1 July 2019.
• It is generated on the ICAI portal and, under the ICAI Council’s decision of September 2021, within 60 days of signing (or earlier where the recipient requires it at once).
• To verify, go to udin.icai.org, choose “Verify UDIN” and enter the UDIN with the details the portal asks for. The portal confirms the CA who generated it, the type of document and the date of signing.
• A certificate without a UDIN, or one whose UDIN does not match, should not be relied on. The UDIN information letter explains this for recipients.

Net worth certificate for a visa or study abroad

Embassies and universities ask for a net worth certificate to see that the applicant or sponsor can meet the costs. Points that decide whether it is accepted:

• As-on date: usually recent, often within the last month. Balances are taken from statements as on that date.
• Currency: many embassies want figures in Indian rupees and in the destination currency. The certificate states the exchange rate used and its source and date (for example, the RBI reference rate).
• Valuation basis: deposits at balance plus interest accrued; listed shares and mutual funds at market value on the date; insurance at surrender value; property at a registered valuer’s value or, where accepted, the circle rate, with the basis stated; jewellery only on an approved valuer’s report.
• Liabilities: home and vehicle loans, credit card dues and other borrowings are deducted.
• Whose net worth: each person’s assets are shown separately, even for spouses or parents sponsoring a student; jointly held assets are shown in the stated share.

A reference layout is in the net worth certificate template; the final certificate is issued only after verification.

Turnover, working capital and capital infusion

• Turnover certificate: used in tenders (often for the last three financial years), for bank limits and for scheme eligibility. Figures are taken from audited accounts where available, and otherwise from the books reconciled with GST returns. The certificate states whether turnover is inclusive or exclusive of GST.
• Working capital certificate: current assets less current liabilities on a date, from the balance sheet or management accounts, with the basis stated. Tender documents often define the components; that definition is followed.
• Capital infusion certificate: confirms the amount, date and bank trail of capital brought in by partners or shareholders, and, where asked, its source.

Form 15CB and Form 146

Before money is sent to a non-resident, the remitter files Form 15CA online and, where the payment is chargeable to tax in India and exceeds the prescribed limit, first obtains a CA’s certificate in Form 15CB on the nature of the payment, its taxability under the Act and the applicable tax treaty, and the rate at which tax has been deducted. From 1 April 2026 these are Form 145 and Form 146 under the Income-tax Act, 2025 (Section 393(2) for the deduction). The CA examines the agreement or invoice, the payee’s tax residency certificate and Form 10F (Form 41 from 1 April 2026), and the treaty article relied on. See the Form 15CA / 15CB template and, for NRIs repatriating sale proceeds, NRI taxation.

What a CA cannot certify

• Figures not verified. A CA may not certify an amount he has not been able to check against evidence, or a format that asks him to confirm matters outside his knowledge. He may qualify the certificate or decline it.
• Backdated certificates. The date of signing is the date it is actually signed; the as-on date of the figures is shown separately. The UDIN records the real date.
• Forecasts as facts. Under Clause (3) of Part I of the Second Schedule to the Chartered Accountants Act, 1949, a CA must not allow his name to be used with an estimate of earnings contingent on future transactions in a way that suggests he vouches for its accuracy. Projections are reported on, not certified as true.
• Legal opinions on title or valuation by himself. Ownership is evidenced by documents, and market values come from qualified valuers; the CA relies on and refers to them.
• Work outside a certificate of practice. Only a member holding a certificate of practice can sign; the certificate shows the membership number and, for a firm, its registration number.

Official sources

• ICAI UDIN portal (verification) and ICAI FAQs on UDIN
• ICAI: UDIN time limit aligned to 60 days
• Income-tax Act, 2025 as amended by the Finance Act, 2026 (Section 393, remittances to non-residents)