Know your member ICAI

-
The ICAI has launched “Know Your Member (KYM)” Form which is to be filed annually through Self-Service Portal (SSP) of the ICAI. To gain detailed insight inti KYC ICAI also released 17 faqs, which are available on its official portal. Some of the important faqs are listed here:
know your member icai due date

FAQ’s For ICAI Know Your Member (KYM)

Q.1. What is ICAI Know your Member (KYM).

Ans. Obtaining member’s information and related documents is one of the basic requirements for regulatory functions of ICAI. ICAI Know Your Member (KYM) is a newly developed Form in which member is required to provide certain information, on an annual basis, Online through Self Service Portal login.

Q.2. Who is required to fill KYM form.

Ans. All Active members are required to fill KYM Form annually.

Q.3. Is it mandatory to fill KYM Form on annual basis.

Ans. Yes, it is mandatory to fill KYM Form annually before making the annual membership fees.

Q.4. What is the procedure to submit the KYM form.

Ans. Login into Self Service Portal ---> click on Member functions ---> KYM Form

Q.5. Which details are required to be filled in the Form.

Ans. You are required to verify the following details and update if there is any change :
  • Permanent address
  • Professional address
  • Current Photo
  • PAN No.
  • GST No. (If applicable)
  • Designation in Employment ( If applicable )
  • Self Employed Details ( Those who are neither in practice nor in employment)
  • Directorship details
  • Pending cases with Professional Bodies or any court/authority etc.
  • Declaration for its correctness and Section 8 compliance.
Documentary proofs are also required to be uploaded as required and mentioned in KYM Form.

Q.6. What attachments are to be provided for proof of Identity/Permanent Address.

Documents Required (Identity Proof)Documents Required (Permanent Address)
Driving License,
Passport (Front and Back Copy),
Voter Id (Election Card),
Pan Card
Any one of the following documents:
Driving License,
Passport (Front and Back Copy),
Voter Id (Election Card),
Electricity/ Water/ Gas Bill,
Rent Agreement,
Bank Statement of last three month (With Stamp)

Q.7. What attachments are to be provided for proof of professional address.

Ans. Member status wise documents required for updating professional address is mentioned in the chart below.

Sl. No Member Status Professional Address Documents Required
1 Member not holding COP and also not in employment Place of Residence Any one of the following documents:
Driving Licence, Passport (Front and Back Copy), Voter Id (Election Card), Electricity/ Water/ Gas Bill, Rent Agreement, Bank Statement of last three months duly certified by the Banker
2 Member in Employment (Other Than CA Firm) If it is the place of Employment

or

Place of Residence		 Certificate of address issued by the Employer

Any one of the following documents:
Driving Licence, Passport (Front and Back sides), Voter Id (Election Card), Electricity/ Water/ Gas Bill, Rent Agreement, Bank Statement of last three months duly certified by the Banker
3 Member Employed as Paid Assistant in CA Firm and not holding COP Professional Address of Employer Certificate of address issued by the Employer / CA Firm
4 Member holding COP and not In-charge of firm or branch Place of Profession Any one of the following documents:
Electricity/ Water/ Gas Bill, Rent Agreement, Bank Statement of last three months duly certified by the Banker
5 Member holding COP and Head In-charge of firm or a Branch Address of HO or Branch as the case may be. Any one of the following documents in favour of the Firm HO / Branch:
Electricity/ Water/ Gas Bill, Rent Agreement, Bank Statement of last three month duly certified by the Banker

Note: Member is required to submit the separate application through Firm Module in case of a change.

Q.8. Can I update my other than India professional/ permanent address from KYM form.

Ans. No You can update the same through Profile Edit form available in Member Module.

Q.9. Can I update my professional address from KYM form if I am In-charge of a CA firm.

Ans. Professional address of In-charge of CA firm can be updated only through Firm module in SSP.

Q.10. Will I receive any intimation if there is any discrepancy in the KYM Form submitted by me.

Ans. If there is any discrepancy or in case of incomplete information provided in KYM form, the application will be sent for “Ask for correction” with remarks. The said application will appear in Pending/Submitted/Ask for correction application under member module in SSP where members are required to update the information or upload the desired documents & then the KYM form has to be re submitted.

Q.11. What is the prescribed time for approval of KYM Form ?

Ans. Approval of KYM form will take normally 5 to 7 working days.

Q. 12. What we should do , if any information which is prefilled in KYM form needs correction/ Updation ?

Ans. : Before submission of KYM form, kindly visit the respective Module in SSP Portal for its updation/ Correction. The correct information will reflect in KYM form on its approval from RO.

Q.13. I am a partner in CA Firm, can I update my Firm GST no. in the KYM Form ?

Ans. CA Firm’s/LLP’s GSTN can be uploaded. Presently, you can update your GST Number obtained in your personal name only in the KYM form. However, modalities are being worked out to accommodate the respective Firm's GSTN.

Comments

Post a Comment

Popular posts from this blog

PF payment due dates for the FY 2020-21 for tax audit reporting

-
Image
PF payment due dates for the FY 2020-21 for the purpose of tax audit reporting While preparing Tax Audit Report in Form 3CD it is important to fill due date of payment to various Employees contribution fund and actual payment of the contribution. i.e  "Details of contributions received from employees for various funds as referred to in section  36(1)(va)" Most commonly reported funds under the clause are EPF and ESIC. If there is delay in the payment of the contributions of PF and ESI may result in disallowance of the payment of contribution. Here is the chart of the due dates under EPF and ESIC for the FY 2020-21 for quick reference  PF payment due dates for the FY 2020-21 Period Due date Day Extended date Reference Apr-20 15/05/2020 Friday                                -                           -   May-20 15/06/2020 Monday                  
Continue Reading

PF payment due dates for the FY 2021-22 for reporting u/s 36(1)(va)

-
Image
PF payment due dates for the FY 2021-22 for the purpose of tax audit reporting Reporting under clause 20 (b) of Form 3CD requires due dates of payment to various Employees contribution fund. i.e  "Details of contributions received from employees for various funds as referred to in section  36(1)(va) " Here " due date " means the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any Act, rule, order or notification issued thereunder or under any standing order, award, contract of service or otherwise. Most commonly reported funds under the clause 20(b) are EPF and ESIC. If there is delay in the payment of the contributions of PF and ESI result in disallowance of the payment of contribution. Here is the chart of the due dates under EPF and ESIC for the FY 2021-22 for quick reference. PF payment due dates for the FY 2021-22 Period Due date Day
Continue Reading

Format of shorter notice consent for AGM (Annual General Meeting)

-
Image
Format of shorter notice consent for AGM (Annual General Meeting) Background The Companies Act mandates companies to issue a notice to members calling a general meeting at least 21 clear days before the date of the meeting. Sometimes, the matters in urgency require quick decision making and in such circumstances, the companies may go for calling general meetings at shorter notice. However, in case of the private limited companies the period can be less than 21 days as provided in the Articles of Association (AOA). Provision and Rule As per the provisions of Section 101 (1) of the Companies Act, 2013, every general meeting of a company may be called by giving not less than twenty-one days clear notice in writing or through electronic mode in such manner as provided under Rule 18 of Companies (Management and Administration) Rules 2014. What is Consent for shorter notice? It is permission obtained by the company from its shareholders, in advance, to call a general meeting at an earlier da
Continue Reading

PF payment due dates for the FY 2022-23 for reporting u/s 36(1)(va)

-
Image
PF payment due dates for the FY 2022-23 for the purpose of tax audit reporting Reporting under clause 20 (b) of Form 3CD requires due dates of payment to various Employees contribution fund. i.e  "Details of contributions received from employees for various funds as referred to in section  36(1)(va) " Here " due date " means the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any Act, rule, order or notification issued thereunder or under any standing order, award, contract of service or otherwise. Most commonly reported funds under the clause 20(b) are EPF and ESIC. If there is delay in the payment of the contributions of PF and ESI result in disallowance of the payment of contribution. Here is the chart of the due dates under EPF and ESIC for the FY 2022-23 for quick reference. PF payment due dates for the FY 2022-23 Period Due Date Day Extended D
Continue Reading

Letter of Authority for Tax Practitioners (Income tax)

-
Image
LETTER OF AUTHORITY I/We ________________ Proprietor/Partner/Director of _______________________ hereby authorize Mr/Mrs/ CA __________________________ [   to appear, represent and settle on my/our behalf the Income tax assessment proceeding/s before the Income tax officer / Assistant/Dy. / Commissioner of Income tax or in appeal before the Appellate Assistant Commissioner of Income   Tax, Commissioner of Income tax (Appeal) or the Appellate tribunal or the Board of Direct taxes for the assessment year 20XX-XX and   [ to produce accounts and documents / statements and to receive on my/our behalf any notice or documents / statements issued in connection with the said proceedings ] or/and [ to apply for, obtain and receive refund order in respect of the said assessment (if any) and ] or/and [ to apply for copies of the Income tax assessment order, the Appellate order or the order of the Commissioner of Income tax, the Central Board of Direct-taxes ] . I/
Continue Reading