Accounting regulator The Institute of Chartered Accountants of India (ICAI) has signed a Memorandum of Understanding (MoU) with Central Board of Excise and Customs (CBEC) under which practicing members of the Institute will provide e-filing returns at a charge of maximum Rs 800.

‘ICAI has inked an agreement to this effect on March 31, 2010...It aims to reduce paperwork, transaction costs and increase accountability, efficiency and transparency,’ ICAI president Amarjit Chopra said at a press conference.

As per the MoU, a practicing CA or a firm with a minimum experience of one year could apply for e-filing of service tax returns. CBEC will provide a user name and a password to activate the facility.

UNI