Applicability of icai provisions

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 March 2013 If fresh CA takes full time COP, can he take professional fees from CA firm?
and can also practice as proprietor?

Querist : Anonymous

Querist : Anonymous (Querist)

14 March 2013 1.Can CA who is partner in CA firm can also do Full time practice?

2.Is their limit to no of partnerships?

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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14 July 2024 Certainly! Let's address your questions regarding the applicability of ICAI (Institute of Chartered Accountants of India) provisions for Chartered Accountants:

### 1. Can a CA who is a partner in a CA firm also do full-time practice?

According to the ICAI regulations, a Chartered Accountant can engage in practice either individually (as a sole proprietor) or as a partner in a partnership firm. Here’s how it typically works:

- **Partner in a CA Firm**: A CA who is a partner in a CA firm is considered to be engaged in practice. The partnership firm itself is recognized as a practicing firm, and all partners in such a firm are deemed to be practicing CAs.

- **Full-Time Practice**: If a CA is a partner in a CA firm, they are already considered to be in full-time practice as per ICAI regulations. There is no additional restriction that would prevent them from practicing full-time.

- **Scope of Practice**: The scope of practice for a CA includes providing professional services such as audit, tax advisory, consultancy, etc., either individually or through a partnership firm.

### 2. Is there a limit to the number of partnerships a CA can have?

- **Partnership Limit**: According to the ICAI guidelines, there is no specific limit on the number of partnerships that a CA can hold simultaneously. A CA can be a partner in one or more partnership firms, provided they comply with the following conditions:

- **Ethical Standards**: Maintain ethical standards and professional conduct as prescribed by ICAI.
- **Compliance**: Comply with all regulatory requirements regarding partnership arrangements and disclosures.

- **Considerations**: While there is no limit on the number of partnerships, CAs should ensure that they can fulfill their responsibilities effectively in each partnership and manage potential conflicts of interest.

### Conclusion

1. **Full-Time Practice**: Yes, a CA who is a partner in a CA firm is already considered to be engaged in full-time practice as per ICAI regulations.

2. **Partnership Limit**: There is no specific limit on the number of partnerships a CA can hold, but ethical standards and regulatory compliance must be maintained.

It’s advisable for CAs to refer to the latest guidelines from ICAI and consult with legal or professional advisors for any specific situations or updates related to partnership arrangements and practice.

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