Hi, One of my friends needs guidance on following issues pertaining to prevailing ICAI Code of Conduct. Would appreciate your kind guidance please:

1- As per Section Sec. 2(2)(iv) of Chartered Accountants Act 1949, A Member of the Institute would be Deemed to be in Practice if incl. others inter-alia, he renders Management Consultancy Services.

Question -
(a) If that member is not in full time practice & is not performing any attest function, will he still be still be deemed to be in Practice.

(b) If Yes, getting deemed to be in practice - will he be bound by all the provisions for Code of Ethics for members in Practice including restriction relating to advertising his consultancy business.

What is seeked as clarification is that, if a Member of Institute, although not holding COP, forms a company only for Management Consultancy - Would he still be restricted by Clause 6 & 7 of First Schedule to Code of Ethics & other clauses thereof....?

2- Is there a distinguishing difference apparent on face of COP - identifying the same as either Full time COP or Part Time COP ...?

To my understanding - It's only in the form for applying the COP & institute's records, else there is no way of distinguishing between the same. Hence, in case, if any member still goes on to perform attest function with part time COP as applied & issued by ICAI - he can be caught only if the breach comes to notice of ICAI , otherwise not ...? Pls Confrm..

3 - Clause 11 - First Schedule to ICAI COC, 2009 read with Appendix 10 under CA Regulation 190A:-

(A) A Member in Practice is permitted to engage in following generally :

...(2) Private Tutorship

(B) A Member in Practice may engage in following occupations after obtaining Specific Permission from Council:-

...(7) Part time of Full time tutorship under ANY educational institution other than Coaching Organisation of the institute

Since, word used in ANY for specific permission,

Question:
1- how is private tutorship permitted generally in Part (A) different from specific - both are subject to 25 hrs condition ..?
2- As per my knowledge, a member in practice can not start his own coaching centre - else, he will not be entitled to perform any attest function ..? Pls confirm
3- If yes, for Ques. 2 above, how are so many senior Members showing themselves being into practice & actually doing both the activities.

4- Clause 6 & 7 to First Schedule :

(i) - CA Coaching Centres -
(a) Can Members of ICAI advertise their coaching classes any which as CA with their names in pre-fix. There advertising is so aggressive with such adjectives like No. 1 Classes, Best Classes showing their attainments with detailed descriptions ....Is there no conduct applicable to them...?

If the CA concerned in not in full time practice - is he not bound by Clause 6 & 7 for Coaching Centers.

(ii)- Similarly, If a CA is not in full practice & is carrying Management Consultancy Business...two questions:-

a) Can he advertise & seek business any which way ..? Does Clause 6 & 7 not apply to him ...?
b) Will he not automatically be treated as CA Deemed to be in practice & thus whole Code of Ethics would apply to him ...?

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Our client had acquired some services from its related party in US but had not paid the sum for last 3 years. they simply reinstate the liability every year.On the other hand They are selling services to the same vendor.My question is Whether they can set off this account against receivable?Because I dont have that much awareness about FEMA and RBI gudelines regarding same.If possible kindly share its procedure also.

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prepaid sim-card cannot be purchased in partnership firm's name.

If; pre-paid mobile bill payments (prepaid sim in partnership firm's partner's name) are made from partnership firm's bank account every-month & a genuine receipt for that is available, Can those expenses be shown as partnership firm's expense ??

N.B. - prepaid sim card is in partner's name not partnership firm's name.
N.B. - payment made from partnership firm's bank account & also a valid receipt is generated in partnership firm's name by the service provider.

N.B. - KINDLY STICK TO THE QUESTION PLEASE. THANK-YOU.