Form 118 required or form 109?

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Ishita Goel (Querist)

25 January 2022 My principal (Paid Assistant) under whom I was registered resigned from the firm. In that case which form do I have to filled form 118 (Intimation for change in principal status) or need to be filled 109 then again 102/ 103 under the same firm? and in how many days ICAI detagged the paid assistant from the firm after firm gave ICAI a details about it?

Please let me know asap.

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)

07 July 2024 When your principal (Paid Assistant) resigns from the firm, you typically need to follow these steps:

1. **Form 109**: This form is used to intimate the Institute of Chartered Accountants of India (ICAI) about the termination of your articleship under the principal. This form should be filled out by the firm.

2. **Form 118**: This form is used to intimate the ICAI about the change in principal status (in this case, the resignation of your principal). This form should also be filled out by the firm.

3. **Form 102/103**: Depending on whether you are continuing your articleship under a new principal within the same firm or under a new firm, you may need to submit Form 102 (for transfer within the same firm) or Form 103 (for transfer to a new firm).

Here’s what you should do:

- **Form 109**: Ensure that Form 109 is filled out and submitted by the firm to inform ICAI about the termination of your articleship under the resigned principal.

- **Form 118**: The firm should also submit Form 118 to inform ICAI about the resignation of the principal. This form should be submitted promptly after the principal resigns.

- **Form 102/103**: Depending on whether you continue under a new principal within the same firm or move to a new firm, you will need to submit Form 102 or Form 103 respectively.

Regarding the timeline for detagging the paid assistant (principal) from the firm, it generally depends on the processing times of ICAI. There is no specific timeframe mentioned in the regulations, but typically, such changes are processed within a reasonable time after the forms are submitted and verified by ICAI.

For the most accurate and detailed guidance, especially regarding specific timelines and procedures, it’s advisable to contact ICAI directly or consult with a local Chartered Accountant who can provide guidance tailored to your situation.

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