Setting a new practice

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 March 2012 Hi. I AM CURRENTLY WORKING IN A C.A FIRM BUT WANNA START MY OWN PRACTICE VERY SOON.CAN ANYBODY TELL ME HOW A NEW C.A. PRACTICE SHOULD BE SET UP? ALSO IF THERE IS ANY PAPERWORK OR LEGAL ISSUES INVOLVED THEREIN? ULTIMATELY I WANT TO ENTER INTO INCOME TAX SEGMENT.ALSO INDICATE IF ANY PREPARATION HAS TO BE DONE FROM MY END?????

Guest

Guest (Expert)

05 March 2012 Follow the below mentioned procedure:
1. Apply for COP.
2. Apply for name approval of your CA firm.
3. Arrange for office place.
4. After getting name approved apply for firm registration.

Jinesh Bhagdev

Jinesh Bhagdev (Expert)
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05 March 2012 Firstly u need to apply for your firm's registration number and apply for certificate of practise.. You'll need to print your letterhead and visiting cards. You are not supposed to do direct marketing. Also ensure that if at all you enter into non-compete agreement with your existing employer for not approaching the clients for a particular period, you need to abide by that...

Secondly, all you need is to stay updated on latest happenings in the income tax and you need to be versatile to understand the client business and do value addition to your clients business..

You will also be required to open a current account in the name of the firm and keep a track of your turnover as if it crosses 9 lacs, you ll be required to take service tax registration. You can also take service tax registration suo-moto i.e. even if your turnover is less than 9 lacs and plan your practise accordingly.

All the best for your new venture.

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