Articleship extension under new principal

You can serve your articleship extension period under a new principal, even if your articleship was registered under the old scheme. Here's what you need to know: Key Points - *Approval from ICAI*: You'll need to get prior approval from the Institute of Chartered Accountants of India (ICAI) for serving your extension period under a different principal. - *Transfer Procedure*: The transfer of articleship requires approval from both your current principal and the proposed new principal. They'll need to sign a specific form provided by ICAI for transferring articleship.¹ Forms to Submit To transfer your articleship and serve the extension period under a new principal, you'll typically need to submit the following forms: - *Form 103*: Application for transfer of articleship from the old principal to the new principal - *Form 102*: Intimation of change of principal - *Form 108*: For transfer within the same city Procedure 1. *Obtain Forms*: Get the necessary forms from your current principal or the ICAI regional office. 2. *Fill and Submit Forms*: Fill out the forms accurately and submit them along with required documents to the ICAI regional office. 3. *Franking of Form 102*: Get Form 102 franked by ICAI, which signifies formal acceptance of the change of principal. 4. *Start Date of Extension*: The extension period will start from the date of franking of Form 102.² Additional Considerations - *Documentation*: Keep copies of all forms and documents submitted for your records. - *Communication*: Inform your current and new principals about the transfer and extension to ensure a smooth transition. - *Approval*: The transfer and extension of articleship are subject to approval by ICAI.