I understood that CA in practice can become director simplicitor.
can he take consultancy fees from the company in which he is director simplicitor for rendering professional service to the company ?
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Can a practising CA become a director in company?
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I understood that CA in practice can become director simplicitor.
can he take consultancy fees from the company in which he is director simplicitor for rendering professional service to the company ?
Hi Everyone,
What is the case if he resigns as a director from the company after attaining COP? Does any Contravention attracts? Can he continue as a Business Advisor for that company by charging consulting fees?
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Published in March, 2010 issue of the CA Journal Q. Whether a Chartered Accountant in practice can engage in any business or occupation other than the profession of Chartered Accountancy ? |
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A. No, in terms of Clause (11) of Part I of First Schedule to the CA Act , in general, a Chartered Accountant in practice is not permitted to engage in any business or occupation other than the profession of Chartered Accountancy. 1. A Chartered Accountant can be a director of a company (not being a managing director or a whole time director), unless he or any of his partners is interested in such company as an auditor. 2. A Chartered Accountant in practice may engage in any business or occupation with the permission granted in accordance with a resolution of the Council.
This does not lay down any requiremnt for seeking any permission except if the peson wants to become a managing or a whole-time director |
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Published in March, 2010 issue of the CA Journal Q. Whether a Chartered Accountant in practice can engage in any business or occupation other than the profession of Chartered Accountancy ? |
|
A. No, in terms of Clause (11) of Part I of First Schedule to the CA Act , in general, a Chartered Accountant in practice is not permitted to engage in any business or occupation other than the profession of Chartered Accountancy. 1. A Chartered Accountant can be a director of a company (not being a managing director or a whole time director), unless he or any of his partners is interested in such company as an auditor. 2. A Chartered Accountant in practice may engage in any business or occupation with the permission granted in accordance with a resolution of the Council.
This does not lay down any requiremnt for seeking any permission except if the peson wants to become a managing or a whole-time director |
CA with COP cannot take any type of remuneration. But the firm in which he is a partner can charge consulting fees . I hope so.
It is perfectly understood that permission is required for becoming the WTD or MD in a company for a PCA, but then the question arises what is the procedure to attain this permission?
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