Hi,
Can someone give clarification on the following:
1. Latest Council guidelines regarding advertisement through write up issued in May 2008.
2. No of permissible Tax Audits per Chartered Accountant
Hari Babu (CA Final) (57 Points)
26 October 2008Hi,
Can someone give clarification on the following:
1. Latest Council guidelines regarding advertisement through write up issued in May 2008.
2. No of permissible Tax Audits per Chartered Accountant
CA. Dashrath Maheshwari
(TaXpert)
(15090 Points)
Replied 27 October 2008
This is extract from the guidelines:
A member of the Institute in practice shall not accept, in a financial year, more than
the “specified number of tax audit assignments” under Section 44AB of the
Income-tax Act, 1961.
Provided that in the case of a firm of Chartered Accountants in practice, the
“specified number of tax audit assignments” shall be construed as the specified
number of tax audit assignments for every partner of the firm.
Provided further that where any partner of the firm is also a partner of any
other firm or firms of Chartered Accountants in practice, the number of tax audit
assignments which may be taken for all the firms together in relation to such
partner shall not exceed the “specified number of tax audit assignments” in the
aggregate.
Provided further that where any partner of a firm of Chartered Accountants
in practice accepts one or more tax audit assignments in his individual capacity,
the total number of such assignments which may be accepted by him shall not
exceed the “specified number of tax audit assignments” in the aggregate.
Provided also that the audits conducted under Section 44AD, 44AE and
44AF of the Income Tax Act, 1961 shall not be taken into account for the purpose
of reckoning the “specified number of tax audit assignments”.
6.1 Explanation:
For the above purpose, “the specified number of tax audit assignments” means -
(a) in the case of a Chartered Accountant in practice or a proprietary firm of
Chartered Accountant, 45 tax audit assignments, in a financial year,
whether in respect of corporate or non-corporate assesses.
(b) in the case of firm of Chartered Accountants in practice, 45 tax audit
assignments per partner in the firm, in a financial year, whether in
respect of corporate or non-corporate assesses.
6.1.1 In computing the “specified number of tax audit assignments” each year’s audit
would be taken as a separate assignment.
6.1.2 In computing the “specified number of tax audit assignments”, the number of such
assignments, which he or any partner of his firm has accepted whether singly or in
combination with any other Chartered Accountant in practice or firm of such
Chartered Accountants, shall be taken into account.
6.1.3 The audit of the head office and branch offices of a concern shall be
regarded as one tax audit assignment.
6.1.4 The audit of one or more branches of the same concern by one Chartered
Accountant in practice shall be construed as only one tax audit assignment.
6.1.5 A Chartered Accountant being a part time practicing partner of a firm shall not be
taken into account for the purpose of reckoning the tax audit assignments of the
firm.
6.1.6 A Chartered Accountant in practice shall maintain a record of the tax audit
assignments accepted by him in each financial year in the format as may be
prescribed by the Council.
CA. Dashrath Maheshwari
(TaXpert)
(15090 Points)
Replied 27 October 2008
ICAI Guidelines No.1-CA(7)/ Council Guidelines/01/2008, Dated 14th May,2008
GUIDELINES FOR ADVERTISEMENT FOR THE MEMBERS IN PRACTICE
(Issued Pursuant to Clause (7) of Part I of the First Schedule to the Chartered Accountants Act, 1949.)
The Members may advertise through a write up setting out their particulars or of their firms and services provided by them subject to the following Guidelines and must be presented in such a manner as to maintain the profession’s good reputation, dignity and its ability to serve the public interest.
1. The Member(s)/Firm(s) should ensure that the contents of the Write up are true to the best of their knowledge and belief and are in conformity with these Guidelines and be aware that the Institute of Chartered Accountants of India does not own any responsibility whatsoever for such contents or claims by the Writer Member(s) / Firm(s).
2. Definitions
For the purpose of these Guidelines:
(i) The “Act” means The Chartered Accountants Act, 1949.
(ii) “Institute” means the Institute of Chartered Accountants of India.
(iii) “write up” means the writing of particulars according to the information given in the Guidelines setting out services rendered by the Members or firms and any writing or display of the particulars of the Member(s) in Practice or of firm(s) issued, circulated or published by way of print or electronic mode or otherwise including in newspapers, journals, magazines and websites ( in Push as well in Pull mode) in accordance with the Guidelines.
(The terms not defined herein have the same meaning as assigned to them in The Chartered Accountants Act, 1949 and the Rules, Regulations and Guidelines made there under.)
3. The write-up may include only the following information:
(A) For Members
(i) Name ……………… Chartered Accountant
(ii) Membership No. with Institute
(iii) Age
(iv) Date of becoming ACA
(v) Date of becoming FCA
(vi) Date from which COP held
(vii) Recognized qualifications
(viii) Languages known
(ix) Telephone/Mobile/Fax No.
(x) Professional Address
(xi) Web
(xii) E-mail
(xiii) C A Logo
(xiv) Passport size photograph
(xv) Details of Employees (Nos. - )
(a) Chartered Accountants -
(b) Other Professionals –
(c) Articles/Audit Assistants
(d) Other Employees
(xvi) Names of the employees and their particulars on the lines allowed for a member as stated above.
(xvii) Services provided
(a) ………………………………
(b) ………………………………
(c) ………………………………
(B) For Firms
(i) Name of the Firm …………………… Chartered Accountants
(ii) Firm Registration No. with Institute
(iii) Year of establishment.
(iv) Professional Address(s)
(v) Working Hours
(vi) Tel. No(s)/Mobile No./Fax No(s)
(vii) Web address
(viii) E-mail
(ix) No. of partners
(x) Name of the proprietor/partners and their particulars on the lines allowed for a member as stated above including passport size photograph.
(xi) C A Logo
(xii) Details of Employees (Nos. - )
(a) Chartered Accountants -
(b) Other professionals –
(c) Articles/Audit Assistants
(d) Other employees
(xiii) Names of the employees of the firm and their particulars on the lines allowed for a member as stated above.
(xiv) Services provided:
(a) ……………………………….
(b) ………………………………
(c) ………………………………
The write-up may have the Signature, Name of the Member/ Name of the Partner signing on behalf of the firm, Place and Date.
4. Other Conditions
(i) The write-up should not be false or misleading and bring the profession into disrepute.
(ii) The write-up should not claim superiority over any other Member(s)/Firm(s).
(iii) The write-up should not be indecent, sensational or otherwise of such nature which may likely to bring the profession into disrepute.
(iv) The write-up should not contain testimonials or endorsements concerning Member(s).
(v) The write-up should not contain any other representation(s) that may like to cause a person to misunderstand and/or to be deceived.
(vi) The write-up should not violate the provisions of the ‘Act’, Rules made there under and ‘The Chartered Accountants Regulations,1988’.
(vii) The write-up should not include the names of the clients (both past and present)
(viii) The write-up should not be of font size exceeding 14.
(ix) The write-up should not contain any information other than stated in Para 3 hereinabove.
(x) The write-up should not contain any information about achievements / award or any other position held.
(xi) The particulars of information required at para (ii) of 3(A) and para (ii) of 3(B) above is mandatory.
**DM
CA. Dashrath Maheshwari
(TaXpert)
(15090 Points)
Replied 27 October 2008
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