Save Rs 499. Go Ad-Free with CAclubindia Pro for 2 Full Years. Subscribe Now!

What's icai doing to protect interest of new practicing ca?

Statutory Audit 996 views 1 replies

CA. Nitin Agrawal

Chartered Accountants

1066 Points Posted on 21 March 2012

Dear readers, experts

Can any one please clarify the reason for increase of tax audit limit from Rs 60 Lacs to Rs l00 Lacs. In just 2 years the limit was increased from 40 Lacs to 100 Lacs which was intact from some decades.

Whats the ICAI doing in these regard?. In one side our presidents are saying that there is bright future of the current C.A in practice & on the other side the work is all most gone, now bank audit also gone away.

So what left with the new chartered accountants, the ICAI must seriously think over the matter.

Replies (1)

CA SRINIVASA H

PROPRIETOR

23 Points Posted on 21 March 2012

I fully agree with CA. Nitin Agarwal. Our presidents saying in bright future for practicing CAs may shortly remains as just saying for all small practicing CAs. As it is bank audits gone away, turnover limit for tax audit has substantial increased, besides to that we are bound to maintain professional ethics to keep our profession paramount, which may not yet all applicable to tax consultants. Under the circumstances small CA firms' survival in practice may become crucial.