CAs allowed to enter into Partnerships with Advocates

NEW DELHI. ICAI (Institute of Chartered Accountants of India) vide a notification dated 25th September, 2008 has amended the Chartered Accountants Regulations, 1988, vide the Chartered Accountants (Amendment) Regulations, 2008 which allows CAs to enter into Partnership with Advocates, CS, Cost Accountants, Engineers & Architects .


The said amendment notifies that for the purposes of entering into partnership under Item (4) of Part I of the First Schedule to the Act, a person shall be a member of any of the following professional bodies, namely:­


(a)     Company Secretary, member, The Institute of Company Secretaries of India, established under the Company Secretaries Act, 1980;


(b)     Cost Accountant, member, The Institute of Cost and Works Accountants of India established under the Cost and Works Accountants Act, 1959;


(c)     Advocate, member, Bar Council of India established under the Advocates Act, 1961;


(d)     Engineer, member, The Institution of Engineers, or Engineering from a University established by law or an institution recognized by law.


(e)     Architect, member, The Indian Institute of Architects established under the Architects Act, 1972;


(f)     Actuary, member, The Institute of Actuaries of India, established under the Actuaries Act, 2006.


(2) Professional bodies or institutions outside India whose qualifications relating to accountancy are recognised by the Council under sub-section (2) of section 29 of the Act.”;


(Source: allindiantaxes)


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