- Exciting news for practising Chartered Accountants!
- The Institute of Chartered Accountants of India (ICAI) has rolled out a game-changing fee calculator.
ICAI’s new tool for fee assessment
- ICAI has introduced a new fee calculator to assist Chartered Accountants (CAs) and CA Firms in setting fees.
- The tool helps determine the minimum recommended fees for various services.
- It’s available on the ICAI’s Tender Monitoring Directorate (TMD) website.
- The calculator follows the Revised Minimum Recommended Scale of Fees for Professional Assignments, updated in February 2020.
Key highlights of the tool include:
- Service classification: Services are grouped into sections like Income Tax, Audit, and Company Law, ensuring detailed fee recommendations.
- Custom fee suggestions: Fees are suggested based on the complexity, time spent, and specific requirements of each assignment.
- City-based fee adjustment: Fees are adjusted according to the service location, considering different costs of living and demand across cities.
General guidelines for fee calculation
Also read: Desi Big 4s: Government & ICAI revamp rules to build India’s Big 4
Additional guidelines include
- Charging for travel time and out-of-pocket expenses separately.
- Issuing separate bills for each service immediately after completion.
- Collecting GST separately where applicable.
Wrapping up…
This move by ICAI is seen as a significant step in helping CAs in practice to ensure fair compensation.
It also benefits clients by providing them with a clear and consistent fee structure.
