ICAI’s fee calculator: Empowering CAs and CA Firms

• 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

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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.

Have you tried the calculator?