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ICAI’s fee calculator: Empowering CAs and CA Firms

ICAI has rolled out a minimum recommended fees calculator for various professional services to empower practicing CAs and CA firms. However, CAs are free to charge higher rates depending on the nature of the work and time involved.

The Finance Story by The Finance Story
Published date: 5th September, 2024
Last edited date: 6th September, 2024
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ICAI's fee calculator: Empowering CAs and CA Firms
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  • 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

  • ICAI recommends fees be set based on the complexity and time spent on assignments.
  • Charges may vary depending on the service provider’s location.
  • A minimum fee scale is suggested, based on the average time required for specific tasks.
  • CAs can charge higher rates for more complex or time-consuming work.

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.

Have you tried the calculator?

The Finance Story

The Finance Story

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