VIP Road Chartered Accountants Association

Revision of recommended scale of fee chargeable for the work done by the members of the Institute

The Council of the Institute of Chartered Accountants of India recommends from time to time scale of fees chargeable for the work done by the member of the Institute. Such scale of fees were last revised effective from April 1, 2000. Keeping in view the overall increase in the cost of living since then, the Council at its meeting held in January 2006, has revised the existing recommended fees as under (effective from 12th May 2006):

The Institute of Chartered Accountants of India (ICAI) has proposed to come up with newer accounting standards, covering miscellaneous issues, in order to be in sync with what is being practised internationally. A number of accounting standards are already in place while efforts are on to include other critical topics within their fold.

		Existing			Revised with effect from (12 th May 2006)
		Between (Rs.)	And (Rs.)		Between (Rs.)		And (Rs.)
1.	For giving expert evidence in courts of law in the Union of India according to professional standing of the witness.	5,000 10,000 [For each day or part there-of, spent in attendance and/or travelling]			7,500 15,000 [For each day or part thereof, spent in attendance and/or travelling]
2.	Other work:
	(a) Statutory Audit, Tax Audit, Internal Audit, Accountancy and Secretarial Work: Principal Qualified Assistants Semi Qualified/Other Assistants	600 300 100 [Per Hour]		1,200 600 200 [Per Hour]	900 450 150 [Per Hour]	1,800 900 300 [Per Hour]
	(b) Taxation Work: Principal Qualified Assistants Semi-Qualified/Other Assistants	1,000 500 200 [Per Hour]		2,000 1,000 400 [Per Hour]	1,500 750 300 [Per Hour]	3,000 1,500 600 [Per Hour]
	(c) Investigation, Management Services or Special Assignments: Principal Qualified Assistants Semi-Qualified/Other Assistants	1,500 750 250 [Per Hour]		3,000 1,500 500 [Per Hour]	2,250 1,125 375 [Per Hour]	4,500 2,250 750 [Per Hour]

Note:

1. Office time spent in traveling would be chargeable. In case of outstation work, traveling and out-of-pocket expenses would also be chargeable.

2. The Council issues for general information the above revised recommended scale of fees which it considers reasonable under present conditions. It will be appreciated that the actual fees charged in individual cases will be a matter of agreement between member and the client.

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