CA Signs more than 490 Tax Audit Reports held guilty for Professional Misconduct

CA Signs more than 490 Tax Audit Reports held guilty for Professional Misconduct As per amended Chapter VI of Council General Guidelines, 2008 (Tax Audit Assignments under Section 44AB of the Income Tax Act, 1961), a member of the Institute in practice shall not accept, in a financial year, more than the specified number of tax audit assignments as prescribed under Section 44AB of the Income Tax Act, 1961. The specified number of tax audit assignments under Section 44AB of the Income Tax Act, 1961 is 60. It is further provided in amended Chapter VI of Council General Guidelines, 2008 that in case of firm of Chartered Accountants in practice, specified number of tax audit assignments means 60 tax audit assignments per partner of the firm, in a financial year. The Disciplinary Committee has held a Chartered Accountant, guilty of Professional Misconduct falling within the meaning of Clause (1) of Part II of Second Schedule to the aforesaid Act for Signing more than 490 Tax Audit Reports and consequently ordered for imposing a fine of Rs. 1000/- for each case of audit conducted in excess of the number stipulated in the Guidelines which aggregates to Rs. 4,90,000/- (Rupees Four Lakh Ninety Thousand) only which was payable within 3 months from the date of receipt of the said order. The Disciplinary Committee further ordered that if the Respondent, fails to deposit the fine within the stipulated time i.e. 3 months, his name should be removed from the Register of Members for a period of 01(One) month. Since, the Respondent failed to deposit the imposed fine as stipulated, in pursuance of the aforesaid order of the Disciplinary Committee and in exercise of the powers conferred by sub-section (2) of Section 20 of the aforesaid Act, read with Regulation 18 of the Chartered Accountants Regulations, 1988, it is hereby notified that the name of said CA. Ravindra M C (Membership No. 019751), shall stand removed from the Register of Members for a period of 01(One) month with effect from 22nd October, 2021 Download the Complete Notification for the Name of the CA and More information.