ICAI announced Revision of Fees of Expert Advisory Committee Services

According to a decision passed by the Institute of Chartered Accountants of India (ICAI) council at its 420th meeting on March 23 and 24, 2023, a new category has been added to the unlisted firms/companies.

Companies with annual turnover of Rs.50 crores or less were included with category fees Rs.25000 + Goods and Services Tax (GST) each question.

The Expert Advisory Committee (EAC) is made up of professionals from a variety of professions, including accounting, taxation, finance, and law. Members of the committee are chosen for their competence, experience, and understanding in their respective disciplines.

The primary responsibility of the EAC is to advise the ICAI Council on various technical problems and to aid in the development of standards and rules for the accounting industry. The committee also offers recommendations for professional development activities and courses for ICAI members.

Companies were classified as either listed on or not listed on a recognised stock market. All fees are assessed per enquiry.

The updated fee schedule is listed below:

• Queries about companies whose equity or debt instruments are traded on a recognised stock market.
• Companies with an annual turnover of more than Rs. 500 crores depending on the financial year immediately before the date of the query’s submission.

Fee: Rs. 200,000/- plus taxes (as applicable) per query

Companies with an annual turnover of Rs.500 crores or less, as determined by the annual accounts for the financial year preceding the date of the query’s submission.

Fee: Rs. 100,000/- plus taxes (as applicable) per query

Queries related to companies whose equity or debt securities are not listed on a recognised stock exchange:

a. Companies having an annual turnover exceeding Rs. 500 crores based on the annual accounts of the year immediately preceding the date of sending of the query

Fee: Rs. 200,000/- plus taxes (as applicable) per query

Companies with an annual turnover of Rs.500 crores or less but greater than Rs.100 crores based on the annual accounts of the year preceding the date of the query’s submission.

Fee: Rs. 100,000/- plus taxes (as applicable) per query

Companies with annual turnover of at least Rs. 50 crores and at least Rs. 100 crores, as determined by the annual accounts of the year ending on the day the question was sent.

Fee: Rs. 50,000/- plus taxes (as applicable) per query

Companies with annual turnover of 50 crores of rupees or less, as determined by the annual accounts of the year ending on the day the question was sent.

Fee: Rs. 25,000/- plus taxes (as applicable) per query