A chartered accountant in practice prepared project report for obtaining loan. Decided to charge 10%fees on loan approved. Does this amounts to fund raising services or he is still guilty of misconduct?
He decided to raise the invoice of his service@ 10% of the loan to be sanctioned in future, which is basically contingent upon the future action of bank. Therefore CA will be guilty. (RTP – May 2015:)
Had he charged it on the loan amount, he would have not.