UjjwalUjjwal asked 2 years ago

Sir,in professional ethics first schedule part 1 clause 11..if a practicing ca is working as a liquidator,executor etc on full time basis on salary will he be deemed  to be guilty of professional misconduct(although it is a ca related service)?

3 Answers
RaviRavi Staff answered 2 years ago

if he is in working on “full time basis on salary” then deeming fiction is not applicable to him, he is not deemed to be in practice
as he is not deemed to be in practice first schedule part 1 will not be applicable and clause 11 also will not be relevant
if he is not on full time basis then clause 11 will get applicable 
please elaborate here if your doubt is not resolved

UjjwalUjjwal answered 2 years ago

Sir,I have not understood..in my understanding,if a practicing CA is working as a liquidator on part time basis there is no misconduct and if he is working on full time basis there is misconduct under first schedule part 1 clause 11

RaviRavi Staff answered 2 years ago

Yes as per Regulation 191 CA in practice can act as Liquidator etc but is should not be on salary cum full time practice, below in regulation 191 for your reference
191. Part-time employments a Chartered Accountant in practice may accept 
Notwithstanding anything contained in Regulation 190A but subject to the control of the Council, a Chartered Accountant in practice may act as a liquidator, trustee, executor, administrator, arbitrator, receiver, adviser or representative for costing, financial or taxation matter, or may take up an appointment that may be made by the Central Government or a State Government or a court of law or any other legal authority or may act as a Secretary in his professional capacity,provided his employment is not on a salary-cum-full-time basis.

Call Back Request