Sir, in clause 3 of part 1 1st schedule PE, is acceptance of share of profit from members of recognised professional body and person having prescribed qualifications allowed.?

1 answer

Ravi Staff November 6, 2017

Yes it is allowed
Regulation 53A gives 2 lists which are relevant for clause 2 & 3
1st List of Members of Professional Bodies (ICSI / ICWAI / BAR Council / INdian Institute of Architect / Indian Institute of Actuary)
 
2nd List is of Qualified  People (Not having membership because of no training etc) (CS / CWA / LLB / Architect / Actuary / MBA / Engineer)

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