[BREAKING] ICAI launches Minimum Recommended Professional Fee Calculator for CAs and CA Firms

The Institute of Chartered Accountants of India ( ICAI ) has introduced a new tool aimed at aiding Chartered Accountants (CAs) and CA Firms in determining the minimum recommended fees for their services. The fee calculator, which is now live on the ICAI’s Tender Monitoring Directorate (TMD) website, is based on the Revised Minimum Recommended Scale of Fees for Professional Assignments as established in February 2020.

Chartered Accountants can access the same by clicking the link: https://www.tmdicai.org/fees-calculator.php

The tool allows CAs to select various services ranging from Income Tax filing, GST work, company law assignments, audit services, and more. Users can input specific details such as the type of user, location (classified under A, B, and C cities), and the nature of the service required. The calculator then provides the minimum recommended fee for each service.

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Key features of the tool include:

– Service Categorization: The calculator categorizes services into various sections such as Income Tax, Audit, Company Law, and others, ensuring comprehensive coverage of professional assignments.

– Tailored Fee Recommendations: It offers fee suggestions based on the complexity, time spent, and specific requirements of each assignment.

– City Classification: Fees are adjusted based on the location, reflecting the differences in the cost of living and service demand across different cities.

– Transparency and Professional Standards: The tool promotes transparency in the profession by helping CAs adhere to standardized fees, thereby maintaining professional integrity.

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Notably, ICAI has also stated some general guidelines in the official website:

They are reproduced as follows:

• “Fees to be charged depending on the complexity and the time spent on the particular assignment.
• The above recommended minimum scale of fees is as recommended by the Committee for Members in Practice (CMP) of ICAI.
• The aforesaid table states recommendatory minimum scale of fees works out by taking into account average time required to complete such assignments. However, members are free to charge varying rates depending upon the nature and complexity of assignment and time involved in completing the same.
• Office time spent in travelling & out-of-pocket expenses would be chargeable. The Committee issues for general information the above recommended scale of fees which it considers reasonable under present conditions. It will be appreciated that the actual fees charged in individual cases will be matter of agreement between the member and the client.
• GST should be collected separately wherever applicable.
• The Committee also recommends that the bill for each service should be raised separately and immediately after the services are rendered.
• Classification of Class A, Class B & Class C Cities are given in Annexure ‘A’.
• The amount charged will be based on the location of the service provider.”

It is to be that these fees are the minimum recommended rates, and CAs are free to charge above these levels depending on the specifics of each case. Additionally, the calculator includes options for entering specific fees for services that may require more customization.

Read Also: Audit and Certification Works: Know Minimum Fee Recommended by ICAI which Starts from Rs. 2000 to Rs. 80,000

This move is seen as a significant step by ICAI to help its members in practice ensure they are fairly compensated while also providing clients with a transparent and predictable fee structure.

Read More: GST Registration and Other related Services: Know Minimum Fee Recommended by ICAI to CAs

For more information, Chartered Accountants can access the fee calculator on the ICAI’s official website under the Tender Monitoring Directorate section.

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