ICAI releases Research Project Scheme 2023

The Institute of Chartered Accountants of India (ICAI) released the Research project Scheme for 2023 on 6th July 2023. This scheme allows scholars, researchers, and academicians to contribute their creative concepts in emerging fields, offer supporting data for hypotheses, offer guidance for action, and promote advancement of knowledge in relevant domains.

The research committee members include CA. (Dr.) Anuj Goyal, Chairman;  CA. Cotha S Srinivas, Vice-Chairman; CA. Aniket Sunil Talati, President (Ex-officio); CA. Ranjeet Kumar Agarwal, Vice-President (Ex-officio).

TOPICS

Within this framework, researchers are actively encouraged to submit their research proposals focusing on relevant subjects. These topics encompass various pertinent areas and require the analysis of specific parameters as follows:

1. Bank branch audit of not audited branch – Impact of NPAs
2. Rationalization of GST Rates
3. Simplification of TDS Provisions
4. Labour Laws
5. Liquidation Accounting
6. Accounting for Digital Transactions
7. Any other innovative research areas, relevant for profession and subject to approval of the Shortlisting Committee

ELIGIBILITY CRITERIA

(i) The applicant must be a member of the Institute of Chartered Accountants of India with a research aptitude having at least 10 years post-qualification experience either in the practice of the profession or as an employee with a reputed manufacturing/service organisation; or

(ii) An experienced research scholar with PhD or faculty of a recognized University/ Institute of a high repute. 

(iii) The researcher should have published research papers in any referred Journal. Applications from persons having an experience less than as stated in “A” might also be considered on the basis of merit.

DURATION

Unless there is a valid justification, the approved research project should be completed within a maximum duration of 6 months from the date it is approved by the Research Committee of ICAI.

PROCEDURE OF SELECTION

1. Applications are initially scrutinized by the Research Committee secretariat.
2. Shortlisting Committee will shortlist the meritorious proposals from the eligible applications
3. Such applicants may also be invited for a presentation before the Shortlisting Committee.
4. The recommendations of the Shortlisting Committee will then be placed before the Research Committee for its final approval.

MAXIMUM PERMISSIBLE GRANT

According to the press release, the maximum permissible grant is Rs. 10 Lakhs.  The committee shall grant only the eligible costs. These shall includes:

1. The cost of staff assigned to the research, corresponding to actual salaries and other remuneration-related costs; salaries and costs must not exceed those normally borne by the researcher, as the case may be;

2. Travel and subsistence costs for staff taking part in the research, provided they do not exceed those normally borne by researcher, as the case may be;

3. Costs arising directly from the requirements of the assignment (dissemination of information, evaluation specific to the action, audit, translation, printing, etc.);

HOW TO APPLY AND WHAT DOCUMENTS SHOULD SEND

Following documents must be mailed to research.project@icai.in The Documents are:

1. Research Proposal
2. Time Budget
3. Financial Budget
4. Work Experience
5. Copy of any one of Published Research Paper in any Referred Journal

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