The Institute of Chartered Accountants of India (ICAI) has recently issued a set of Frequently Asked Questions (FAQs) where the Institute said that the practicing Chartered Accountants cannot enter into a partnership with the Advocates enrolled with the Bar Council of India.
In the FAQ, the Institute said that as per Clause (c) of Regulation 53B of the Regulations, it is permitted to enter into a partnership with Advocate, Member of the Bar Council of India established under the Advocates Act, 1961.
However, as per Rule 2 of Chapter III of Part IV– “Conditions for Right to Practice” of the Bar Council of India Rules, 1975, “An Advocate shall not enter into a partnership of any other arrangement for sharing remuneration with any person or legal Practitioner who is not an Advocate.”
“Hence, unless the Bar Council of India Rules, 1975 are amended, MDP CAs in Practice shall not enter into partnership with an Advocate who is the member of the Bar Council of India,” the ICAI said in a statement.
Recently, the had notified the revised Form 18 to facilitate the formation of a Multi-disciplinary Partnership Firm of practicing Chartered Accountants.
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