CA Sandeep Kanoi
ICAI has vide its press release dated 10th September 2014 proposed amendments to The Chartered Accountants Regulations, 1988 vide Draft Chartered Accountants (Amendment) Regulations, 2014.
A Table in Regulation No. 48 of The Chartered Accountants Regulations, 1988 specifies the stipend Payable to articled assistants based on year of training and place of Service. Vide Draft Chartered Accountants (Amendment) Regulations, 2014 ICAI has proposed to replace the existing table specifying the stipend payable with this new table –
48. Stipend to articled assistants
[(1) Every principal engaging and training articled assistant or assistants, under regulation 43, shall pay every month to such assistant a minimum monthly stipend, at the rates specified in the Table below:
Table * %
|Classification of the normal place of service of the articled assistant||During the first year of training||During the second year of training||During the remaining period of training|
|(i) Cities/towns having a population of twenty lakhs and above.|
|(ii) Cities/towns having a population of four lakhs and above but less than twenty lakhs.|
|(iii) Cities/towns having a population of less than four lakhs.|
Explanation 1 – For the purposes of this regulation, no stipend shall be payable for any excess leave taken.
Explanation 2 – For the purposes of determining the rates at which stipend is payable under this regulation, the period of articled training of the student under any previous principal or principals (not being any such period prior to 1st July, 1973) shall also be taken into account.
Explanation 3 – For the purposes of this regulation, the figures of population shall be taken as per the last published Census Report of India.]
(2) The stipend under this regulation shall be paid by the principal to the articled assistant either (a) by a crossed account payee cheque every month against a stamped receipt to be obtained from the articled assistant; or (b) by depositing the amount every month in an account opened by the articled assistant in his own name with a branch of the bank to be specified by the principal.
* Item Striked off is the existing rate of Stipend Payble
% Item In Red Colure is Proposed rate of Stipend Payable to articled assistants
Read ICAI Draft Regulation on following link :-