Highest number of Chartered Accountants penalised this 2024-25 fiscal: ICAI

Addressing a press conference, the newly elected President Charanjot Singh Nanda said, that during 2024-2025 they held 118 meetings. "A total of 270 hearings were concluded. 241 CAs were found guilty and were removed for 15 days to 5 years and were imposed fines of Rs 5,000 to Rs 5 lakh."

Nanda said that during 2023-24, 132 hearings were concluded, and 91 CAs were found guilty and removed, in addition to imposing fines.

During 2022-23, a total of 366 hearings were concluded and 119 CA's were found guilty.

Since the inception of the current mechanism in 2007, in 2771 cases, member(s) alleged have been found to be prima facie guilty of Professional and/or Other Misconduct and cases were referred for enquiry to the Board of Discipline u/s 21A and Disciplinary Committee u/s 21B of the Chartered Accountants Act 1949.

Out of the 2771 cases referred to for enquiry, a hearing has been concluded in 2,354 cases after giving due opportunity of being heard to the parties to the case by the Board of Discipline.

Out of the 2354 cases in which the hearing has been concluded, in 1072 cases, member(s) alleged have been held guilty of Professional and/or Other.

Talking about the New Income Tax Bill, the ICAI President said that the government has created a "very good bill, and they have invited suggestions."

He suggested that the government simplify the language so that a common person understands it.

Nanda said that ICAI will set up 39 member study groups all across the country to study and bill and give suggestions to make the bill more improved.

Nanda has been elected as the 73rd President of ICAI for the term 2025-26.

Prasanna Kumar D has been elected as the Vice-President, ICAI with effect from February 12, 2025. The oath of office was administered by Arjun Ram Meghwal, Minister of State (Independent Charge) for Law and Justice and Parliamentary Affairs. (ANI)