ICAI invites EOI form CA Firms for TDS verification/ reconciliation. Last date 16.05.2019

ICAI invites EOI form CA Firms for verification/reconciliation of TDS from FY 2005-06 to 2018-19 to know status of recoverability. Last date 16.05.2019

Notice Inviting Expression of Interest for engagement of Chartered Accountants Firms to carry out the verification/reconciliation of TDS receivable of the Institute of Chartered Accountants of India (ICAI)

[Announcement No. EOI/Accounts/TDS/2019-20 dated 01.05.2019]

ICAI invites applications from eligible Chartered Accountants Firms to carry out the verification/reconciliation of TDS receivable of all the years beginning from FY 2005- 06 to 2018-19 of ICAI including branches so as to ascertain and determine the status of recoverability of TDS from income tax department.

A. Eligibility Criteria:

1. Basic Criteria:

    • Firm with a minimum of 3 partners of which at least 1 partner should be FCA.
    • Firm’s standing should be of at least 5 years.
    • The firm should have relevant experience in Income Tax Matters.
    • Head Office of firm should be located at Delhi/NCR.

2. The firm must have GST Registration Number and should submit the copy thereof along with fee bill.

3. Disqualifications: The Chartered Accountants Firm shall not be eligible to apply if:

    • The Chartered Accountants Firm or any of its partners has been found guilty of any professional and/or other misconduct under the provisions of the Chartered Accountants Act, 1949 during the current year and immediate past five years.
    • The firm or any of its partners has any pecuniary or other interest in the ICAI such as faculty, examiner, observer etc.
    • Any of the partners of the firm or their relative is / has been a member of Central Council/ Regional Council, Branch Managing Committee of ICAI during the current year and immediate past four years i.e. from 1st April, 2015 to till date.
    • The CA firm is having association with foreign firms.

The Chartered Accountants Firm while expressing their interest shall be required to submit a declaration that they do not suffer from any of the above disqualifications and the details furnished in this regard are true and correct. Any incorrect information furnished by the applicant shall lead to rejection of the application.

B. Scope of Work:

The scope of work shall include –
1. To carry out the verification/reconciliation of TDS receivable of all the years beginning from FY 2005-06 till 2018-19 of ICAI including 164 branches/ 5 Regional Councils and 18 Decentralized Offices.

2. To ascertain and determine the status of recoverability of TDS from income tax department.

3. Carrying out year wise reconciliation and passing accounting entries, if any, after matching the same with form 26AS/Income Tax Records.

4. Providing assistance/guidance to ICAI so as to improve the refund process
wherein TDS as recorded in various units of ICAI matches with data as in form 26AS, so that when refund is received, respective share can also be passed back to the respective units of ICAI.

C. Period of Completion:

The selected CA Firm shall complete the assignment and submit the final report within one month from the date of receipt of the engagement letter.

D. Fee:

The fee of the said assignment is Rs. 3,00,000/- (Rupees Three Lakhs only) plus GST. No TA/ DA or out of pocket expenses shall be paid. The fee shall be paid on submission of final report and acceptance thereof by ICAI.

E. Other Terms & Conditions:

1. Interested firms of Chartered Accountants which meet the pre-qualification criteria may furnish their Expression of Interest at the following link:


2. There shall be no fee for the application.

3. Queries, if any, in this regard may be sent to budget@icai.in Any communication other than email will not be entertained. The last date for receipt of queries regarding submission of expression of interest is 08/05/2019 up to 1600 hours.

4. The application for the said assignment shall be accepted only through the above link and should be submitted latest by 15/05/2019 up to 1600 hours.

5. Any amendment / corrigendum / clarification to the EOI will be posted on the website of the Institute of Chartered Accountants of India, i.e. www.icai.org.

6. The ICAI shall not be liable for non- receipt/Late receipt of any of the EOIs.

7. The ICAI reserves the right to reject any of the applications or whole process without assigning any reason at any time and may call for any other details or additional information from any of the applicants/partner at its own discretion. Non submission of details sought for will render the firm ineligible for the assignment. In this regard, the decision of ICAI shall be final and binding on all the applicants.

8. The decision of the ICAI shall be final as regards to the criteria to finalize the firm out of the applications so received.

9. Incomplete applications shall be summarily rejected.

10. Assignment shall be conducted by appointed firm only and shall not be allowed to sublet the assignment.

11. The firm shall maintain confidentiality of information obtained during the course of assignment.

12. The engagement of the appointed firm shall terminate on acceptance of the final Report by ICAI. However, ICAI may terminate the engagement of the firm, at any time, without assigning any reason. In such cases, the firm shall not be eligible for any remuneration.

13. In case of any dispute or difference arising out of or in connection with any of the terms and condition to this Notice / Engagement, in the first instance, the parties shall try to resolve the same by mutual consultation, failing which the same shall be referred to the sole arbitrator to be appointed mutually by the parties. The Arbitration and Conciliation Act, 1996 and any statutory modification or re-enactment thereof, shall apply to these arbitration proceedings. Arbitration proceedings shall be held at Delhi and the language of the arbitration proceeding shall be in English. The arbitral award shall be final and binding upon both the parties. All arbitral awards shall be in writing and shall state the reasons therefor. The cost of the arbitration shall be borne by both the parties.

14. Subject to the arbitration clause as mentioned above, the Courts at Delhi/New Delhi shall have the exclusive jurisdiction to try any suit in the matter.

15. Detailed profile of the firm giving details of relevant experience/expertise in income tax matters be given through a link in the google form.

16. Declaration with respect to para 3 of Eligibility Criteria to be mailed at budget@icai.in

Acting Secretary, ICAI

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