ICAI to take disciplinary action for quoting very low & incommensurate fee by Chartered Accountants

ICAI to take disciplinary action for quoting very low and incommensurate fee by Chartered Accountants

As per the announcement made by ICAI, it has decided that wherever the fee quoted by a Chartered Accountant or the CA firm is extremely low and is not commensurate with the size, value, volume, manpower requirement and nature of work, the matter can be referred to Director (Discipline) for appropriate action. It has been clarified that this decision shall not be affected whether or not the tender is issued in the area of service exclusively reserved for chartered accountants.

A tender bid is considered unresponsive if the quoted price is abnormally low and raises serious concerns regarding the bidder’s ability to perform the contract in accordance with the prescribed standards. An unusually low quotation may inter alia indicate some ulterior and malafide practice on the part of the bidder.

• Penalty u/s 271B for unfilled column 40 in Tax Audit Report Form 3CD deleted by ITAT
• Merely ex-parte rectifying computation without amending assessment order not make it nullity- ITAT
• Once assessee discharges primary onus, it shifts to AO to bring evidence to contrary – ITAT
• Cost Inflation Index for FY/Tax Year 2026-27 notified by CBDT. See Up-to-date Table of CII
• Power of CIT(A) u/s 251(1)(a) to remand case can be exercised only in best judgment assessment