By P. N. Shah
Chartered Accountant
The Chartered Accountants, The Cost and Works Accountants and The Company Secretaries (Amendment) Bill, 2021, was introduced in Parliament on 17th December, 2021. This Bill was referred to the Standing Committee on Finance, which submitted its Report in March, 2022. The Bill has been passed by Parliament on 5th April, 2022. Now, The Chartered Accountants, The Cost and Works Accountants and The Company Secretaries (Amendment) Act, 2022, has received the
assent of the President on 18th April, 2022. This Act will come into force on such date as the Central Government may notify.
Some amendments have come into force from 10th May, 2022 by a Notification dated 10th May, 2022. Some of the important amendments made in the Chartered Accountants Act, 1949, are discussed in this article.
1. SECTION 4 – CAP ON ENTRANCE FEESAt present, entrance fees for those eligible to register as members cannot exceed Rs 3,000. This can be increased up to Rs 6,000 with the permission of the Central Government. This cap on the entrance fee has now been removed from 10th May, 2022 and the Central Council can fix such fees.
2. SECTION 5 – CAP ON FEES FOR FELLOW MEMBERS Under this section, on the admission of an Associate Member as a Fellow Member, a fee up to Rs 5,000 (Which can be increased up to R10,000 with Central Government approval) can be charged. This cap on fees has been removed from 10th May, 2022 and the Central Council
