Can a CA do attest functions and trade shares?
This query is : Resolved
18 December 2019
Specifically, I have the following queries with reference to Chartered Accountants Act :
1. Is trading in shares considered "other business"? When is it not considered "other business"?
2. Will obtaining permission by a CA holding COP to engage in other business (like trading goods, wholesale, restaurant, trading derivatives, etc.) make the applicant ineligible to perform attest functions (audit, signing as CA, etc.)?
3. Can a CA not holding COP or holding part-time COP engage in other business (like trading goods, wholesale, restaurant, trading derivatives, etc.) without performing any attest functions?
4. Can a CA not holding COP or holding part-time COP engage in consultation, tax advisory services, filing services, etc. without performing any attest functions?
1. Is trading in shares considered "other business"? When is it not considered "other business"?
2. Will obtaining permission by a CA holding COP to engage in other business (like trading goods, wholesale, restaurant, trading derivatives, etc.) make the applicant ineligible to perform attest functions (audit, signing as CA, etc.)?
3. Can a CA not holding COP or holding part-time COP engage in other business (like trading goods, wholesale, restaurant, trading derivatives, etc.) without performing any attest functions?
4. Can a CA not holding COP or holding part-time COP engage in consultation, tax advisory services, filing services, etc. without performing any attest functions?
Amol S Joglekar
(Expert)
19 December 2019
trading in shares for himself or herself is NOT considered to be CA in practice doing another business.
Message likes :
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20 December 2019
Thank you very much! Can you also answer the other queries please?
Amol S Joglekar
(Expert)
27 December 2019
1. intention of assessee is the deciding factor whether or not it is regarded as business income OR income from other sources.
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