I am in my first year of internship under the CA program. Apart from my stipend, can i have any other source of income as i heard that an article can not have income other than interest and stipend income. what if i receive tuition fees of 200000 per anum? also can i show the income received as gift from my grandfather not exceeding 50000 p.a.?
19 June 2015
Please refer ICAI Training guide. I advice you to carry the activity with the permission of the Institute without indulging in impermissible activities. Moreover, the transaction you proposed is fictitious.
The extract of the relevant clause (2.8) of the ICAI Training Guide is as below:
An articled/audit assistant may be permitted to engage in other occupation of the nature of teaching in a Commerce College or in private tuitions in commercial subjects which are likely to be useful for the course of the Institute’s examination, upto 9 hours per week, basing @ 1 1/2 hours 6 days in a week. The following conditions should be fulfilled and the following certificates should be furnished by the assistant in this regard: 1. The engagement should be either before or after normal office hours of the Principal. 2. An application should be clearly made mentioning the office hours and the timings of the lectures on each day of the week. 3. The Institution wherein he is to be engaged should be in the same town/city wherein he undertakes training. 4. A certificate from the Principal to the effect that such engagement does not interfere with his training as an articled assistant under him. 5. A certificate regarding the time required to be spent/to be devoted per week by the articled assistant from the concerned authorities for the engagement. 6. Permission is not granted where the number of hours prescribed is exceeded.
19 June 2015
thank you sir, and what about the gift income? can i show that income in my accounts?
under regulation 65, an article assistant can not take up any other course of study or training, whether academic or professional or engage in any business occupation without prior permission of council
here as gift income does not arise due to any business or occupation, in my opinion it can be showed in my books of accounts.
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