Penalty for non or Delay in submission of Form 112 to ICAI
ICAI has announced that their will be now penalty for non submission of form 112. Form 112 is submitted by every CA Student who needs to peruse any other course along with CA, and has to submit same after certification from his principle CA.
The Council of the Institute of Chartered Accountants of India has decided to condone the delay in submission of Form 112 for having pursued additional / other course along with article-ship through correspondence mode of study or by attending regular classes provided there was no clash between working hours of article ship and College timings by taking a liberal view of the lapse on the part of the students concerned as an amnesty measure on payment of Rs. 5,000/- as condonation fee (Penalty). This concession will be available for a period of nine months from the date of issue of this announcement.
Accordingly, it is hereby announced for information of all concerned that the students or article assistants or audit assistants who have not yet taken permission for pursuing a course of study – whether academic or professional along with article-ship are advised, in their own interest, to seek ex-post facto permission of the Council by submitting Form 112 along with payment of Rs. 5,000/- as condonation fee. The Form 112 which can be downloaded from http://www.icai.org should be submitted along with requisite fee to the concerned Regional Office of the Institute within a period of nine months from the date of this announcement.
It may be noted that no request for condonation of breach of Regulation 65 & 78 for delay in submission of Form 112 will be considered after 9 months i.e the expiry of the above mentioned period of 9 months.
It is also notified that wherever any statement made by a student or member is found to be false or varying with the facts discovered during the scrutiny process or later at any stage, the student and/ or member concerned will be liable to be proceeded with in accordance with the provisions of the Chartered Accountants Act, 1949 and Rule and Regulations framed thereunder.
Do comment your views on this announcement by ICAI Penalty for non or Delay in submission of Form 112