Designation for these professionals » CA :: Chartered Accountant
Functions performed by Chartered Accountants onlyThe law places certain conditions on the performance of certain functions. Where the law requires that a particular function be performed only by a certain professional, it should be so. Such functions are what we call statutory functions.
|1.||Under Sec 44 of the Income -Tax law every assessee with a gross receipts of Rs. 10 lakhs in the case of professionals and Rs. 40 Lakhs in the case of business concerns is compulsorily required to maintain accounts and get them audited by a CA.|
|2.||CA's services are employed by the tax department for auditing complicated cases, having large revenue potential.|
|3.||CA's services are employed by the Reserve Bank of India and the Comptroller and auditor general of India for conducting Statutory Audit of Banks every year.|
Where the specialised knowledge of the professional would be very much crucial in performing the function, we find that they are performed only by the relevant professionals.