The modern day Chartered Accountants are responsible not just for their core accounting functions but also are viewed as corporate gatekeepers to protect and advance corporate financial interests. Their expertise & professionalism emphasises on taking right decisions at right time. They make every effort to achieve the set standards. However, in today’s challenging business scenarios when they fall short to meet the basic standards, they are exposed to being targets for easy lawsuits, brought against them by third parties (regulators, customers, shareholders, creditors). In such cases a huge financial burden of litigation can jeopardise the reputation of their practice, their personal integrity and their personal assets.
Legal Liability Scenarios:
|Particulars||Premium excluding Service Tax (INR)|
|Gross Income (INR) up to||25,00,000||50,00,000||1,00,00,000||2,00,00,000|