A Delhi-based chartered accountant has shared an amusing story about a wealthy client who asked him for a ₹15,000 discount despite having a net worth of over ₹11 crore. CA Nitin Kaushik shared the story on the social media platform X, marveling at the existence of such people.
The HNI who asked for a discount
Nitin Kaushik said that a High Net Worth Individual (HNI) came to him to get a net worth certification, which he had to submit to his brokerage firm.
Kaushik estimated his net worth to be around ₹11.4 crore. The HNI derived his wealth from several small plots that he owned across the country, his investments in multiple startups, and his role as a partner in many firms.
Despite his impressive net worth, the client asked Kaushik for a discount on his fee. According to Kaushik, he quoted a fee of ₹1 lakh, but the client asked for a discount and paid ₹85,000 in the end.
{{/usCountry}}Despite his impressive net worth, the client asked Kaushik for a discount on his fee. According to Kaushik, he quoted a fee of ₹1 lakh, but the client asked for a discount and paid ₹85,000 in the end.
{{/usCountry}}“An HNI came over to get a net worth certification, had to submit it to his brokerage company (Upstox). His net worth turned out to be 11.4 crores. I quoted 1 Lakh as my fees, he asked for some discount and happily paid ₹85,000,” said the CA. “Yes, such clients exist too,” he added.
Internet reacts
While some readers were amused by the incident, others questioned the authenticity of the story.
“CAs like you are giving a bad name to the profession by writing such pulp fiction. You can see by the comments that even non CAs don't believe in your word porn. Tax audit ka bhi 8500 ₹se jyaada nahi leta hoga. Be a CA not a grifter,” wrote one X user.
To this, Kaushik replied, “When your practice grows, you gradually shift to premium clients, that helps you monetize your time & efforts well. I am sorry if you can't find premium clients, maybe because your services are still outdated and mediocre.”
(Also read: Indian billionaire insulted by Rolls Royce Dubai showroom now owns a fleet of luxury cars)
“So called HNI, partner in many firms, investment in startups, land holdings, and doesn't have his own CA?? Really?? Don't tell me he files his own ITR?? Where did he get this certificate last year?? Why some HNI would share so much private info to a new CA, for one certificate??” another questioned.
Kaushik explained that he is the individual’s CA and his net worth last year had been lower. “he previous year he paid 45K, his net worth was considerably low. He has been acquiring land and startups recently as he has sold his holdings in foreign markets and has acquired quite some ancestral wealth,” he said.
(Disclaimer: This report is based on user-generated content from social media. HT.com has not independently verified the claims and does not endorse them.)