Saturday, November 21, 2009

Major highlights of draft guideline on Goods and service tax

1. Central and state GST will apply on all transaction of goods and services.

2. Tax paid as central GST will be allowed to taken as input tax credit.

3. State GST will also be allowed to be taken as input tax credit.

4. Cross-utilisation of input tax credit not allowed.

5. GST administration to be separate for State and Centre.

6. GST payer to be allotted a unique ID number linked to PAN number

7. Tobacco products also subjected to GST

8. Alcoholic beverages to be kept out of GST and to be taxed at sales tax/VAT rate instead of GST Sales tax to be applied on petroleum products

9. No decision on excluding natural gas from GST

10. “Necessary items” to attract lower GST rate

11. Services to be taxed at a single rate for both centre and state

12. Small traders to be kept out of GST net

13. Businesses with annual turnover below Rs 10 lakh to be exempt from State GST

14. Businesses below annual turnover of Rs 1.5 crore to be exempt from central GST

15. GST to have composition/ compounding scheme to avoid instances of double taxation-Proposes compounding cut-off at Rs 50 lakh of gross annual turnover and floor rate of 0.5% across the states

16. Central and state GST to be applied on goods and services imported

17. GST on imported goods and services to follow destination principle

18. Inter-state transactions to attract Centre and State GST- GST on inter-state transactions can be set off against future transactions

Thursday, November 19, 2009

Three-month training to be mandatory after CA course

New Delhi: Accounting regulator, Institute of Chartered Accountants of India (ICAI), is planning to introduce a three-month mandatory training course for its students who pass the chartered accountancy and accounting technician examination every year. This would mean that a student after qualifying three year chartered accountancy course and one year accounting technician course will have to undergo an additional three months training programme.

ICAI president Uttam Prakash Agarwal said, "At present, the students who are pursuing chartered accountancy course or accounting technician course will not get any in-house training in fields like IT, management, communication skills. The three months training given to the students will help them to cope up in a better manner in the corporate world."

For this the institute is planning to spend around Rs 200 crore in setting up centres of excellence at Jaipur, Jaiselmer, Hyderabad and Bangalore. The purpose of setting up these centres is for organising orientation programmes and providing training in various fields like IT, management and communication skills.

Agarwal further said, "Once the infrastructure is created, we will make the training mandatory for three months as giving a better quality service is the need of the hour." Agarwal also said that apart from the students who pass out every year from the institute, the existing members of ICAI can also join the training programme if they want.

The institute is also planning to conduct training programmes with the regulators like Sebi, Irda, CBDT.

ICAI has introduced a job portal—"jobs4CAs.icai.org" that offers various job opportunities to its members. Agarwal said, "The job portal of ICAI is a portal where one can find the best accounting jobs which would provide world-class and convenient placement services to our chartered accountants and accounting technicians."

At present, the average salary of a chartered accountant is between 6-7 lakh per annum whereas an accounting technician after pursuing one year course gets somewhere around 2-3 lakh per annum.

Tuesday, October 27, 2009

Old course of Final extended by two more attempts

An Important Announcement for Students of Final (Old) Examination – Extension by two more attempts i.e. May, 2010 and November, 2010

Students are hereby informed that the Council of the Institute of Chartered Accountants of India, having due regard to the concerns of students belonging to Final (Old) stream, has decided to extend the Final (Old) Examination by two more attempts namely May, 2010 and November, 2010


Students concerned may note that the Council has made it clear that no further extension will be granted under any circumstances.

Thursday, October 1, 2009

Practical Training based questions to be given importance in Nov 2009 exams

Important Announcement - November 2009 Examination

The Examination Committee has taken the following important decisions for the November, 2009 examinations. Students are advised to note them carefully.

A. CA course being a professional course, practical training is an essential part of it and accordingly all papers of Professional Competence Examination as well as Final should be practical oriented questions as also of the level of knowledge should be expert and not working knowledge. All questions should be compulsory at both Professional Competence Examination / Integrated Professional Competence Examination and Final examinations.

B. Students appearing for the Professional Competence Examination (PCE) for November, 2009 are advised to carefully note the following important decisions taken in relation to the syllabus and pattern of questions to be set in the examinations.

1. Paper 2 – Auditing and Assurance

Students may note that a detailed announcement regarding applicable Standards on Auditing and the publications of the ICAI relevant for the examination has already been published in the September, 2009 issue of the Newsletter. They may further note that since the fringe benefit tax has been abolished w.e.f. April 1, 2010 no question would be asked on tax audit relating to FBT. Further the provisions of CARO, 2003 would be applicable.

2. Paper 5 – Taxation

The question paper would be of practical nature. Students may note that the coverage of sections for the PCE syllabus is as follows:

PART – I: INCOME–TAX (75 MARKS)

Contents:

* Important definitions in the Income-tax Act, 1961 [Section 2].
* Basis of charge; Rates of taxes applicable for different types of assessees [Sections 4, 111A, 112 & 115BB].
* Concepts of previous year and assessment year [Sections 2, 3, 68 to 69D, 172 to 176].
* Residential status and scope of total income; Income deemed to be received/deemed to accrue or arise in India [Sections 5 to 9].
* Incomes which do not form part of total income [Sections 10 to 13A, 14A, 115BBC].
* Heads of income and the provisions governing computation of income under different heads [Sections 14 to 59, Sections 89, 111A, 112, 115BB, 145].
* Income of other persons included in assessee’s total income [Sections 60 to 65].
* Aggregation of income; Set-off or carry forward and Set-off losses [Sections 70 to 80].
* Deductions from gross total income [Sections 80A to 80U].
* Computation of total income and tax payable; Rebates and relief’s (Comprehensively covers all sections mentioned above).
* Provisions concerning advance tax and tax deducted at source [Sections 190 to 219, 234B & 234C].
* Provisions for filing of return of income [Sections 139 to 140, 234A].

PART – II: SERVICE TAX AND VAT (25 MARKS)

Contents:

* Service tax – Concepts and general principles [Section 64].
* Charge of service tax and taxable services [Sections 65 and 66].
* Valuation of taxable service [Section 67].
* Payment of service tax and filing of returns [Sections 68, 70,71,73A, 73B and 75].
* VAT – Concepts and general principles.

Note: If new legislations are enacted in place of the existing legislations the syllabus will accordingly include the corresponding provisions of such new legislations in the place of the existing legislations with effect from the date to be notified by the Institute. Students shall not be examined with reference to any particular State VAT Law.

3. Further students should clearly note that working notes should form part of the answers.

Note: Students may note that the first paragraph of this announcement is in addition to the announcement already published in the October, 2009 issue of the students’ newsletter – The Chartered Accountant Student.

Tuesday, September 22, 2009

ICWAI to be renamed as Institute of Cost and Management Accountants of India (ICMAI)

Cost accounting body The Institute of Cost and Works Accountants of India (ICWAI) will soon be known as “Institute of Cost and Management Accountants of India (ICMAI)” with the government agreeing for a change of name of the body.
“The request for the name change to Institute of Cost and Management Accountants of India has been accepted in principle. It will require amendment in the ICWAI Act. We are working on it, hopefully in the near future it will be done,” Corporate Affairs Minister Salman Khurshid said on Friday.

Wednesday, September 16, 2009

Estamp intiative by MCA

Registrars of Companies have to ensure that proper stamp duty is paid on the instruments registered with their office. As of now, physical submission of documents is mandatory where stamp duty is levied in order to ascertain that applicable stamp duty has been paid. In the present scenario, even though the eForm is submitted instantly, the RoC office has to wait for receipt of physical stamp papers to initiate necessary processing. It results in service delivery time getting longer. Hence, in furtherance of e-governance initiatives, provisions regarding stamp duty applicable on filing of e-forms have been amended and stakeholders shall have facility to pay stamp duty in electronic manner also. As of now, this process shall cover Form 1(including MoA, AoA), Form 5 and Form 44 only, accordingly revised eforms are being introduced w.e.f. 12.09.2009. These provisions shall be applicable to the eforms filed subsequent to this amendment. In case eforms filed earlier are 'Resubmitted' after implementation of this change, e-stamp shall not be applicable.

Keeping in view the requirement of stakeholders awareness, process of e-stamp has not been made mandatory, meaning thereby, stakeholders have option to pay stamp duty in electronic manner through MCA21 system or in physical form as per the existing procedure.Further this process shall be applicable only to such States/Union Territories which have agreed to the request of Ministry of Corporate Affairs for collection of e-stamp duty on their behalf.

List of eForms to which eStamping will be applicable

* Form 1, (including MoA, AoA)
* Form 5
* Form 44
* Form 67

Tuesday, August 4, 2009

Major differences between the draft of AS 1 (Revised), Presentation of Financial Statements, and existing AS 1 (issued 1979)

The Draft of revised AS 1 generally deals with presentation of financial statements,
whereas existing AS 1 (issued1979) deals only with the disclosure of accounting
policies. The scope covered by the draft is thus much wider and line by line
comparison of the difference with the present standard is not possible. However, the
major requirements as laid down in the draft are as follows..

* An enterprise shall make an explicit statement in the financial statements of
compliance with all the Accounting Standards. Further, the draft allows deviation
from a requirement of an accounting standard in case the management
concludes that compliance with ASs will be misleading and if the regulatory
framework requires or does not prohibit such a departure.

* The draft of revised AS 1 requires presentation and provides criteria for
classification of Current / Non- Current assets / liabilities.

* The draft of revised AS 1 prohibits presentation of any item as extraordinary Item
in the Statement of Comprehensive Income.

* The draft of revised AS 1 requires disclosure of judgments made by management
while framing of accounting polices. Also, it requires disclosure of key
assumptions about the future and other sources of measurement uncertainty that
have significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within next financial year.

* The draft of revised AS 1 requires classification of expenses to be presented
either based on nature or function of expenses. If classification is based on
function, additional information on the nature of expenses should be disclosed.

* The draft of revised AS 1 requires presentation of statement of financial position
as at the beginning of the earliest period when an entity applies an accounting
policy retrospectively or makes a retrospective restatement of items in the
financial statements, or when it reclassifies items in its financial statements.

* The draft of revised AS 1 requires presentation of components of comprehensive
income (i.e. non-owner changes in equity) are required to be presented in the
Statement of Other Comprehensive Income.

* In respect of reclassification of items, the draft of revised AS 1 requires disclosure of nature, amount and reason for reclassification in the notes to financial statements.

* The draft of revised AS 1 requires the financial statements to include a Statement
of Changes in Equity which, inter alia, includes reconciliation between opening
and closing balance for each component of equity

Thursday, July 30, 2009

CA - Lane - Delhi




Mukherjee Nagar in north Delhi is home to a large number of civil service aspirants. Katwaria Sarai is preferred by students trying to crack the engineering and medical entrance exams. And chartered accountants? Well they seem to prefer Laxmi Nagar in east Delhi. So much so that the stretch between Laxmi Nagar and Mother Dairy crossing was recently renamed Chartered Accountant’s Lane. With approximately 5,000 practising CAs and over 15,000 students pursuing the course residing in the locality, the move hardly comes as a surprise.

The students and CAs living in the area feel the move was long overdue. ‘‘One fine morning I saw the lane being renamed. The majority of CA students live here because of the strategic location. It is home. Most of us have been here for at least three or four years. Rented accommodation or hostels are where you will find us. Once you arrive in Laxmi Nagar, you get to know everything about the CA course,’’ says Ashwani, a CA (final) student from Darbhanga in Bihar.

Laxmi Nagar and Shakarpur are home to a large number of outstation students. Close to 100 hostels for boys and girls have come up in the past 10 years and some of them don’t even allow non-CA students. Though for the last decade students from Bihar and UP had been in the majority, of late there has been an influx of aspiring CAs from Haryana, Punjab and Rajasthan.

This corner of east Delhi has everything going for outstation students — from affordable accommodation to the coaching centres with high “strike rates”. ‘‘These two blocks are close to the CA institute. All other facilities including the library and coaching centres are within walking distance. There has been quantum jump in the inflow of students in the last 5-6 years,’’ says CA Rajesh Makkar, who runs one of the most successful coaching classes in Laxmi Nagar.

Catering to the burgeoning demand, some tutors have started taking classes in nearby auditoriums including Pyarelal Bhawan and Andhra School in ITO and also at the FICCI auditorium. ‘‘Everything related to chartered accountancy is either available in this locality or is nearby. Laxmi Nagar and Shakarpur is home to almost 80% of Delhi’s CA students. Even landlords prefer students,’’ says Prince, another CA (final) student.
Although many locals like businessman Karan Singh Negi are against the idea of renaming a road after the CAs, he nevertheless agrees that the huge influx of students has pushed up rents. ‘‘When people in this locality add new rooms, they design them for outstation students,’’ says a local property dealer.

However, the renaming has not been without political heartburn. Few days after the stretch was renamed in the presence of MCD’s Shahdara south zone chairman Ravi Prakash Sharma, local councillor Lata Gupta opposed the step. ‘‘I was not even aware of anything like this. I have raised the issue in the House. Roads should be named after great leaders. The plaques installed would be removed soon. I don’t mind if the stretch is named after a great economist or CA,’’ the councillor says.

Tuesday, July 14, 2009

Launch of XBRL India Website

XBRL (eXtensible Business Reporting Language) XBRL (eXtensible Business Reporting Language) is a novel way of electronic communication of business and financial data which is revolutionizing business reporting around the world and is immense utility to the capital markets and the investing community. It provides major benefits in the preparation, analysis and communication of business information. XBRL is a cutting-edge technology standard that enables faster and more cost-efficient electronic exchange of information.

The idea behind XBRL is simple. Instead of treating financial information as a block of text, essentially, the XBRL technology allows electronic tagging of each individual item of data so that computers can work on the information using a set of rules. The electronic tags that are applied are standardized and are contained in taxonomies which are essentially the dictionaries used by XBRL that define the specific tags for individual items of data. The tags are applied using a tagging tool that retrieves the tags from the standards taxonomies and applies them to whatever format the financial statements are created in, such as Microsoft Word or Excel.

Seeing the rising importance of XBRL as an effective means of communicating financial information and the plethora of benefits it has to offer, the Institute of Chartered Accountants of India (ICAI), the apex accounting body of the country, constituted the XBRL Group in the year 2007 for undertaking the development and promotion of XBRL in India. The Institute is spearheading the XBRL initiative in the country and is the provisional jurisdiction of XBRL in India. In its endeavor of providing best to its members the Institute has recently launched XBRL India website in the International Conference held at Agra from July 3-5, 2009. The website was launched by CA. Uttam Prakash Agarwal, President, ICAI in the presence of CA. Mohandas Pai, Infosys Technologies and Ms. Liv Watson, XBRL International, Vice Chair. The URL of XBRL India website is www.xbrl.org/in

The ICAI, India jurisdiction has developed the taxonomy for general purpose financial statements for commercial and industrial sector. The exposure draft of the taxonomy has already been issued and it will be sent for accreditation by XBRL, International shortly. Taxonomy for banks is under preparation and exposure draft is expected to be issued shortly

Thursday, July 9, 2009

HIGHLIGHTS OF BUDGET 2009 - PROPOSED AMENDMENTS RELATED WITH INCOME TAX PROVISIONS.

1. F.B.T. is abolished w.e.f. A.Y. 2010-11

2. Surcharge is abolished on Ind. Firms etc. (other than companies)

3. Wealth Tax Exemption increase from 15 lakhs to 30 lakhs.

4. Advance Tax deposit limit enhanced from Rs. 5000 to 10000 .

5. Cash Freight payment to a person in a day is increased from Rs. 20000 /- to 35000/-.

6. No TDS on transport Freight if transporter furnish PAN to the payer.

7. Application for approval under section 10(23C) for the F.Y. 2008-09 may be filed upto 30.9.2009.

8. Approval of Charitable Trust under section 80G will be for one time basis i.e. no further periodic renewal will now required for 80G. However CIT will have power to withdraw the said approval.

9. Limit of remuneration to working partners is increased as under :-
On First 3 lakhs of book profit : 90% or 150000 whichever is more
On remaining book profit : 60%
Business & Professional firm both are under same limit.

10. Gift of property/jewellery etc. from non relative will also taxable.

11. Rate of TDS on Plant & Machinery is reduced from 10% to 2%

12. Rate of TDS on Rent of land and building is reduced to 10%

13. Rate of TDS on contract where payee is Individual/HUF will be 1%.

14. Rate of TDS on Non PAN payees will be 20%.

15. A person furnishing Form 15G or 15H will also have a PAN, otherwise payer has to deduct tax @ 20%.

16. Surcharge and cess is abolished on TDS other than TDS on Salary.

17. Presumptive income in case of owner of goods vehicle is increase as under :-
Heavy goods vehicle = 5000/- PM
Other than heavy goods vehicle : 4500/- PM

18. Sec. 44AF is merged in sec. 44AD .i.e. 8% rate will also applicable on retailer.

19. Now sec. 44AD is applicable on all businesses having gross turnover/receipts upto 40 lakhs.

20. Deduction u/s 80DD is increased from 75000 to one lakh.

21. Minimum taxable limit is increased. Male/HUF 1.60 lakhs, Female 1.90 lakhs, Senior citizen 2.40 lakhs.

22. Sec. 50C will also applicable on all transfers (whether registered or unregistered)

23. In Sec. 148 the AO can touch upon the other issued unconnected with escaped income.

24. Deduction under sec. 80E will also available for loan for all fields of studies after senior secondary examination.

25. Anonymous donation received by charitable trust upto 1 lakhs (subject to maximum of 5% of total income) will not be taxable.

26. Deduction under section 10A & 10B will now available upto A.Y. 2011-12.

27. Commodity Transaction Tax is not be applicable w.e.f. 1.4.2009

28. The rate of Minimum Alternate Tax (MAT) is increased to 15%; the same can be set offed upto 10th assessment year.

29. LLP (Limited Liability Partnership Firm) will be treated as partnership firm for the purpose of income tax act.

Tuesday, June 30, 2009

Return can be filed without UTN - New TDS rule postponed

CBDT has issued a Press Release in which it has been stated that the Notification No. 31 of 2009 dated 25.3.2009 amending or substituting Rules 30, 31, 31A and 31AA of the Income Tax Rules, 1962 shall be kept in abeyance for the time being.

PRESS RELEASE

New Delhi dated 30th June 2009

The Central Board of Direct Taxes have further decided that the Notification No. 31 of 2009 dated 25.3.2009 amending or substituting Rules 30, 31, 31A and 31AA of theIncome Tax Rules, 1962 shall be kept in abeyance for the time being.

Taxpayers filing their income tax returns for assessment year (AY) 2009-10, or any other earlier AY, may continue to file their returns without mentioning the Unique Transaction Number (UTN) as required under the said Notification. The filing of such returns shall be treated as valid and in compliance to the requirements under section 139 of the Income Tax Act, 1961.

Further, the date from which the Notification No. 31 / 2009 shall become applicable on tax deducted at source (TDS) or tax collected at source (TCS) and deposited during the current financial year shall be notified by the Central Board of Direct Taxes subsequently.

All deductors / collectors of TDS / TCS may continue to deposit their TDS / TCS and file their quarterly TDS / TCS returns as per procedure existing prior to issuance of Notification No.31 / 2009 dated 25.3.2009.

Sunday, June 21, 2009

How to verify a paid challan

On receipt of the amount, receiving bank will upload the details in the Challan to Government via NSDL through its OLTAS (Online Tax Accounting System) return within 3 working days.

Once deductor makes the payment, he should cross-verify the Amount and CIN that has been uploaded by the receiving Bank to NSDL.

This should be cross-verified by the deductor, with either his TAN number or CIN number provided by bank against each challan.

What is CIN?

Challan Identification Number (CIN) has three parts

1. Seven digit BSR code of the bank branch where tax is deposited
2. Date of Deposit (DD/MM/YY) of tax
3. Serial Number of Challan

Example of CIN:
000076202020832

CIN is stamped on the acknowledgement receipt to uniquely identify the tax payment. CIN has to be quoted in the return of income as a proof of payment. CIN is also to be quoted in any further enquiry. Therefore, you must ensure that CIN (comprising the above three parts) is stamped on the Challan by the bank. If any challan does not contain CIN, immediately contact the Bank and insist on CIN.

If banks does not provide a Proper CIN?
The Reserve Bank of India has already passed an order dated April 1, 2004 making it compulsory for all tax collecting branches of banks to use a rubber stamp acknowledgement that carries CIN. A separate CIN is given for each challan deposited. If the Bank Manager concerned is unable to resolve the issue, you should address your grievance to the Bank's Regional Manager and the Regional Office of RBI.

Steps to verify the challan:

1. Visit www.tin-nsdl.com and click on “Challan Status Enquiry”.
2. Here select either

1. CIN Based View

On entering CIN and amount (optional), deductor can view the following details:

+ BSR Code
+ Date of Deposit
+ Challan Serial Number
+ Major Head Code with description
+ TAN/PAN
+ Name of Tax Payer
+ Received by TIN on (i.e. date of receipt by TIN)
+ Confirmation that the amount entered is correct (if amount is entered)

2. TAN based View:

By providing TAN and financial year, deductor can view the following details:

+ CIN
+ Major Head Code with description
+ Minor Head Code
+ Nature of Payment

If deductor enters the amount against a CIN, the system will confirm whether it matches with the details of amount uploaded by the bank.

3. On getting above details, deductor can consider the result obtained here, irrespective of what has been put in the challan by the bank.

4. If the entry is missing over here, after 3 working days [from the date of issuing counter foil], deductor should contact the Bank Branch to check the matter.

Friday, June 19, 2009

AUDIT OF LLP

Limited Liability Partnership alike Companies are required to get their accounts audited as per the provisions provided under Limited Liability Partnership Rules 2009.

Is it necessary for all LLPs?

No, Only the Limited Liability Partnership whose contribution exceed Rs. 25 Lakh or the Limited Liability Partnership whose turnover exceed Rs. 40 Lakh are required to annually get their accounts audited by any Chartered Accountant in practice.

Limited Liability Partnerships who are exempted from mandatory audit may also get their accounts audited as per the Limited Liability Partnership Rules 2009.

In case if the partners do not decide for the for audit of the accounts of the LLP a statement to be included in the Statement of Account and Solvency by the partners to the effect that the partners acknowledge their responsibilities for complying with the requirements of the Act and the Rules with respect to preparation of books of account and a certificate in the form mentioned below:

“We declare that the turnover does not exceed/exceeds 40 lakh or the contribution does not exceed/exceeds 25 lakh rupees. The partners/authorized representatives have taken proper care and responsibility for maintenance of adequate accounting records and preparation of accounts in accordance with the provisions of the LLP Act and the Rules made there under”.

This certificate to be filed with the Registrar of Companies, LLP along with e Form 8.

Appointment of Auditor

Limited Liability Partnerships who mandatorily require auditing of their accounts shall appoint an auditor within 30 days before the end of each Financial Year i.e. before 1st March of each year. In case of First Financial year the auditor to be appointed before the end of the First Financial Year.

The Designated Partners responsible for the compliances of LLP will appoint the auditor also. However if the designated partner fails to appoint the auditor then the partners may appoint the auditor.

The auditor appointed shall remain in office until new auditor is appointed or the majority of Partners have given a notice for the non appointment of existing auditor. Such notice of auditor of Partners may be in hard copy or electronic Form and must be authenticated by the Partners giving the notice.

Remuneration of Auditors Remuneration of Partners may be fixed by the Designated Partners or if any procedure has been prescribed in the LLP Agreement the remuneration to be decided as per that provision.

Resignation of Auditor

An auditor may resign by depositing a notice in writing to that effect at the LLP’s registered office. Such Notice is to be accompanied by the statement of the circumstances connected with his ceasing to hold office. In case if a auditor is unwilling to be re –appointed he shall give a notice in writing to that effect at the LLP’s registered office, not less than 14 days before the end of the time allowed for appointing the new auditor.

Removal of Auditor

An auditor may be removed from his office at any time as per the procedure mentioned in the LLP Agreement. In the absence of LLP Agreement the auditor may be removed with the consent of all the Partners

Wednesday, June 10, 2009

Complaints relating to dummy articles and coaching

The following email ids have been configured for lodging complaints relating to matters of dummy articles and coaching classes during non-permissible hours.

complaints.dummyarticles@icai.in - Complaints/matters relating to dummy articles
complaints.coachinghours@icai.in - Complaints/matters relating to coaching class during non-permissible hours (i.e. between 9.30 A.M. and 5.30 P.M)

Friday, May 22, 2009

ICAI - Memorandum of Understanding (MoU) between ICAI and University

The Institute of Chartered Accountants of India (ICAI) and Indo-African Chambers of Commerce and Industry celebrated Africa Day from 18-19 May, 2009 at Mumbai. Diplomats from various countries from African Continent congregated to formalize strategy for working towards the growth of the Africa. The diplomats applauded the endeavors of India for development of African continent and expressed confidence for taking forward the productive relationship among India and Africa to new heights.

To mark the augmentation of relationship a Memorandum of Understanding between ICAI and University of Djbouti was signed for imparting training to Djbouti nationals in sphere of accountancy and working collaboratively for institutionalization of Accountancy Body in Djbouti. Hon’ble Shri S C Jamir Governor, Maharastra, Hon’ble Shri Musalia Mudavadi, Deputy Prime Minister of Kenya and Shri Jayant Rao Patil, Minister of Home Affairs, Maharastra Govt. graced the occasion.

Citing the World Bank Report on Africa Accounting Profession, CA. Uttam Prakash Agarwal, President, ICAI indicated that World Bank Report highlights access, equity, quality of learning, internal efficiency and fiscal sustainability. As some of the areas leading to critical shortage of accountants at all levels and that assistance is required to help the accountancy profession development.

He further added that during its Diamond Jubilee Year, ICAI has pioneered to land a helping hand to all such least developed countries whose economy is under transition.

Speaking on the occasion CA. Uttam Prakash Agarwal, President ICAI lauded the efforts of the African countries for their development. He stated that Africa is full of natural resources and has huge potential to grow itself into a developed continent by complementing the same with development of its human resource through proper education and training especially in financial domains, where ICAI a premier and second largest accounting body across the globe can contribute enormously in capacity building of the human resources especially in areas of Accountancy, Auditing, taxation and in other allied areas. He extended ICAI helping hand to African nations in form of imparting education and training in accountancy to its students, through ICAI. He stressed that accountancy helps a nation to put in place robust financial systems and procedures for proper financial reporting to provide sound governance for furtherance of millennium development goals.

ICAI has been actively sharing its professional expertise in education, training, licensing and helping in framing policy for growth of accountancy profession and countries like Nepal, Srilanka, Oman, Mongolia, Dubai and Djbouti have benefited from the same.

ICAI is premier and second largest accountancy body globally with 155000 members and 500000 students regulating the profession in India. The ICAI has 118 branches and 21 Overseas chapters for promoting the Accountancy profession. ICAI is also founding partner of International Federation of Accountants, Confederation of Asia- Pacific Accountants and South Asian Federation of Accountants.

Wednesday, May 20, 2009

Important Announcement ( Standards on Auditing) - (04-05-2009)

The following list contains the details of the erstwhile Auditing and Assurance Standards (AASs) along with the respective numbers, title of the Standard and the new number and name of the corresponding Standards on Auditing (SAs). For the purposes of June, 2009 examinations the students are advised to refer to the AAS number along with the corresponding number of the new Standard on Auditing (SA).
The details of the AASs revised as Standards on Auditing (SAs) along with the corresponding new numbers are being hosted for the guidance of the students.
Further, the full text of the erstwhile AASs revised as SAs are also attached for the guidance of the students.
Erstwhile AAS Number Title of the Standard New Number and Name of the Standard
1 Basic Principles Governing an Audit SA 200
2 Objectives and Scope of the Audit of Financial Statements SA 200 A
3 Documentation SA 230* (Audit Documentation)
4 The Auditor's Responsibility to Consider Fraud and Error in an Audit of Financial Statements SA 240*
5 Audit Evidence SA 500
6 Risk Assessments and Internal Control SA 400
7 Relying Upon the Work of an Internal Auditor SA 610
8 Audit Planning SA 300* (Planning and Audit of Financial Statements)
9 Using the Work of an Expert SA 620
10 Using the Work of Another Auditor SA 600
11 Representations by Management SA 580* (Written Representations)
12 Responsibility of Joint Auditors SA 299
13 Audit Materiality SA 320
14 Analytical Procedures SA 520
15 Audit Sampling SA 530*
16 Going Concern SA 570*
17 Quality Control for Audit Work SA 220
18 Auditing of Accounting Estimates SA 540* (Auditing of Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures)
19 Subsequent Events SA 560*
20 Knowledge of the Business SA 310
21 Consideration of Laws and Regulations in an Audit of Financial Statements SA 250*
22 Initial Engagements – Opening Balances SA 510*
23 Related Parties SA 550*
24 Audit Considerations Relating to Entities Using Service Organisations SA 402
25 Comparatives SA 710
26 Terms of Audit Engagement SA 210
27 Communication of Audit Matters with Those Charged with Governance SA 260*
28 The Auditor's Report on Financial Statements SA 700
29 Audit in a Computer Information Systems Environment SA 401
30 External Confirmations SA 505
31 Engagements to Compile Financial Information SRS 4410
32 Engagements to Perform Agreed – upon Procedures Regarding Financial Information SRS 4400
33 Engagements to Review Financial Statements SRE 2400
34 Audit Evidence – Additional Considerations for Specific Items SA 501
35 The Examination of Prospective Financial Information SAE 3400


Source :- ICAI Website

Friday, May 15, 2009

Important areas in MICS chapeterwise for June 2009 Examination

Lesson 1
1. Characteristics of information
2. decomposition/subsystem principles

Lesson 2
1. Components of TPS
2. Direct Processing

Lesson 3
1. Features of a computer based MIS
2. Programmed & Non programmed decisions
3. Pre-requisites of MIS
4. Limitations of MIS

Lesson 4
1. MRP
2. Model and its advantages
3. systems approach to problem solving

Lesson 5
1. Characteristics of Information used by executives
2. DSS software tools
3. DSS examples

Lesson 6
1. Traditional computing models
2. Client/Server model
3. Server centric model
4. Characteristics of C/S

Lesson 7
1. Systems development approaches
2. data dictionary
3. Fact finding techniques
4. Costs/Benefits of CBIS

Lesson 8
1. Designing systems output
2. systems manual
3. Data communications design
4. printed output/visual display output

Lesson 9
1. Bench marking problem testing
2. program design tools
3. advantages of pre-written software
4. PDLC

Lesson 10
1. Personal training
2. Conversion activities
3. systems evaluation

Lesson 12
1. Evaluation of ERP
2. Business engineering
3. characteristics of ERP
4. ERP benefits

Lesson 13
1. OS-Security components
2. SPLMS
3. Firewalls
4. DBMS controls

Lesson 14
1. Field level interrogation
2. source document controls
3. error handling techniques

Lesson 15
1. Making fraud difficult to perpetrate
2. Disk imaging and analysis technique
3. Frauds at input

Lesson 16
1. Powers of controller
2. duties of certifying authorities
3. Powers of central government

Lesson 17
1. Concurrent audit techniques
2. Audit framework program development and acquisition
3. Program analysis
4. IS audit objectives

Lesson 18
1. Core principles of information security
2. example of information security policy statement
3. types of information protection

Lesson 19
1. Programming work bench
2. levels of integration
3. Meta –CAS

Important areas in advanced auditing chapeterwise for June 2009 Examination

Chapter – 4 : Company auditor

1)Functions of an auditor under companies act 1956 -page 4.19
2)Exemption of branches from audit requirements in certain situation – page 4.27
3)Gist of important circulars – one reading – page 4.34

Chapter –5 : Company audit

1)Types of registers – page 5.7
2)Personal exp of directors – page 5.9
3)Sec 205 – page 5.21
4)Transfer to reserves exceeding 10% - page 5.25
5)Definition of capital reserve, capital receipts – page 5.31
6)Interim dividend – page 5.37
7)Non provision of proposed dividend, non provision of tax in the accounts–page 5.41

Chapter –6 : Audit report

1)Director’s comments on qualifications – page 6.23
2)Short notes on loan outstanding, turnover
3)Important points in comments of matters to be included in report

Paragraph Comments
4(i)(a) 2,3
4(i)(b) 3
4(i)(c) 3,4
4(ii)(a) 3
4(ii)(b) 2
4(ii)(c) 2
4(iii)(a) 1
4(iii)(b) 2
4(iii)(c) 2
4(iii)(d) 1,2
4(iv) 3,4,5
4(v)(a) all
4(v)(b) 2
4(vi) 2,3,4,5
4(vii) 2,3
4(viii) 3
4(ix)(a) 3,4,5
4(ix)(b) 1,2
4(x) 2,3,4
4(xii) 5
4(xiii) all
4(xiv) 2,5
4(xv) 1,2,5
4(xvi) 2,3
4(xvii) 1
4(xviii) all
4(xix) 2
4(xx) 2
4(xxi) 1,2,6

Chapter – 7 : EDP Audit

1) Short notes : batch processing , real time processing – page 7.3
2) Specific problems of EDP relating to internal control – page 7.5
3) Internal control in a computer based system – page 7.14
4) Service Bureau – page 7.26

Chapter – 8 : Investigations

1) Difference between auditing & investingation – page 8.2
2) Special issues in investigations – page 8.6
3) Types of investigations – non statutory – page 8.15
4) Financial due diligence – page 8.36
5) Contents of a due diligence report – page 8.42

Chapter – 10 : Audit of PSU

Propriety audit – page 10.7

Chapter – 11 : Audit of Banks

1) Bills for collections, Bills purchased, Loans & advances, credit card operation – page 11.20
2) Money at call & short notice – page 11.23
3) Investments – page 11.25
4) Threats in recovery, erosion in the value of security – page 11.39
5) CDR – page 11.41
6) Third party guarantees – page 11.60
7) Contingent liabilities – page 11.71
8) Concurrent audit – page 11.77

Chapter – 12 : Audit of General Insurance

1) Legal framework – page 12.1
2) Part I & IV of IRDA Regulation 2002 – page 12.7
3) Auditors report – page 12.18
4) Audit procedures – page 12.21
5) Verification of claims, commission, operating exp – page 12.26,12.28,12.29
6) Investments – page 12.30
7) Unexpired risk reserves & reinsurance – page 12.37
8) Co insurance , solvency margin – page 12.44

Chapter – 13 : Tax Audit

Tax audit u/s 44AB – page 13.4
Form 3CD – page 13.16

Chapter – 14 : Stock Exchange

1) Margins – page 14.5
2) Rolling settlement – page 14.12
3) Circuit filters & circuit breakers – page 14.14
4) Contract notes – page 14.19

Chapter – 15 : Special Aspects

1) Audit of NBFC – page 1 to 11
2) Audit of co-operatives societies – page 15.18
3) Audit of mutual fund
4) Short notes on board of directors, independent directors, audit committee – page 15.47, Peer review – page 15.60

Chapter – 17 : Professional Ethics

Other misconduct, maintenance of branch offices
Part I of First Schedule – Clause 2,4,6,7,11
Part III of First Schedule – Clause 2
Part I of Second Schedule – Clause 1,4,8

Chapter – 18 : Management & operational audit

Desirability of management audit – page 18.5
Behavioural aspects of mgt audit – page 18.15
Audit objectives – page 18.27

Important AAS – 1,6,10,12,13,16,19,21,22,26,28,31

Wednesday, May 6, 2009

How Obama's tax plan will help IT Companies

India's home grown IT companies actually have something to cheer from Obama's tax plan. The plan, if it goes through, will make the likes of TCS, Infosys and Wipro more price competitive against their US counterparts like IBM, HP and Accenture.

 

This is because the plan imposes huge new tax burdens on American technology companies. An analysis by The Associated Press estimates that collectively, HP, IBM, Cisco, Microsoft and Google lowered their tax bills by a combined $7.4 billion in their last fiscal years by taking advantage of lower tax rates outside the US.

 

"Through the years, these five companies have avoided US income taxes and foreign withholding taxes on a combined $72 billion in undistributed earnings from their foreign operations. By reinvesting their earnings overseas, US companies insulate themselves from much higher tax rates had the money been made in their home country," an AP report says.

 

Google, it says, would have been hit with an effective tax rate of 45.2 per cent instead of 27.8 per cent last year if it hadn't been able to capitalise on lower rates overseas. Without the lower foreign rates, Google's 2008 tax bill would have been $1.02 billion higher.

 

HP, according to AP, reaped a $1.77 billion benefit in its fiscal 2008 from lower foreign tax rates while Cisco and Microsoft each saw benefits of more than $1.6 billion. IBM's foreign tax advantage last year totaled about $1.3 billion, says AP.

 

"It would be like an earthquake for high tech," Carl Guardino, chief executive of Silicon Valley Leadership Group, an industry trade association , has been quoted as saying. "On a Richter scale of 1 to 10, this would be a 12."

 

Analysts say that fresh tax impositions would mean that US IT service providers will per force have to increase their billing rates. And if those rates go up, Indian companies become correspondingly more competitive in any IT project for which they are bidding against American competitors.

Sunday, May 3, 2009

ICAI - Convocation - 2009

The Convocation for the newly enrolled Members for the period from September, 2008 to February, 2009 will be held as per schedule given below with a view to inculcate a sense of belongingness and attachment with the Institute.


31st May, 2009 [Sunday] - Western Region - Mumbai
07th June, 2009 [Sunday] - Northern Region - New Delhi
14th June, 2009 [Sunday] - Southern Region - Bangalore [except the members belonging to the State of Tamil Nadu]
21st June, 2009 [Sunday] - Southern Region - Chennai [for members belonging to the State of Tamil Nadu]
28th June, 2009 [Sunday]- Eastern Region - Kolkata
11th July, 2009 [Saturday]- Central Region - Jaipur

Details like venue and timings are being finalized and would soon be communicated to the members and prospective members separately by the Regional Councils concerned.

Members who enrolled as Associate members from 1st September, 2008 to 28th February, 2009 would be eligible to receive their membership certificate in person at the Convocation.

Fellow members and members who were granted Certificate of Practice during this period would also be given their Certificate of Practice at the Convocation from the designated counters.

Members and prospective members (i.e. who have passed the Final examination and are yet to apply for membership or application for membership is under process) are requested to wear the Royal Blue Colour Blazer /Navy Blue Colour Blazer respectively and female members may wear saree / business suit while attending the Convocation and receiving the membership certificate. A tie and a lapel pin, saree pin in case of female members will be presented by the Institute at the convocation.

Such students who have passed the Final Examination held in November, 2008 and have not yet enrolled for membership will be presented the Pass Certificates at the Counters. A lapel pin will be presented at the occasion. However, such students if not already enrolled as Member are advised to seek membership of the Institute in order to be a Member of the coveted family of the Chartered Accountants and also be eligible to use the designation Chartered Accountant. It may be mentioned that Section 24 of the Chartered Accountants Act, 1949 provides for use of the designation Chartered Accountant only to such persons who are Members of the Institute. In other words, a student who has passed final examination cannot use the designation Chartered Accountant unless he has also enrolled himself as a Member.

Members (Associates and Fellow) enrolled and Certificate of Practice granted to members from 1st September 2008 to 28th February 2009 and Students (prospective members) who have passed final examination in November, 2008 are cordially invited to attend the convocation function on the respective date as per the schedule stated above.

ICAI to Give copies of answersheets, court tells centre

The Delhi High Court on Thursday directed the Institute of Chartered Accountants of India (ICAI) to provide students with certified copies of answersheets under the Right to Information Act.
Justice S Ravindra Bhat dismissed contentions raised by the institute that answersheets fell beyond the purview of the RTI, holding that students were well within their rights to access them.
ICAI is an institute. You should apply pragmatism and set examples for others. You should start by yourself... Many institutes do that and allow students to inspect their copies," Justice Bhat told the ICAI, which had challenged a Central Information Commission verdict to provide certified copies of papers to students who failed the exams.
Additional Solicitor General Parag Tripathi, appearing for ICAI, submitted that the Supreme Court in its order of 2007 rejected the candidates' right to demand answersheets.

Friday, April 24, 2009

Mandatory application of Cost Accounting Standards

The Council of the ICWAI at its 251st Meeting held on 12-13 February 2009 decided as below:


Mandatory application of Cost Accounting Standards


“RESOLVED THAT the following Cost Accounting Standards


CAS 1: Classifications of Costs
CAS 2: Capacity Determination
CAS 3: Overheads
CAS 4: Cost of Production for Captive Consumption
CAS 5: Determination of Average (Equalized) Cost of Transportation
CAS 6: Material Cost


shall be mandatory with effect from period commencing on or after 1st April 2010 for being applied for the preparation and certification of General Purpose Cost Accounting Statements. Since there is no statutory requirement for the application of such Cost Accounting Standards for the preparation and certification of Cost Accounting Statements, in case the cost accountant is of the opinion that the aforesaid standards have not been complied with for the preparation of the Cost Statements, it shall be his duty to make a suitable disclosure/qualification in his audit report/certificate”

Tuesday, April 21, 2009

Additional Campus for SMEs & SMPs for Newly Qualified CAs

As you are aware that CMII has been taking each and every possible measure in the overall interest of the Young Chartered Accountants like your goodself.

We understand that in the Campus Interviews conducted during March-April 2009, you could not get placed. In order to promote your interest CMII is organizing another set of Campus Placement Programmes exclusively for Small and Medium sized Industries and Small and Medium Chartered Accountants Firms as per the following schedule:

Centres Revised Dates

Bangalore, Chennai, Kolkata, Mumbai and New Delhi - 22nd , 23rd ,24th May 2009

Ahmedabad,Chandigarh, Hyderabad, Jaipur, & Pune 30th May 2009

Minimum Salary Offer Requirements
For Industries: Rs. 3,00,000
For CA Firms: Rs. 2,75,000 at Bigger Centres and
Rs.2,40,000 at Smaller Centres

Please note that

1. In this specially organized Campus Placement Programme for SMEs and SMPs, the candidates who are not getting any placements in the bigger centres would be provided the option to attend the interviews at one smaller centres as per their option.

2. Candidates registered for Campus Placement Programme conducted during March-April 2009 and who have not been placed are automatically eligible for this Campus Placement Programme i.e they need not register themselves again.


Hope you would appreciate the initiative taken by the CMII in your interest.

We wish all success in the forthcoming interviews.

With best wishes

Yours sincerely,

(CA.Vijay Kumar Gupta)
Chairman, CMII.

Monday, April 13, 2009

Procedure to register LLP

Register yourself on the website of Ministry of Corporate Affairs, developed for LLP services, i.e. www.llp.gov.in .

This website may also be accessed through the website of the ministry www.mca.gov.in

On the home page of the URL www.llp.gov.in click “Register” tab on top right hand corner of the page.

• Fill in the registration form. Fields marked * in the form are to be mandatorily filled. Select your user name and password.

• Upload digital signature certificate

• On successful registration, system will give a message that you have been registered successfully.

Saturday, April 11, 2009

Accounting Standard 11 - Amended

Visit

http://www.icai.org/resource_file/15726mca193_and_194.pdf

Monday, April 6, 2009

NEW PROCEDURE FOR EFFECTING FOREX REMITTANCES TO NON-RESIDENTS AND FOREING COMPANIES, EFFECTIVE FROM JULY 1, 2009

1. The Government has issues a Notification dated March 25, 2009, specifying the new procedure to be adopted by Companies for effecting remittances to Non-Residents and Foreign Companies, under Section 195 of the Income tax Act, 1961 which will come into force from July 1, 2009.

2. A new Rule 37BB has been added, as per which, the person effecting payment to a Non-Resident or a Foreign company should obtain a certificate from a Chartered Accountant in Form 15CB, format of which is enclosed.

3. The payer shall have to file the Form 15CA electronically to the website designated by the Income-tax Department and thereafter, a signed printout of the said form shall be submitted prior to remitting the payment.
4. The Form 15CA would have to be signed by the person competent to sign the Return of Income.

5. The Director-General of Income-tax (Systems) shall specify the procedures. formats and standards for ensuring secure capture, transmission of data and shall also be responsible for the day-to-day administration in relation to furnishing the information in the manner specified"

These new procedures would make the whole process of effecting foreign remittances by Indian Companies extremely procedural and cumbersome. Chartered Accountants who sign certificates in Form 15CB would now need to be extremely careful and vigilant in terms of the information required to be provided in the Certificates.

Companies would need to plan well in advance, of the dates of the forex payments.
Forn 15CB which is to be used by the certifying CA, will have a serial number (this is perhaps the first time I've heard of a CA certificate carrying a serial number).

My initial reaction to thie Form 15CB is that, CAs would now need to thoroughly go thro' the documents including agreements, etc. of their clients before issuing certificates. It is a much more serious affair now.

Sunday, April 5, 2009

LLP begins its journey from 01.04.2009

A corporate business vehicle that enables professional expertise and entrepreneurial initiative to combine and operate in flexible, innovative and efficient manner, providing benefits of limited liability while allowing its members the flexibility or organizing their internal structure as a partnership.

Limited Liability Partnership Act, 2008 is been notified on 31.03.2009 and Limited Liability Rules, 2009 notified on 01.04.2009. surprisingly first LLP is also got registered on 02.04.2009

Saturday, April 4, 2009

Major changes in TDS Compliance

CBDT has issued Notification No 31 dated March 25, 2009 bringing out several changes in TDS compliance. The notification amends various rules w.e.f 01-04-2009.

TDS Payment

* TDS payment is now to be made electronically by all deductors. Earlier only corporate and persons covered under mandatory tax audit were required to make payment electronically.
* Electronic payment is now to be made in Form No 17
* Form No 17
o Form No 17 requires deductor to provide deductee wise PAN, Name and TDS amount
o There are two columns Unique Transaction Number and PAN Valid Y/N . To comprehend these columns more information is needed.

New TDS Compliance Statement

* New Form 24C in introduced
* This form is to be submitted every quarter electronically
* For each TDS section , monthly figures are to be given in respect of
o Total expense or capital outgo under the section
o Total amount on which TDS was to be deducted
o Total amount on which TDS deducted at normal rate / TDS amount
o Total amount on which TDS deducted at lower rate / TDS Amount
o Total TDS = TDS at normal rate + TDS at lower rate

eTDS Statements

* Form 24Q/ 27Q formats have been modified
* In deductee wise details , Unique Transaction No is to be given
* eTDS Statements in Form 24Q, 26Q,27Q are to be submitted only once a year on or before 15th June

Form 16 / 16A

* Formats of 16/16A have been amended
* Gross amount and TDS amount is to be given unique Transaction Number Wise
* Whether PAN uploaded was validated by income tax department is to be shown separately
* Several details not be given like : Date of payment, Chq No, BSR Code, CIN etc


Unique Transction Number ( UTN )

* It seems the whole system is now going to be based in UTN
* From the following chart it is clear that UTN is a common link between Challan, TDS certificate and eTDS Statement.
* UTN will be provided by the income tax department.
* How this number will be provided by the department – we have to wait and watch

Monday, March 30, 2009

Tougher Regulations for CA Students..!!!

The following decisions taken by the Council of the Institute are brought into force immediately for compliance by the Students / Members concerned. It is advised that required compliance be made by the concerned students / members. It may please be noted that non-compliance will be viewed seriously and proceeded against accordingly. 

 

  1. The coaching classes shall not continue after 9.30 a. m. or start before 5.30 p.m. so as to enable the articled/audit assistants to concentrate wholly on practical training.

 

  1. Members of the Institute who are engaged in coaching be advised not to undertake coaching between 9.30 a.m. to 5.30 p.m.

 

  1. An articled assistant should undergo practical training in accordance with the guidelines of the Institute between 10:30 a.m. and 5:30 p.m. During the period an articled assistant shall not be permitted to attend   colleges/other institutions for graduation or any other course.

 

  1. Every articled/audit assistant shall submit once in a year a specific declaration duly counter-signed by the Principal to the effect that the he is regularly attending training and his college hours do not clash with his articles timings and that no coaching is undertaken by him between 9.30 am and 5.30 pm on any working day. In the event of breach of this guidelines and not taking permission as required, the articles already undergone shall be de-recognised for such period as the Institute may decide. 

 

  1. Every articled/audit assistant shall be required to maintain mandatorily the Work Diary in the Form to be prescribed by the Board of Studies.

 

  1. The Institute to call for at random training report alongwith attendance record and stipend details and also Work Diary maintained by articled/audit assistant from any member/firm in respect of any articled assistant at any point of time during the period of practical training for verification.

 

  1. In case an articled assistant is found not undergoing articles in the manner prescribed he shall be debarred from appearing in the exam upto 3 consecutive exams besides cancellation of such period of articles. The concerned member who allowed such an articled assistant be subject to punitive action besides withdrawing either partly or fully his eligibility to train articled assistant. In Peer Review the Reviewer be required to verify whether training is imparted to the articled assistant in the manner prescribed.
  2. No request for termination of articles is entertained from any articled assistant in general and more particularly during the first six months and also during the last twelve months of articles except as provided in the Regulations. In the event of termination, his articles shall not be registered in the same city.

 

  1. No request of an articled assistant for termination (transfer) of articleship shall be considered unless  his/her working parent(s) is/are transferred from the city/place where the articled assistant is receiving training to another city and a copy of transfer order / proof is submitted to the principal in proof thereof. On such termination the articled assistant concerned shall join articles training in and around the place of posting of his/her parent(s) and shall not re-register articles in the same city or within 50 Kms radius of the city where he/she has undergone articles prior to such termination.

 

  1. If the  articled assistant is not able to serve the  articleship for specified  genuine medical reasons thereby opting to discontinue the CA course for a period of at least three months, the termination of articles be permitted, provided that the medical grounds are such that warrant termination of Articleship.

 

  1. In the event of misconduct involving moral turpitude, gross negligence or unsatisfactory performance of the articled assistant, his articles shall be liable to be terminated by his principal besides being cancelled or extended for such period as may be decided by the Institute. Board of Studies to decide and enumerate the acts constituting misconduct.

 

  1. Termination of articles be permitted on such other justified circumstances as may be deemed genuine by the Council.

 

  1. While forwarding the form no. 109 the principal shall state specifically the clause (the relevant clause mentioned above) under which the articles have been terminated.

 

 

 

Friday, March 27, 2009

CA PCC - Inputs for exams - Paper 6 – Information Technology & Strategic Management

Hi Frenz,

I'm just putting down the points that my friend Poonam followed for the CA - PCC exams. The books referred in the note below need not necessarily be followed. You can always follow other books.

Paper 6 – Information Technology & Strategic Management

1. The pattern of the question paper is as follows

a. Information Technology (50 marks)

i. Briefly describe – 5x1=5marks
ii. Explain the following– 5x1=5marks
iii. 2x5=10 marks (2 out of 3)
iv 10 marks
v. Flowchart/Decision Table – 10 marks (SURE)
vi. Short notes – 2x5=10marks

b. Strategic Management (50 marks)

i. State with reasons – True/False - 3x2=6 marks (3 out of 5)
ii. 2x2=4 marks (2 out of 3)
iii. 10 marks
iv. 10 marks
v. Case Study – 20 marks

2. Padhuka publications book will suffice for exams

3. Read the computer glossary to score 5 marks in describing the computer terminologies

4. If you have attended the class, please go through the class notes first and then read the book.

5. Please go through the RTP prescribed for your attempt, as sometimes the exam problem is one of the RTP questions.

6. Your answer should be brief, in points, will surely fetch you more marks.

7. Case study is a very good scoring area. Understand the case clearly and answer the questions briefly and to the point.

8. Time will not be a constraint.

9. The Subject is full of technical jargons so you need to read the subject again and again say 2-3 readings to get used to the said language.

10. Try to go through the past question papers and the feel of the type of questions asked in the exams.

11. Do not leave any topic as the paper will cover the entire syllabus and almost no choices

Further Suggestions / Inputs / Comments are invited.

Thank You

CA PCC - Inputs for exams - Paper 5 – Income Tax, Service Tax & VAT

Hi Frenz,

I'm just putting down the points that my friend Poonam followed for the CA - PCC exams. The books referred in the note below need not necessarily be followed. You can always follow other books.


Paper 5 – Income Tax, Service Tax & VAT


1. The pattern of the question paper is as follows

a. Income Tax (75 marks)

i. State with reasons – True/False – 5x2=10marks (5 out of 6)
ii. 20 marks
iii. 15 marks
iv. 14 marks
v. 4x4=16 marks (4 out of 5)

b. Service Tax, VAT (25 marks)

i. 5x2=10 marks (5 out of 6)
ii. 3x2=6 marks
iii. 3x3=9marks (3 out of 4)


2. Padhuka publications book will suffice for exams both probs & theory. The book has Fast Track Referencer (FTR). It is very good for revision. And get the latest book, i.e the A.Y applicable for your exam.

3. Please focus on recent amendments as many questions will be based on recent amendments. Get the supplementary material from the institute for this purpose.

4. If you have attended the class, please go through the class notes first and then read the book.

5. Please go through the RTP prescribed for your attempt, as sometimes the exam problem is one of the RTP questions.

6. Your answer to the problem should include as many working notes as possible including assumptions.

7. Theory covers more than 25 marks in IT & 12 marks in ST, VAT. Theory are of 2 types.

i. Direct Theory – give relevant points and precise answers
ii. Application oriented – answer as follows

a. The facts of the case
b. The provisions of the law
c. Analysis of the case
d. Conclusion

8. Time will be a constraint so plan your time well in advance

9. Keep practising the problems during your preparations. It will give you momentum and will let you know which problem will take how much time in exams.

10. There is no compulsion to remember the section nos. You will not lose any mark for not quoting the Sections

11. Try to go through the past question papers and the feel of the type of questions asked in the exams.

12. Read the provisions deeply because the questions will be very tricky.

13. Do not leave any topic as the paper will cover the entire syllabus and almost no choices

14. In Padhuka book – Chapter 15 – Taxation of individuals – 20 marks problems are given. Practice them as the exam problem will be on similar lines.

Further Suggestions / Inputs / Comments are invited.

Thank You

CA PCC - Inputs for exams - Paper 4 – Cost Accounting & Financial Mgt

Hi Frenz,

I'm just putting down the points that my friend Poonam followed for the CA - PCC exams. The books referred in the note below need not necessarily be followed. You can always follow other books.


Paper 4 – Cost Accounting & Financial Mgt

1. The pattern of the question paper is as follows

a. Costing (50 marks)

i. 10 marks (5x2)
ii. 15 marks
iii. 16 marks
iv 9 marks (3x3) – 3 out of 4

b. Fin Mgt (50 marks)

i. 10 marks (5x2)
ii. 15 marks
iii. 16 marks
iv 9 marks (3x3) – 3 out of 4

2. Padhuka publications book will suffice for exams both probs & theory

3. Do not leave any topic as the paper will cover the entire syllabus and almost no choices

4. If you have attended the class, please go through the class notes first and then read the book.

5. Please go through the RTP prescribed for your attempt, as sometimes the exam problem is one of the RTP questions.

6. Your answer to the problem should include as many working notes as possible.

7. Theory questions will be very simple and straight forward and please don’t ignore theory and the misc topics. It will help in scoring and also clearing the exams.

8. Time will be a constraint so plan your time well in advance

9. Keep practising the problems during your preparations. It will give you momentum and will let you know which problem will take how much time in exams.

10. While preparing for exam note down all the formulae in a sheet and just before entering the exam revise the formulae for an hour. It will really help you in solving problems quickly and ensure that you are not stuck mid way.

11. Try to go through the past question papers and the feel of the type of questions asked in the exams.


Further Suggestions / Inputs / Comments are invited.

Thank You

Saturday, March 21, 2009

Online CPT rescheduled

In partial modification of Announcement dated 12th February ,2009 , it is hereby notified for the information of general public that the Online Common proficiency Test scheduled on 29th March,2009 has been cancelled owing to less number of candidates applying for the same .

However , on 28th March, 2009 the online Common Proficiency Test will be held only at the following centres: (i) Ahmedabad (ii) Bangalore (iii) Chennai (iv) Delhi –NRO (Vishwas Nagar) (v) Hyderabad (vi) Kolkata (vii) Mumbai (viii) Pune . The candidates who have opted for Delhi (Rohini) centre stand shifted to Delhi-NRO (Vishwas Nagar) centre.

Tuesday, March 10, 2009

CA PCC - Inputs for exams - Paper 3 - Law , Ethics & Communication

Hi Frenz,

I'm just putting down the points that my friend Poonam followed for the CA - PCC exams. The books referred in the note below need not necessarily be followed. You can always follow other books.


PAPER - 3 – Law , Ethics & Communication

1. The pattern of the question paper is as follows

a. Law

i. Question 1 & 2 are compulsory (both 10 marks each)
ii. You have to attend 8/10 questions x 5 marks each = 40
iii. Total 60 marks – Law

b. Ethics

i. Question 13 is compulsory – 10 marks
ii. Attend any 2 from the rest 3 questions – 5x2=10 marks
iii. Question no 15 – State whether correct/incorrect with reasons (attend any 2 from 4)
iv. Total 20 marks – Ethics

c. Communication

i. Question no 17 is compulsory - 10 marks
ii. Any 2 from the rest 3 - 5x2 = 10 marks
iii. Total 20 marks – Communication

2. MP Vijaykumar notes / Padhuka publications book will suffice for exams

3. Do not leave any topic as the paper will cover the entire syllabus

4. Law following are the expected marks / topics
a. Companies Act – 35 marks
b. Contract Act – 10 marks
c. Negotiable Instrument – 10 marks
d. Gratuity – 5 marks
e. Bonus – 5 marks
f. PF Act – 5 marks

5. Please go through the RTP prescribed for your attempt, as sometimes the exam problem is one of the RTP questions.

6. Write the answers in points, it will fetch you more marks

7. Please read the provisons deeply as the exam questions will be very tricky

8. Time will be a constraint so plan your time well in advance

9. For the cases asked use the pattern where your answer clearly distinguishes:

The facts of the case
The provisions of the law
Analysis of the case
Conclusion

This will definitely fetch you more marks.

10. Be thorough with the following
a. Drafting notices of AGM/EGM
b. Minutes
c. Legal Documents

As more than 10 marks in communication are asked from above (including compulsory question)

11. Ethics & Comm are scoring sections

12. Try to go through the past question papers and the feel of the type of questions asked and the related provisions of law

13. Law section covers atleast 6 marks for one word answers. It becomes a good scoring area

14. Concentrate well on the gratuity, bonus and PF Act as these are very small acts and the same questions keep repeating in the exams

Further Suggestions / Inputs / Comments are invited.

Thank You

Sunday, March 8, 2009

CA PCC - Inputs for exams - Paper 2 – Auditing & Assurance

Hi Frenz,

I'm just putting down the points that my friend Poonam followed for the CA - PCC exams. The books referred in the note below need not necessarily be followed. You can always follow other books.

PAPER - 2 – Auditing & Assurance

1.Padhuka publications will suffice for examinations. ABC analysis in Padhuka will be
useful.

2. If you have attended the class, please go through the class notes first and then read the book.

3. The pattern of the question paper is as follows:

(a) State with reasons (10/12 * 2m) = 20 marks
(b) Comment as an auditor = 20 marks
(c) Theory question = 10 marks
(d) Theory question = 10 marks
(e) Theory question = 10 marks
(f) Theory question = 10 marks
(g) How will you vouch (2 * 5) = 10 marks
(h) Short notes (2 * 5) = 10 marks

4. In items (g) and (h), please note the internal choice given properly.

5. Be thorough with the Auditing Standards.

6. Write the answer in points as it will fetch you good marks.

7. Please go through the RTP prescribed for your attempt, as sometimes the exam
problem is one of the RTP questions.

8. Time will not be a constraint.

9. Do not give lengthy answers but be brief and to the point.

10. In question no. (b), use the pattern where your answer clearly distinguishes:

 The facts of the case
 The provisions of the law
 Analysis of the case
 Conclusion

This will definitely fetch you more marks.

11. In question no. (g), if Notice is given, there can be some common points which will be verified in all the items. So while preparing, just make a separate list of verification items which are common in all. This will definitely help.

12. Just 2 months before the exams Mr. Ganapathi will discuss the important topics for the relevant attempt. At least 50% of the questions in exams are from his important questions. So check out with people who have attended the latest batch of his classes..


Further Suggestions / Inputs / Comments are invited.

Thank You.

Friday, March 6, 2009

CA PCC - Inputs for exams - Paper 1 - Accounts

Hi Frenz,

I'm just putting down the points that my friend Poonam followed for the CA - PCC exams. The books referred in the note below need not necesarily be followed. You can always follow other books.

PAPER - 1 – ACCOUNTS

1. The pattern of the question paper is as follows:

a. 16 x 1 = 16 marks
b. 8 x 2 = 16 marks
c. 8 x 2 = 16 marks
d. 8 x 2 = 16 marks
e. 2 x 12 = 24 marks (12 questions , 2 marks each)
f. 3 x 4 = 12 marks (Out of 5 q attend any 3)
(In e & f above theory and problem questions will be asked & balance questions probs only)

2. If you have attended MP.Vijaykumar’s classes than his class notes are sufficient for the following topics (If classes not attended than get his material from any book store). Padhuka publications book also is good as it covers all RTP & past questions.

3. If you have attended the class please go through the class notes first and then read the text book.

4. Give special focus on Accounting Standard as the same will be asked in Accounts, Auditing & Law exams.

5. Time will be a constraint. You can spend at the max half an hour for each question. Always try to attend 100 marks but don't lose heart if you are not able to attend 100 marks. Attending anything between 90 to 100 marks is really good.

6. Solve the problems step by step as each step carries marks even if your main answer is wrong.

7. Never attend first question at the start as the same will be tricky or time consuming.

8. Just 2 months before the exams Mr. MP Vijay Kumar will discuss the important topics for the relevant attempt. At least 50% of the questions in exams are from his important questions. So check out with people who have attended the latest batch of his classes.

9. When you go through the above authored material you will find many similar problems in a topic, while doing your first reading cut out the similar problems so that before exams you have the least problems for preparing.

10. Theory questions will be very simple and straight forward and please don’t ignore theory and the misc topics. It will help in scoring and also clearing the exams.

11. Please go through the RTP prescribed for your attempt, as sometimes the exam problem is one of the RTP questions.

12. Where all you are making assumptions make it clear in your answer.

13. Keep practising the problems during your preparations. It will give you momentum and will let you know which problem will take how much time in exams.

14. As there is almost no choice in the paper, prepare for all the topics. Don’t leave/ignore any topic.

Further Suggestions / Inputs / Comments are invited.

Thank You.

Tuesday, February 24, 2009

Govt reduces excise duty, service tax by 2 percent

Government today reducedrates of excise duty and Service tax by two per cent. The general excise duty has been reduced from 10 per cent to 8 per cent. The rate of service tax cut from 12 per cent to 10 per cent. Duty on bulk cement has been reduced from 10 per cent to 8 per cent.

Saturday, February 21, 2009

CA Final - Inputs for exams - Paper 8 - In Direct Taxes

Hi Frenz,

I'm just putting down the points that i followed for the CA - Final exams. The books / points referred in the note below need not necesarily be followed. You can always follow other books/ points.

Paper 8 – In Direct Taxes

1. (Gurukripa - Padhuka Publications) / Vaideeshwaran / Ajay Jain book is sufficient. (Follow only one latest book)

2. If you have attended classes than first read class notes and then read the reference material

3. Read the provisions deeply because the questions will be very tricky.

4. Time will NOT be a constraint. You can attend 100 marks very easily. (This is a scoring subject. Target should be above 70 marks)

5.Preference of Study can be as follows
a. Excise
b. Customs
c. Cenvat
d. Service Tax (32 Services)

6. The pattern of the question paper is as follows:

a. You have to attend 6 out of 9 questions
b. No choice in ST Questions

8. Please go through the RTP prescribed for your attempt, atleast 10 marks comes from RTP

9. Please read recent amendments & get the amendments book from the Institute relevant to your attempt. Atleast 20 marks will come amendments

10. Please get the select case laws book from the institute relevant for your attempt. Atleast 10 marks will come from the select case laws.


Further Suggestions / Inputs / Comments are invited.
Thank You.

Friday, February 6, 2009

CA Final - Inputs for exams - Paper 7 - Direct Taxes

Hi Frenz,

I'm just putting down the points that i followed for the CA - Final exams. The books / points referred in the note below need not necesarily be followed. You can always follow other books/ points.

Paper 7 – Direct Taxes

1. (Gurukripa - Padhuka Publications – Authored Sekar) / Manoharan / Singhania is sufficient

2. If you have attended classes than first read class notes and then read the reference material

3. Read the provisions deeply because the questions will be very tricky.

4. Time will be a constraint. You can spend at the max half an hour for each question. Always try to attend 100 marks but don't lose heart if you are not able to attend 100 marks. Attending anything between 90 to 100 marks is really good.

5. Just 2 months before the exams Mr. Sekar /TG Suresh will discuss the important topics for the relevant attempt. At least 50% of the questions in exams are from his important questions. So check out with people who have completed the latest batch of his classes.

6. When you go through the above authored material you will find many similar problems in a topic, while doing your first reading cut out the similar problems so that before exams you have the least problems for preparing.

7. The pattern of the question paper is as follows:

a. You have to attend all the questions (There is no choice)

8. Please go through the RTP prescribed for your attempt, atleast 10 marks comes from RTP

9. Please read recent amendments & get the amendments book from the Institute relevant to your attempt. Atleast 20 marks will come amendments

10. Please get the select case laws book from the institute relevant for your attempt. Atleast 10 marks will come from the select case laws.

11. Keep practising the problems during your preparations. It will give you momentum and will let you know which problem will take how much time in exams

12. Wealth Tax – Sure 10 marks.

13. Assessment Procedure / Appeals / Refunds / Penalties – 10 marks sure

14. 10 -15 marks problem surely (Anyone from the following topics)

a. Sec 115 JB
b. Partnership
c. Computation of Taxable Business Income
d. Computation for Individual / Salary

Further Suggestions / Inputs / Comments are invited.
Thank You.

Tuesday, February 3, 2009

Important Announcement - CA Examinations 2009 - (03-02-2009)

IMPORTANT ANNOUNCEMENT
Since the Elections to the Lok Sabha and Legislative Assemblies of some States are likely to be held in the months April and May, 2009, it has been decided to hold the next Chartered Accountants PE-II, PCE, Final (Old and New course), IRM, MAC (Part I), TMC (Part I), CMC (Part I), ITL & WTO Examinations tentatively from 1st to 15th June, 2009 instead of May, 2009. Similarly, the next Common Proficiency Test (CPT) in paper-pencil mode is likely to be held tentatively on Sunday, the 28th June, 2009. The detailed Examination Notification containing the exact date schedule for the various examinations and the examination Centres will be issued shortly and hosted on the Institute's website.

This is for the advance information of students and all others concerned.

(G. SOMASEKHAR)
SR. JOINT SECRETARY (EXAMS)

Friday, January 30, 2009

CA Final - Inputs for exams - Paper 6 - MICS

Hi Frenz,

I'm just putting down the points that i followed for the CA - Final exams. The books / points referred in the note below need not necesarily be followed. You can always follow other books/ points.

Paper 6 - MICS

1. Padhuka Publications – Sarvana Prasath Book is sufficient for exams

2. If you have attended the class please go through the class notes first and then read the text book.

3. The Subject is full of technical jargons so you need to read the subject again and again say 2-3 readings to get used to the said language.

4. The questions in exams can be of 2 types

a. General Questions – (Example – What aspects will you check while purchasing a computer)
b. Specific Questions – What is DSS.? What are the different kinds of DSS tools.?

5. So for general questions you can write general answers, however for specific questions your answer should be to the point.

6. The pattern of the question paper is as follows:

a. You have to attend 5 out of 7 questions (20 marks each)
b. Question number 1 is compulsory
c. Never attend the 1st question at the start as they are very tricky.

7. Time will not be a constraint. You can spend at the max half an hour for each question. You can easily attend 100 marks within the time given.

8. If you glance the recent papers you can observe that at least one question is asked from every topic either. The objective being coverage of entire syllabus. So please don’t leave any topic. Read everything.

9. Write the answers in points and sub headings. It will fetch you more marks.

10. Wherever possible quote examples.

11. Please go through the RTP prescribed for your attempt, as sometimes the exam problem is one of the RTP questions.

12. Go through some past exam papers and feel the comfort that the same you can answer in exams well within the time frame.

Further Suggestions / Inputs / Comments are invited.
Thank You.

Monday, January 26, 2009

CA Final - Inputs for exams - Paper 5 - Costing

Hi Frenz,

I'm just putting down the points that i followed for the CA - Final exams. The books / points referred in the note below need not necesarily be followed. You can always follow other books/ points.

PAPER – 5 - Costing

1. Padhuka Publications – Sarvana Prasath Book is sufficient for problems & Theory

2. Operations Research Problems – 20 marks sure

3. Theory from OR & Costing – 30 to 40 marks sure

4. First read chapter 16 to 21 (Operations Research) – [Be thorough in theory and problems]
(Assignment, Transportation, Linear Programming, Learning Curve, Simulation, Network)

5. Next read chapter 9 to 15 (ABC, Target Costing, JIT, TQM, Value Chain, Budgetary Ctrl, Performance Measurement)– majority theory questions will come from these chapters

6. Next read chapters in the following order 1,4,5,6,7,8,2,3 (Basic concepts, Pricing, Service Sector, Relevant Costing, TP, Std Costing, Marginal Costing, Decision Making)

7. Marginal costing & Decision making read and understand the concepts only; don’t spend more time on these 2 topics as no material will be sufficient for an exam problem.

8. ABC & Standard costing are regularly asked in exams.

9. When you go through the above authored material you will find many similar problems in a topic, while doing your first reading cut out the similar problems so that before exams you have the least problems for preparing.

10. If you have attended the class please go through the class notes first and then read the text book.

11. Time will be a constraint. You can spend at the max half an hour for each question. Always try to attend 100 marks but don't lose heart if you are not able to attend 100 marks. Attending anything between 80 to 100 marks is really good.

12. The pattern of the question paper is as follows:

a. You have to attend 5 out of 6 questions
b. Question number 1 is for 24 marks and is compulsory
c. Never attend the 1st question at the start as they are very tricky.
d. Other questions are 19 marks each (19x4=76)

13. Theory questions will be very simple and straight forward so please don’t ignore theory. It will help in scoring and also clearing the exams.

14. Please go through the RTP prescribed for your attempt, as sometimes the exam problem is one of the RTP questions.

15. Go through some past exam papers and feel the comfort that the same you can answer in exams well within the time frame.

16. Practice at least one problem from every topic/model. It’ll ensure that you have the momentum and also you will know which problem takes how much time to solve.

Further Suggestions / Inputs / Comments are invited.
Thank You.

Saturday, January 24, 2009

CA Final - Inputs for exams - Paper 4 - Law

Hi Frenz,

I'm just putting down the points that i followed for the CA - Final exams. The books / points referred in the note below need not necesarily be followed. You can always follow other books/ points.

PAPER – 4 - LAW

1. Munish Bhandari authored book (latest relevant for your attempt) for CA Final is sufficient for exams.(Big book)

2. The pattern of the question paper is as follows:

a. Q.No 1,2,3 are compulsory
b. 4 more to be attended out of 6 questions
c. In all 7 out of 9 Q to be attended
d. You can take at the max 25 mins for each question
e. Time will be sufficient to answer all the questions.

3. Approx 70 marks will be from past questions

4. Never attend Q.No 1, 2, 3 first. Start with any other question because always the compulsory question will be tricky or time consuming.

5. If you have attended the class please go through the class notes first and then read the text book.

6. Please go through the RTP prescribed for your attempt, as sometimes the exam problem is one of the RTP questions.

7. Write the answers in points. It will fetch you more marks.

8. Get the latest supplementary from the Institute relevant to your attempt.

9. Please read the provisions very deeply as the exam questions are very tricky. (For eg Applicability of a Section to only Public Co’s and N.A. to Pvt ltd co’s)

10. Please see how to draft a resolution. Every attempt atleast 1 question is sure on drafting a resolution.

11. Don’t leave any topic, especially focus on Directors, FEMA, Interpretation of statues, SEBI, SCRA etc..

12. Just 2 months before the exams Mr. Jayaraman will discuss the important topics for the relevant attempt. At least 50% of the questions in exams are from his important questions. So check out with people who have attended the latest batch of his classes.

Further Suggestions / Inputs / Comments are invited.
Thank You.

Friday, January 23, 2009

CA Final - Inputs for exams - Paper 3 - Auditing

Hi Frenz,

I'm just putting down the points that i followed for the CA - Final exams. The books / points referred in the note below need not necesarily be followed. You can always follow other books/ points.

PAPER - 3 – AUDITING

1. Padhuka Publications – Sarvana Prasath authored book is sufficient for exams.

2. Padhuka Publications books have the following advantages
. It is in very simple English & QA Format
. The coverage is based on the Institute Material
. It covers the Suggested Answers for at least past 10 years
. It covers RTP at least for past 10 years

3. Never attend Q.No 1.first. Start with any other question because always the compulsory question will be tricky or time consuming.

4. Just 2 months before the exams Mr. Ganapathi will discuss the important topics for the relevant attempt. At least 50% of the questions in exams are from his important questions. So check out with people who have attended the latest batch of his classes.

5. If you have attended the class please go through the class notes first and then read the text book.

6. The pattern of the question paper is as follows:
. Question No. 1 (Prof Ethics) & 2 (Accounting Standard & Guidance Notes) are compulsory
. You have to attend 4 out of rest 5 questions
. Time will not be a constraint. You have half an hour for each question.

7. Please go through the RTP prescribed for your attempt, as sometimes the exam problem is one of the RTP questions.

8. If you glance the recent papers you can observe that at least one question is asked from every topic either (theory / problem). The objective being coverage of entire syllabus. So please don't leave any topic.

9. Write the answers in points. It will fetch you more marks.

10. Get the latest supplementary from the Institute relevant to your attempt.

11. There is a very good analysis in Padhuka book about the important topics and the weightage of marks from exam point of view. The reading preference can be in the same order.



Further Suggestions / Inputs / Comments are invited.
Thank You.

Wednesday, January 21, 2009

CA Final - Inputs for exams - Paper 2 - MAFA


Hi Frenz,

I'm just putting down the points that i followed for the CA - Final exams. The books / points referred in the note below need not necesarily be followed. You can always follow other books/ points.

PAPER - 2 – MAFA

1.    Padhuka Publications – Sarvana Prasath & Sai Mukundan authored book is sufficient for exams.

2.    Padhuka Publications books have the following advantages:

a.    It is in very simple English & QA Format
b.    The coverage is based on the Institute Material
c.    It covers the Suggested Answers for at least past 10 years
d.    It covers RTP at least for past 10 years

3.    Time will be a constraint. You can spend at the max half an hour for each question (attending anything between 80 to 100 marks is really good)

4.    Never attend Q.No 1.first. Start with any other question because always the compulsory question will be tricky or time consuming.

5.    Just 2 months before the exams Mr. Pattabiram will discuss the important topics for the relevant attempt. At least 50% of the questions in exams are from his important questions. So check out with people who have attended the latest batch of his classes.

6.    When you go through the above authored material you will find many similar problems in a topic, while doing your first reading cut out the similar problems so that before exams you have the least problems for preparing.

7.    If you have attended the class please go through the class notes first and then read the text book.

8.    The pattern of the question paper is as follows:

a.    You have to attend 5 out of 6 questions
b.    Every question is for 20 marks (20x5=100)

9.    Theory questions will be very simple and straight forward and please don't ignore theory as they ask at least 20-30 marks theory in exams. It will help in scoring and also clearing the exams.

10.    Please go through the RTP prescribed for your attempt, as sometimes the exam problem is one of the RTP questions.

11.    Keep practising the problems during your preparations. It will give you momentum and will let you know which problem will take how much time in exams

12.    If you glance the recent papers you can observe that at least one question is asked from every topic either (theory / problem). The objective being coverage of entire syllabus. So please don't leave any topic. Read everything

13.    Prepare formulae for every topic. Then do the following

a.    Read the theory first
b.    Then Read the formulae
c.    Then practise problems

14.    Read the formulae 2-3 times so that you get well versed with them and can work out the problems quickly.


Further Suggestions / Inputs / Comments are invited.
Thank You.