General Provisions:
To eliminate confusion, only ‘Financial Year’ will prevail. •
Date of filing of tax return has been advanced to 30th June for non-business non-corporate assessee and 31st Aug for others...•
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Ditect Tax Code
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Tips For CA Final Examination
Here are few tips which will be helpful for students appearing in C.A Final Examination.
1. Don't ignore the Study Material because now a days ICAI are asking most of the Questions from Study Material and Practice Manual, for subjects like Accounts, SFM Costing and ISCA Study Material is must.
2. Don't even think of doing the selected study. You won’t be able to pass the exam on the basis of selected study.
3. Do those chapters properly that you think is least important. You will get 25 to 30 marks papers from those Chapters only.
4. Make your notes properly it will help you to revise whole syllabus on exam day. Your theory notes yourself well in advance including the answers of frequently asked questions. This process helps you to understand the concept and save your time to search theory part here & there at the exam time. However if you got some really good notes you may use them also.
5. Don’t Mug up try to understand the concepts.
6. Think Positive because if you think positive then positive thoughts comes in to your mind and if you think negative then negative thoughts comes in to your mind.
7. Use of one pen: In classes and while studying or on audit make a habit to use one pen only and use that pen in exam hall. Because it is said that "practice makes a man perfect”. Use of this practice will save at-least 4-5 minutes i.e. time equal to write a short note.
8. Query Notebook: Keep a query diary with you during study time and note your queries in this diary and resolve them same day or next day. Do not keep your query unresolved. Don’t forget to mention answer of your query in the query diary.
9. Practice the questions given in the study material provided by ICAI especially because now a days exam questions are coming from institute study.
10. In practical paper also theory plays an important role. Generally students ignore theory part in practical paper don’t do this mistake do theory properly.
Good luck for preperation!!
Career Counselling Presentation by ICAI
Those who want to pursue career in CA check this career counselling presentation. All the deatils of CA course has been given in this presentation from Inception to the End. To see the presentation click here
Campus Placement for Fresher Members & Students of ICSI
Campus Placement for Fresher Members & Students of ICSI
The ICSI is organizing a Campus Placement for the fresher members for job and for students for 15 Months Training on Wednesday, the 30th June 2011 at ICSI-SIRC House, No 9, Wheat Crofts Road, Nungambakkam,Chennai-600034.
The following process will be followed:
1. Name of the participating companies will be announced at the Campus.
2. Students already undergoing 15 Months training are not eligible to participate in the Campus Placement.
3. Résumés of candidates will be collected on the same day i.e. 30th June 2011.
4. The résumés of all the eligible candidates will be given to the company coming for participating in the event. The candidates attending the Campus Placement are expected to come in formal dress and bring sufficient number of copies of their CV & passport colour photograph.
5. The companies will shortlist from the lot of résumés and interview the candidates as shortisted by them. Hence, a candidate will get opportunity for interview only if his/her resume is shortlisted by a company.
6. In view of the overwhelming response and to provide the opportunity to all the participants the résumés of the candidates once appeared for the interview may not be forwarded to the other companies.
7. The members and students are requested to invariably mention their Membership No and Registration No respectively in their resume
8. The candidates are requested to be present the 30th June 2011 at ICSI-SIRC House, No 9 ,Wheat Crofts Road, Nungambakkam,Chennai-600034.
at 10.00 A.M.
9. In order to provide the orientation to the members for facing the interviews, it has been decided to organize a orientation program on 29th June, 2011 at 5.30 PM at ICSI-SIRC House, No 9 ,Wheat Crofts Road, Nungambakkam,Chennai-600034.
Salaried Taxpayers with total Income up to Rs. 5 lakh Exempted from filing Income Tax Return for Assessment Year 2011-12
The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs. 5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011.
Individuals having total income up to Rs. 5,00,000 for FY 2010-11, after allowable deductions, consisting of salary from a single employer and interest income from deposits in a saving bank account up to Rs. 10,000 are not required to file their income tax return. Such individuals must report their Permanent Account Number (PAN) and the entire income from bank interest to their employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No.16.
Persons receiving salary from more than one employer, having income from sources other than salary and interest income from a savings bank account, or having refund claims shall not be covered under the scheme.
The scheme shall also not be applicable in cases wherein notices are issued for filing the income tax return under section 142(1) or section 148 or section 153A or section 153C of the Income Tax Act 1961.
Exclusion of Certain Topics in the CA Final Examination to be held in November, 2011 and Thereafter
IMPORTANT ANNOUNCEMENT
BoS/Announcement/227/11
June 23, 2011
Sub: Exclusion of certain topics in the CA Final Examination to be held in November,
2011 and thereafter
-------
On a review of the syllabus for the Final Course, the Council has decided to exclude the
following topics from the Final Examination to be held in November, 2011 and thereafter:-
Paper 1 Financial Reporting
- Inflation Accounting
Paper 5 Advanced Management Accounting
- Time Series Analysis; and
- Test of Hypothesis.
Students are advised to note the change.
Director, Board of Studies
Period of Validation of Registration in Chartered Accountancy Course
Important Announcement for Chartered Accountancy Course Students
BoS/Announcement/227/11 June 23, 2011
Sub: Period of Validation of Registration in Chartered Accountancy Course
-------------
In order to streamline the period of validity of registration for Common Proficiency
Course (CPC), Professional Competence Course (PCC)/ Integrated Professional Competence
Course (IPCC) and Final levels of Chartered Accountancy Course, the Council at its 303rd
Meeting held on February 10-12, 2011decided as under:
CPT students:
Initial registration for Common Proficiency Course (CPC) is valid for 3 years.
Revalidation of registration shall be done for further period of 3 years before
expiry of initial registration. Students who have got their registration revalidated
with the concerned Decentralised Offices may have the registration revalidated
every 3 years after the expiry of the earlier revalidated period.
Fee for revalidation is Rs. 300/- for each revalidation.
Students are required to ensure before applying for admission to CPT examination
that they have valid registration.
CPT students who have registered on or before 30th November, 2008 are required
to revalidate their registration before applying for December, 2011 CPT examination.
PCC/IPCC students:
Initial registration for Professional Competence Course (PCC)/ Integrated
Professional Competence Course (IPCC) is valid for 4 years.
Revalidation of registration shall be done for further period of 4 years before
expiry of initial registration. Students who have got their registration revalidated
with the concerned Decentralised Offices may have the registration revalidated
every 4 years after the expiry of the earlier revalidated period.
Fee for revalidation is Rs. 400/- for each revalidation.
Students are required to ensure before applying for admission to PCC/ IPCC
examination that they valid registration.
PCC students who have registered on or before 31st October, 2007 are required to
revalidate their registration before applying for November, 2011 PCC examination. Students who have registered in Intermediate or Professional Education (Course-II)
are required to switchover to Integrated Professional Competence Course (IPCC) in
order to continue their studies in chartered accountancy course.
Final students:
Initial registration for Final Course is valid for 5 years.
Revalidation of registration shall be done for further period of 5 years before
expiry of initial registration. Students who have got their registration revalidated
with the concerned Decentralised Offices may have the registration revalidated
every 5 years after the expiry of the earlier revalidated period.
Fee for revalidation is Rs. 500/- for every revalidation.
Students are required to ensure before applying for admission to Final examination
that they have valid registration.
Final students who have registered on or before 31st October, 2006 are required to
revalidate their registration before applying for November, 2011 Final examination.
It may be noted that if a student appears in the CPT or PCC/IPCC or Final
examination without having valid registration, he shall have to pay a penal fee of
Rs. 250/- (in addition to the prescribed revalidation fee with retrospective effect)
within 30 days prior to the date of declaration of results.
Candidates, whose period of initial registration has expired, may apply for
revalidation by making an application on plain paper, together with the prescribed
fee by way of Demand Draft drawn in favour of “The Secretary, The Institute of
Chartered Accountants of India, payable at Mumbai/ Chennai/ Kolkata/ Kanpur/
Delhi” as the case may be and forward the same to the Decentralised Office
concerned at Mumbai, Chennai, Kolkata, Kanpur and Delhi.
The above decision of the Council shall be applicable from November/
December, 2011 examination onwards.
Director, Board of Studies
To Download File Click here
Extension of date for registration for Integrated Professional Competence Course (IPCC)
IMPORTANT ANNOUNCEMENT
BoS/Announcement/227/11
June 23, 2011
Sub: Extension of date for registration for Integrated Professional
Competence Course (IPCC)
-------
In order to mitigate the hardship being faced by the students in registering for Integrated Professional Competence Course (IPCC), the Council at its 306thMeeting held from 7-9th June, 2011 decided that candidates who register for Integrated ProfessionalCompetence Course (IPCC) in the respective Decentralized Office on or before 16thAugust, 2011 would be eligible to appear in the Integrated Professional Competence Examination (IPCE) to be held in May, 2012.
Students are therefore advised to ensure that the registration papers are submitted to
the respective Decentralized Offices of the Institute latest by 16th August, 2011 so as to
be eligible to appear for Integrated Professional Competence Examination (IPCE) to be held in May, 2012.
Students are also advised not to wait for CPT marks statement to be received from the Examination Division for registration for IPCC but proceed for IPCC registration with a copy of the downloaded CPT marks statement.
Director, Board of Studies
SOLUTION OF CA FINAL MAY 2011 EXAMINATION
Group1
FINANCIAL REPORTING
STRATEGIC FINANCIAL MANAGEMENT
AUDIT
CORPORATE AND ALLIED LAW
Group2
ADVANCED MANAGEMENT ACCOUNTING
INFORMATION SYSTEMS CONTROL AND AUDIT
INDIRECT TAXES
DIRECT TAXES
Finally ICAI has uploded the solutions of May 2011 exams.
FINANCIAL REPORTING
STRATEGIC FINANCIAL MANAGEMENT
AUDIT
CORPORATE AND ALLIED LAW
Group2
ADVANCED MANAGEMENT ACCOUNTING
INFORMATION SYSTEMS CONTROL AND AUDIT
INDIRECT TAXES
DIRECT TAXES
Finally ICAI has uploded the solutions of May 2011 exams.
Are 100% Marks Cut-Off at SRCC Justified
With the way the cut-off percentages for admission into the prestigious colleges of Delhi University was rising, we all knew that 100% Cut-Off Percentage was not far away. But no-one knew that it could come so soon making a mockery of the exams conducted by the CBSE.
Yes, it’s true; the first list declared by SRCC for admission into Graduation Courses at SRCC is 100% (best of 4 subjects) for Science Students.
SRCC and Delhi University are one of the most trended topics today on twitter which is a clear indication of the fact that this cut-off has come as a shocker to the whole country.
SRCC Principal, Mr. P C Jain went on record saying that we can’t help it. If CBSE keeps on awarding marks to students in this manner we are duty bound to increase the cut-off’s. We have limited number of seats and can’t admit students more than the number of seats so the cut-off’s had to be increased.
But are such high cut-off percentages justified and who is to be blamed for the same? This question does pop-up every year in the mind of each individual but the answer to the same still remains unanswered.
Graduates with high marks exempted from CPT
CA aspirants need not clear CPT
NAGPUR: The Indian Chartered Accountants of India (ICAI) has relaxed the norms for students aspiring to become chartered accountants. Until now an aspirant had to clear common proficiency test for chartered accountancy (CPT) after Std XII or graduation. Now there is an option of becoming a CA without clearing CPT. The existing option will continue to be available.
ICAI president G Ramaswamy told the media on Saturday that students who have completed two years of graduation can directly appear for Intermediate Proficiency Competency Course (IPCC) - which is the final step in becoming a CA - after doing apprenticeship. Even those students who have not appeared for Std XII exam but have done a diploma and a vocational course followed by two years of graduation also need not appear for CPT.
Ramaswamy further said that ICAI would not provide question papers to students 15 minutes before the examination began so that they go through the question papers and strategize their answers.
Presently, application forms for enrolling for CPT course are available at five certified registration centres (CRCs) in India. In order to facilitate students, the ICAI has decided to launch online CPT registration facility through CRCs where students across the country can register themselves for the CPT course by simply walking into the local ICAI office and pay the fee online (through credit or debit card).
The examination department of ICAI had implemented an automation process covering the coding, attendance data capturing, reconciliation and capturing of marks (after evaluation by examiners), tabulation, etc, Ramaswamy said.
ICAI Nagpur chief Kavita Loya said that the organization had entered into an MOU with several universities and was in the process of tying up with many others. CA Julfesh Shah said that ICAI was extending support to Omani finance professionals and was working on a tie up with its counterpart in New Zealand.
This was announced by ICAI President in a meeting. But it is yet to announced by Board of Studies Officially in ICAI website
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