ICWAI/CMA- Eligibility for admission

Eligibility for Admission:
(a)	A candidate should have passed Class 10 or equivalent from a recognized Board or Institution.
(b)	Passed Senior Secondary Examination under 10+2 scheme of a recognized Board or an Examination recognized by the Central Government as equivalent thereto or has passed National Diploma in Commerce Examination held by the All India Council for Technical Education or any State Board of Technical Education under the authority of the said All India Council, or the Diploma in Rural Service Examination conducted by the National Council of Higher Education. Incumbents waiting for the result can apply for provisional admission
Fee:
Cost of Prospectus - Rs. 250/-
Documents to be enclosed with application form:
Students desirous to apply for Registration ONLINE
1.	Attested Copy of Matriculation Certificate
2.	Attested copy of 10+2 Certificate or Marks Statement
3.	3(Three) Passport size photographs - (One pasted on application form, one pasted on identity card and one to be attached with application)
(Attestation should be by any member of The Institute of Cost Accountants of India /The Institute of Chartered Accountants of India/ The Institute of Company Secretaries of India/Parliament/State Legislative Assembly or a Gazetted Officer or a Principal of a college)
Intermediate Course:
Eligibility for Admission:
(a)	Passed Senior Secondary School Examination (10+2)and Foundation Course of the Institute of Cost Accountants of India/ Graduation in any discipline other than Fine Arts/ Foundation (Entry Level) Part I Examination of CAT of the Institute/ Foundation (Entry Level) Part I Examination and Competency Level Part II Examination of CAT of the Institute
(b)	Passed Foundation of ICSI/Intermediate of ICAI by what ever name called along with 10+2.
(c)	List of other qualifying examination are given vides Annexure VI of prospectus. Incumbents waiting for the result can apply for provisional admission
Fee:
Cost of Prospectus - Rs. 250/-
Documents to be enclosed with application form:
Students desirous to apply for Registration ONLINE
1.	Attested Copy of Matriculation Certificate
2.	Attested copy of 10+2 Certificate or Marks Statement
3.	Attested copy of the degree
4.	3(Three) Passport size photographs - (One pasted on application form, one pasted on identity card and one to be attached with application)
(Attestation should be by any member of The Institute of Cost Accountants of India /The Institute of Chartered Accountants of India/ The Institute of Company Secretaries of India/Parliament/State Legislative Assembly or a Gazetted Officer or a Principal of a college)
When to apply:
Intermediate:
Registration for the ICAI course is open throughout the year However, Students desirous to appear for June Term Examination should apply before 31st January of that year and for December Term Examination should apply before 31st July of that year.
Where to apply:
All students shall submit their Postal Application form, duly filled in together with relevant documents and remittances to their respective Regional Councils / Chapters only. Regional Councils and area covered by the region are given below:

Address of Regional Councils	Area Covered
Western India Regional Council "Rohit Chambers",4th Floor Janmabhoomi Marg,Fort Mumbai - 400 001 Ph : 022-22872010/ 22841138/ 22043406/ 22043416 Fax : 91- 022- 22870763 Email: wirc@icmai.in Web site : www.icwai-wirc.org	The State of Chhattisgarh, Gujarat, Madhya Pardesh, Maharashtra, Goa and the Union Territories: Daman Diu., Dadra, and Nagar Heveli.
Southern India Regional Council 4, Montieth Lane, Egmore,Chennai - 600 008 Ph:044-28554443/28554326/28528219 Fax : 91- 044- 28554651 Website: www.sircoficwai.com Email: sirc@icmai.in	The State of Andhra Pradesh, Karnatka, Kerala, Tamilnadu, Pondicherry and the Unition Terrritory: the Lakshadweep
Eastern India Regional Council 84, Harish Mukherjee Road,Kolkatta - 700 025 Ph : 033 -24553418 /24555957 Fax : 91 033-2455-7920 Email: eirc@icmai.in	The States of Assam, Arunachal Pradesh, Bihar, Jharkhand, Manipur, Maghalaya, Mizoram, Nagaland, Orissa, Tripura, West Bengal, Sikkim, the Union Territories: The Andaman and Nicobar Islands and Foreign Countries.
Northern India Regional Council 3, Institutional Area, Lodi Road,New Delhi - 110 003 Ph : 011 - 24626678 / 24615788 Fax : 24622156 Email: nirc@icmai.in	The States of Delhi, Haryana, Himachal Pradesh, Jammu and Kashmir, Punjab, Rajastan, Uttar Pradesh, Uttraanchal and the Union Territory: Chandigarh.
Candidates of Intermediate and Final Examinations are allowed to exercise option for answering questions in Hindi Students opting for oral coaching should contact respective Regional Council office or Chapters This articles post by CMA Samir Biswal

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Campus placement drive for qualified CMA - GENPACT

GENPACT is visiting Delhi agaiin on 18th Januaryr 2014 for Placement of CMA candidates. Their selection 
process would include:

o Presentation by the company 
o GD 
o Face 2 Face interview 
o Test - Pen & Paper – E:Q:L & F 
o HR Round 

S.No	Place	Date	Venue	Reporting Time	Participating company
1	Delhi	18th- January-2014	The Institute of Cost  Accountants of India,  3, Institutional Area, Lodhi Road, New Delhi- 110003.	9.30 am	GENPACT

Job Description 
Skills and Qualification 
• Bachelor's in commerce & CMAs with mini 2yr exp. in accounting 
• 2 - 4 years of relevant experience in Book keeping and Management reporting 
• Good verbal and written communication skills 
• Detail oriented and organized with excellent analytical and problem solving skills 
• Proficiency in MS Office 
• Specific (ERP) working knowledge is preferred 
• Good Interpersonal Skills 

Profile 

• Individual contributor role in PL & B/S reporting, General accounting, GL master data, Accruals & 
Prepayment. 
• Activities related to Closing and Reporting of books (e.g. : journals, Reconciliations, Fixed 
assets, intercompany etc.) 
• Preparation of management reporting packs 
• Cost center management and explanation of variance to Budgets • Activities relating to Planning and budgeting etc. 
• Play the role of process trainer for the remaining team mates to help them come up the learning 
curve 
• Independent handling of Mill Accounting ,Costing & Analysis 

Role & Compensation & Benefits 

• Designation : Process Developer 
• CTC – 2.50 Lakh (P.A) Excluding all Incentives 
• Joining Bonus – 50 Thousand ( One Time ) 
• 1 Year Service Agreement 
• Location - NCR 
• On Job Training – Yes* 
• Weekend Offs – No* 
• Shift Timings : Selected Candidate has to agree on 24*7 timelines 
• Pref. : 2 PM to 11 PM / 5.30 PM to 2.30 AM 
* Conditions apply 
Selected candidate would undergo stringent training program which includes hands on SAP 
methodology & per business requirement. 

This Article post by CMA Samir Biswal. He can reach cmasamirbiswal@gmail.com.

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Filing of information in block R.10 of CST return Form 1

Block R.10 of CST return Form 1 pertains to filing of the information for

receipt and pendency of central statutory forms/declarations in lieu of concessional sale/stock transfer for the preceding 4 years. The block has been inserted in the return through recent amendment in Central Sales Tax (Delhi) Rules, 2005. Second quarter return of the year 2013-14 was the first return to be filed after the amendment. 

2. On the request of Sales Tax Bar Association and dealers, the filing of the said block was de-linked from the return and a facility was created to file the information on pending statutory forms separately. The date of filing of the said block as well as return was also extended upto 31st  December, 2013.

3. Many dealers have availed of the facility and filed the above said information online. But, some dealers have still not been able to compile and file the information till date, although their returns have been otherwise submitted. Now, the third quarter return also becomes due from 1st
 January 2014, wherein the same information is to be filed upto date.

4. In view of the above, as a facility to the dealers who could not file the 
information in block R.10 of CST return Form 1, they are allowed to file the same as part of the third quarter return of the year 2013-14.

5. Further, in exercise of the powers conferred on me by Rule 49A of Delhi Value Added Tax Rules, 2005, I, Prashant Goyal, Commissioner, Value Added Tax hereby extend the date of filing of third quarter return of 2013-14 to 31st
 January, 2014. 

This Article is written by CMA Samir Biswal. He can be reached at cmasamirbiswal@gmail.com.

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AR-1 SUBMISSION DATE EXTENSION

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ADVANCED DIPLOMA COURSE BY THE DIRECTORATE OF ADVANCED STUDIES FOR CMA STUDENT

REGISTRATION PROCEDURE 

The eligibility criteria for Registration to the diploma courses is the membership from the Institute of Cost Accountants of India. 

The Brochure for the diploma courses will be available at Hyderabad Center of 

Excellence and New Delhi office of the Institute. The Brochures are also available on the Institute's website www.icmai.in 

There is a common Registration Form to apply for Registration to the diploma courses.The candidate may indicate the name of the course applied for in the appropriate column in the Registration Form. 

Details of Course Duration and Course Fee applicable for the diploma course is as follows: 

Course Name Course Duration Course fees 

 (in Rs.) IS Audit and Control 12 months 20,000/-* 

• Fee excludes the examination fee of Rs 1200/-(rupees twelve hundred only) for one or more papers. 

The Course Fee can be paid through Demand Draft or through NEFT/RTGS. The 

Demand Draft should be made in favor of 'The Institute of Cost Accountants of India' payable at New Delhi. 

Details of ECS Payment: State Bank of India (60321), Andhra Association Building, 24-25 Institutional Area, Lodhi Road, New Delhi- 110003 

Current A/c No. 30678404793 MICR Code: 110002493 IFSC Code: SBIN0060321 

In the Registration Form, the candidates can either place their scanned passport size photograph in the indicated area, or can affix their passport size photograph on the electronically generated hard-copy of the Registration form. In both the cases, the candidates have to self attest their photographs. 

The candidates have to submit hard-copy of the duly filled in Registration form (In case of online registration, the hard copy of the electronically generated filled-in Registration form) to: CMA. 

Dr P S S. Murthy, Director (Advanced Studies), Hyderabad Center of Excellence, The Institute of Cost Accountants of India, Plot No. 35, Financial District, Nanakramguda Village,Serilingampally Mandal, Gachibowli, Ranga Reddy District, Hyderabad-500032.

The completed Registration Form along with the self attested copies of the certificates and testimonials of qualifications mentioned in the Registration Form, should reach the Directorate latest by the 15th of February 2014. Members of the Institute should enclose a self attested copy of the Institute I-Card and Membership Certificate. 

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This Article is written by CMA Samir Biswal. He can be reached at cmasamirbiswal@gmail.com

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Reversal of Input Tax Credit under Section 10 of the DVAT Act, 2004 in respect of Credit Note/ Debit Note related to discount

Reversal of Input Tax Credit under Section 10 of the DVAT Act, 2004 in respect of Credit Note/ Debit Note related to discounts.

1. Under Section 10 (1) of the DVAT Act, 2004 where any purchaser has been issued with a credit note or debit note in terms of section 51 of this Act or if he returns or rejects goods purchased, as a consequence of which the tax credit claimed by him in any tax period in respect of which the purchase of goods relates, becomes short or excess, he shall compensate such short or excess by adjusting the amount of the tax credit allowed to him in the tax period in which the credit note or debit note has been issued. Such adjustment of tax credit shall be made in the context of sale/purchase made in Delhi and not in the context of interstate sale/purchase. 

2. The Credit Note issued by the Selling Dealer may relate to :

(i) Trade Discount by any name called including quantity discounts, end of year discounts, close out discounts, target discounts, bonus or incentives in the form of general credit to the purchaser’s account or supplying additional quantity of the goods dealt in by the selling dealer or providing/supplying perks, such as allowing package tours or giving gift articles, etc [Post sale perks and discounts].

(ii) Relating to goods returned or rejected by the purchaser.

(iii) Due to variation in rate or quantity in individual sale invoice;

(iv) Consideration for other facilities offered by the purchaser, such as, rent for window display, sign-boards, lease rental of premises, other establishment expenses, etc.

(v) Reimbursement of expenses incurred by purchaser on behalf of seller.

(vi) Cash Discount. (For payment made before the agreed date) 

3. Trade vs. Cash Discounts Trade discounts are incentives for a customer to purchase a product. They may be new customer discounts, quantity discounts, repeat customer discounts, end of year discounts close out discounts, and many more. Whatever be the type, they are designed to entice a customer to purchase now, to purchase more and to purchase this. Trade discounts are generally reflected in the credit side of the Trading Account of the dealer Cash discounts, on the other hand, are incentives for a customer to pay the bill once they have made that purchase. They tell the customer when the bill must be paid, and 2 communicate whether there are financial benefits (discounts) for paying before that deadline. Cash discounts are generally reflected in the credit side of the Profit & Loss Account of the dealer.

4. Trade discounts could further be classified into two types of discounts- 

(a) Discounts given at the time of sale – According to the trade practice, such discounts are offered at the time of sale and VAT is charged on the resultant cost. Suppose, the cost of a good is Rs. 120/-. The seller offers a discount of Rs. 20/-. The resultant cost of the commodity now becomes Rs. 100/- and VAT @ 12.5% (say) would be Rs. 12.50 making the sale price to Rs.112.50. The seller is liable to pay Rs. 12.50 as VAT to Government and the buyer is entitled to an ITC of Rs. 12.50 on the purchase. The tax liability of the buyer would depend on the sale price at which the good is sold to consumer. In this case no VAT adjustment is required to be made. 

(b) Post sale discounts – If in the above example, the original seller offers a post-sale discount of say Rs. 10/-. Then, the cost of the good would become Rs. 90/- and VAT liability would be Rs. 11.25. But, the seller has already paid Rs. 12.50 as VAT and accounted for the same in his books of accounts. Thus, the seller is entitled to make adjustment of Rs. 1.25 (12.50-11.25) in accordance with the provision of Section 8 of DVAT Act. The sale price would now be reduced to Rs. 101.25 (112.50 -11.25). By reducing the cost price by Rs. 10/-, the seller has to issue credit note of Rs. 11.25 (10 +1.25) to the buyer. It hardly matters whether the seller indicates the value of credit note as Rs. 11.25 or Rs. 10.00 plus Rs. 1.25 as VAT. Consequently, the buyer now becomes entitled to an ITC of Rs. 11.25 instead of Rs. 12.50 already claimed. Thus, an ITC of Rs.1.25 (12.50-11.25) has to be reduced by the purchaser as provided in section 10 of DVAT Act. 

5. The reduction in ITC by buyer is independent of reduction in output tax liability by seller. The seller may reduce the liability by revising return or making adjustment for the reduction in the output tax liability of current tax period’s return in terms of section 8 While assessing or scrutinizing the return of buyer in a particular ward, it is difficult to find out whether the pairing selling dealers have also reduced their output tax liability.

The sellers may be registered in different wards. There is no system of issue of certificate to buyer by seller stating that the output tax corresponding to credit note has been adjusted or not and neither it is desirable in VAT regime. 

6. Cash discount stated at 2 (vi) issued by selling dealer is not eligible for adjustment to Output Tax in terms of provisions of Section 8 of the DVAT Act. Therefore, the Credit. Notes issued on this account need not be mentioned in Annexure 2C of the return. Similarly, the purchasing dealer need not to mention such Credit Notes in Annexure 2D of the return in Form DVAT-16. 

7. Input Tax Credit has to be adjusted by the Purchasing Dealer in respect of Credit /Debit. Notes related to items listed at 2(i) to 2(v). Credit note related to cash discount need not be subjected to ITC reversal. Consequently, the selling dealer will not be eligible to make adjustment of output tax on account of issue of Credit Note with respect to 2.

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This Article is written by CMA Samir Biswal. He can be reached at cmasamirbiswal@gmail.com

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EXAMINATION TIPS FOR ICWAI STUDENTS WRITTEN BY CMA SAMIR BISWAL

Knowing ICWAI:

Make a self-introspection, understand the qualities and strengths and make a

resolution to complete the course well within time. The prospectus should be read carefully and doubts should be clarify immediately

Visit the Website

Proper study materials should be taken, suggested answers and scanners should be read.  Enroll yourself as a student of e Learning from the beginning to get immense benefit of it.

For e-earning details log in to: www.eicwai.in

Studying Hours & Studying pattern:

Spend at least 6-8 hours on daily basis for your preparation, covering all the subjects. However, this needs to go up to 12-14 hours gradually as the exam approaches. Make an analysis of the trend and pattern of the questions for the last 5 years (10 terms) in order to have a clear idea about the important chapters and type of questions. It is better if you solve more and more question papers. Attend all the classes regularly.

Preparation Tips:

1. Figure out your mistakes or reason for low marks, if any, in the previous examination and promise yourself to avoid them in your next exam
2. Study from Study Notes of the Institute for all subjects supplemented by other books recommended by your faculty.
3. Make a plan of the time available and the syllabus to be covered.
4. Monitor the schedule on a weekly basis and reinforce your efforts to make up the backlog. 
5. Ensure two revisions before you appear for the examination. In other words, a minimum of three readings should have been completed by the time you appear for the examination. 
6. Study the question papers of previous examinations to be able to categories all the topics in each subject and understand broad trends of these categories. 
7.  Based on above and marks allotted give weightage to each category and accordingly prepare for the examination.
8.  In the case of theory subjects, focus on understanding the concepts thoroughly and its application. In subjects such as law, give due regard to case laws and sections.In subjects such as Economics, spend some effort on statistics and general reading of business newspapers and news magazines. 
9. In the case of numerical subjects, such as Accountancy, Costing and Mathematics focus on understanding the methods, formulae and format of presenting the solution.

10.  Solve as many problems as you can. Prepare for these subjects from the beginning of the year/ session and on a continuous basis. Practice use of your calculator effectively to maximise its efficiency in the examination Hall. Remember speed is a crucial requirement. 

Examination Tips:

1. Take a quick glance at the question paper spending not more than five minutes to select the questions you are likely to answer.

2. Answer the easiest question first and in that order the rest. It is compulsory to answer the Compulsory Question. By not answering the compulsory question your maximum marks will be limited to 80%. (But the answer paper itself , will be valid.).

3. It is preferable to answer the fewer questions correctly and fully rather than more questions answered partially in each case.

4. Just before answering each question, read the question very carefully word by word trying to make the significance of each word, atleast once. If necessary, this may repeat even three or four times, particularly in the numerical subjects.

5. Allot time for each question based on marks allotted to the question. Generally you have about 160 minutes to answer for 100 marks after deducting time for question paper scanning, planning answering sequence, personal relaxation time etc .Hence you can allot 1.5 mts per mark. Try to stick to the schedules. However, the compulsory question may take longer, sometimes up to one hour. You will have to make up the time from the easier questions.

6. Answer the theory questions preferably last in the case of numerical subjects as these can be answered correctly in shorter periods quite often.

7. Impress the valuator with the first answer. It should represent you caliber to give a good answer in all respects: content, neatness and presentation.

8. If there is a question for which you do know the answer but do not have the time to write it fully, write a synopsis for the answer. This should be done, if required, only at the end of the answer sheet. 

It is high time for us to understand the importance for the study. There are certain Pre – Conditions for a successful study. Accordingly I’d request you to properly plan your study schedule for the day. Finish the entire schedule within the time period.

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