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Tuesday, January 31

Extension of date for registration for Integrated Professional Competence Course (IPCC) - (31-01-2012)



IMPORTANT ANNOUNCEMENT
BoS/Announcement/227/12
January 30, 2012
Sub: Extension of date for registration for Integrated Professional Competence Course (IPCC)

Saturday, January 28

Articleship Leave and Extension Calculator (wrth related forms) - Exclusively by CAhelpers

Hey all fans. Now you do not need to calculate your leaves on calculator and be afraid of violating ICAI's rules regarding calculation of leaves.

Wednesday, January 25

Online exemption test from compulsory computer training


How to apply
  • Students are required to apply online through http://icsi.sifyitest.com/ website. No other means/ mode of application will be accepted
  • Students are required to have a valid personal e-mail ID. It should be kept active till the completion of the exam / certification process. This email-id will be used for communication by the testing and certification agency.
    Under no circumstances, Students should not:
    • Share their email-id to any other person
    • Mention e-mail ID of any other person
  • In case a student does not have a valid personal e-mail ID, he/she should create a new e-mail ID before applying online
Online Registration
  • Fill in the details from the Fee Payment Challan in the Online Application Form at the appropriate places
  • If you have paid using debit/credit card, fill in the requested details appropriately in the Online Application Form
  • Ensure that all details are filled in correctly. Click the Submit button
  • Retain your Registration No. and Password for further reference
  • Students should provide valid registration number / date of birth and register to appear for the exam
  • After applying Online, retain the print out of application form for further reference
  • Please do not send the printout/ fee payment receipt to the Testing and Certification Agency
  • Validity period for the fees paid is 30 days from the date of payment realization or 1 + 1 attempt whichever is earlier
Payment of Fees
  • Payments can be made through online or offline by downloading the Fee Payment Challan from the site http://icsi.sifyitest.com/
  • Fees payable online - Examination Charges Rs.440/- + bank charges as applicable
  • Fees payable offline - Examination Charges Rs.440/-
                                        Bank Charges Rs.50/-
                                        Total Rs.490/-
Offline Mode of Payment
  • Download the Fee Payment challan from the site and fill in the same in clear and legible handwriting (BLOCK LETTERS)
  • Go to the nearest branch of State Bank of India and pay the fees using the following details
    Bank : State Bank of India
    Mode of Payment: Cash
    Account & Branch: CBS. A/c No: 31737604121. Tidel Park Branch
    Name & style: Sify Software ltd (ICSI)
  • Payment of Application Fee through Demand Draft/ Cheques/ Money Orders/ Postal Orders etc. will not be accepted.
  • Applications once submitted cannot be withdrawn and fees once paid will not be refunded under any circumstance.
  • Obtain Applicant's Counterfoil Copy of the Application Fee Payment Challan duly stamped by the Bank with (a) Branch Name & Code Number, (b) Journal/Scroll number, (c) Date of Deposit & amount filled by the Branch Official
  • Original counterfoil of the fee payment challan will have to be submitted with the admit card at the time of appearing in the online test
  • Without counterfoil of the fee payment challan, students will not be allowed to appear for the online test
  • Students are advised to keep a photocopy of the fee payment challan for future reference
  • Students have to wait for their registration to be authorized by Admin
  • Once the admin authorizes, student will be able to login using their user name / password and schedule the exam - select exam center and the date for the exam
Click here to download challan
Online Mode of Payment
  • Students can make payment online using Debit / Credit card powered by Master or Visa as well as using the Net Banking User ID / Password.
  • This mode of payment will allow students to select the exam centre and the date for the exam immediately
  • Students are now ready to Apply Online by re-visiting the web site and by clicking the Registration link in http://icsi.sifyitest.com/ to register for the exam

Helpline Numbers

Call us on 9884206828 between 10:00 - 22:00 HRS
---------------------------------------
Write mail to -  icsi_hlpdesk@sifyitest.com
.


Frequently Asked Questions

1. What should I do if there is a delay in accessing the page?
          On-Line registration speed of application is based on various factors like internet speed, large number of applicants trying to register at the same time etc. Therefore, if you are not able to view the registration pages immediately, please retry after 15 minutes or during off-peak hours.
2. How do I know that registration is successful?
          'Successful Registration' is indicated in the page displayed after clicking the Submit Button. This page will display the generated "PASSWORD". Please note down the same carefully and preserve it.   Notification through email / SMS will be sent to the registered mail ID / Mobile Number.
3. I did not receive the email intimation for registration of my application?
          "REGISTRATION NO." and "PASSWORD" are sent by auto-response confirmation e-mails. Delivery of these emails depends upon
  • The correctness of e-mail ID provided
  • The e-mail delivery policy set by your e-mail service provider; to accept and divert such emails under bulk or spam mails or bounce back such mails
  • In case of Govt. /official /company email ids, delivery is controlled by your company policies Therefore, please do not expect reply from us, if you do not receive such confirmation / auto-response e-mails.
4. I did not receive the acknowledgement / reply to my email communication?
          "Reply to" e-mail Id for the application is created for the convenience of candidates for genuine communication. Please do not use this address to send back the emails for "Acknowledgment", "Vacation Mail", "Friendship Offers", "Sales Offers" etc. Our e-mail server is configured to delete such emails automatically.
5. What details should I retain while replying to auto-response emails?
          Reply to the auto response mail only if you have some genuine issue. Please retain the text containing "REGISTRATION NO." and "PASSWORD" details on the email.
6. What details should I provide while writing for the problem?
          Please do not forget to provide following details while writing to us: (1) REGISTRATION NO. (2) PASSWORD (3) DATE OF BIRTH, (4) FIRST NAME, (5) MIDDLE NAME & (6) LAST NAME as entered in application.
In case of application failure or any error message, we would like to have the screenshot of the error in JPG, GIF format or as MS Word file. Additionally, you may provide the PC Details including the Operating System (like Windows XP, Vista, Linux etc.) & Internet Browser & version (like Internet Explorer 6.0, Mozilla 3.0, Firefox 3.5 etc.) used.
7. I want to change / correct the details I entered in the portal?
          You will be able to change the Mobile number / Phone number and Email id by logging in using the Registration number and password given to you.
8. From where I can get Fee Payment Receipt challan?
          Payment challan can be downloaded from http://icsi.sifyitest.com
9. What are the different modes of payment for taking the test?
          You can make payment using your debit / net banking card or any Credit card powered by Master or Visa.
Note: you will not be able to use any International credit / debit cards for this purpose.
10. From where I can get bank / branch details for making the payment?
          You can download the Payment challan from http://icsi.sifyitest.com and make the payment in any of the nearest SBI branch.
11. If I don't have debit / credit card, How will I make the Payment?
          You can use any of your family member / friends card to make the payment. Alternatively you can pay through SBI Payment Challan; the same can be downloaded from http://icsi.sifyitest.com home page.
12. What is the process for taking up the test?
  • Students can register themselves by using http://icsi.sifyitest.com by providing Registration number and Date of Birth
  • On entering the valid details, system will validate the data entered and display the First name, Middle name, Last name, Mobile number, Contact number and Email ID
  • Once the details are provided / updated, then system will send Mail to the registered e-mail as well as SMS to the mobile number specified during registration
  • Student can select either online payment mode or select the off-line payment mode
  • On payment realization, email /SMS will be sent to the registered email ID / SMS
  • Candidate can login using the User name / Password for scheduling the exam
  • Candidate can login using the User name / password on the day of the exam to take the exam
13. What is the validity of the fees paid?
          Candidate has to take the exam within 30 days from the date of Payment realized or 2 attempts whichever is earlier
14. What is the syllabus for the exemption test?
  • The Internet and Email
  • Word Processing (MS Word)
  • Spreadsheet (MS Excel)
  • Presentation Software (MS Power Point)
  • Computerised Accounting Package(Latest version of Tally)
  • Digital Signatures
  • Existing Privacy Protection, IT Laws and Security
  • e-Commerce, Conversion of MS Word file to PDF or vice versa.
  • Project/Practice concepts
15. What is the duration of the exam
          Duration of the exam is 80 Minutes
16. How much marks to be scored to clear the exam?
          Minimum 50% to be scored to clear the exam
17. From where can I get the certificate?
          Certificate link will be activated for you after 15 days of passing the test and you can download it after login in your account.
18. Amount paid through my credit / debit / ATM card, but the same is not reflected in the site.
          Please make the payment again using the card or through offline mode. Amount paid earlier will be credited to your account in 7 to 10 working days.
19. Which language will the exam be conducted?
          Exams will be conducted in English
20. What should a student do in case of any complaints on operational issues relating to test?
          For any complaints on operational issues relating to test in any centre, please log on to the web site http://icsi.sifyitest.com with your registration number and password and select "Register Complaint" option to register your complaint. You should be able to track the complaint using the docket number given to you at the time of registering the complaint.
21. what should a student do in case of any problems faced during the time of registration before registration?
          Students may send their issues / problem faced while registering to icsi_hlpdesk@sifyitest.com. Our help desk team will assist you in resolving your problem with in 24 to 48 hours.
22. If I have to take a test from the location out of India, how do I do it?
          Currently test centers are available only in India.
23. How do I retrieve my password?
          Password can be retrieved by clicking the link "Forgot password" option provided below the login button.
24. What are the reasons for some of the failures?
  • No internet connectivity in the system you are working or taking the test
  • Website might have encountered some issue
  • Might be typo error while typing the URL in the browser
  • Invalid Registration Number
  • You have not entered the correct registration number
  • Database validation is encountering some problem
25. If I cannot clear the test within one month of payment or within allotted 2 attempts what should I do?
          You need to reregister and pay again for appearing in test. You will receive 2 attempts again within one month of this payment.
26. If I fail in first attempt what should I do ?
          If you cannot clear the test in first attempt, you have to schedule and appear for test again (2nd Attempt) within 30 days of payment by logging in your account like you did in your first attempt.
27. Does Sify impart computer training? Where should I go for computer training?
          Sify does not impart computer training. It only conducts online exemption test from computer training.
You may do the ICSI-Aptech course i.e. 'Understanding Information Technology under Corporate Environment' from any of the recognised training centers of M/s Aptech. You can also undergo the computer training covering the syllabus of ICSI-Aptech Course from any other Institute convenient to you.
© 2012 Sify. All rights reserved.
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Tuesday, January 24

Cut Off Dates of CS Program for Year 2012







Schedule for the year 2012 with regard to various Cut-Off Dates for services pertaining to Students




Particulars of  Cut-off Dates


Actual  Cut-off Date


Revised  Cut-off Date


Reason for Extension


Acceptance of Applications for Admission to Executive/ Professional  Programmes


28.02.2012


No Change





Receipt of Enrollment application for appearing in June,2012 examination


25.03.2012


26.03.2012


 25th March  2012 being Sunday


Acceptance of Applications for Admission to Foundation Programme


31.03.2012


02.04.2012


 31st March & 01st April 2012 are being Saturday & Sunday respectively


Receipt of Enrollment application for appearing in June,2012 examination (with late fee)


09.04.2012


No Change





Acceptance of Applications for Admission to Executive/ Professional  Programmes


31.05.2012


No Change





Acceptance of Applications for Admission to Executive/ Professional  Programmes


31.08.2012


No Change





Receipt of Enrollment application for appearing in Dec, 2012 examination


25.09.2012


No Change





Acceptance of Applications for Admission to Foundation Programme


30.09.2012


01.10.2012


30th  Sep, 2012 being  Sunday.


Receipt of Enrollment application for appearing in Dec, 2012 examination (with late fee)


10.10.2012


No Change





Acceptance of Applications for Admission to Executive/ Professional  Programmes


30.11.2012


No Change







Download HERE(PDF)
> SERVER I
> SERVER II
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Time Table for CS June Examinations


(For Download-Right Click on Image & select save image as )


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ICAI enters into agreement with Taxmann and New India Assurance Co. Ltd.



ICAI enters into an arrangement with TAXMANN to provide the contents of its website only at Rs.3500/- to the members of ICAI - (23-01-2012)


As an ongoing attempt to enable the members to keep pace with the latest developments in direct taxes, the Direct Taxes Committee of ICAI has entered into an arrangement with Taxmann, a reputed and a well known publisher, wherein Taxmann has agreed to provide all materials that are published and made available by it as a part of its standard practice and procedure on its website www.taxmann.com at a subsidized price of Rs. 3500/- p.a. vis-a- vis its market value which is Rs.7500/-. With this, the Committee has tried to make available, in a timely manner, relevant educational resources at a subsidized cost to the members, which in turn would enable them to discharge their functions in an effective manner.
It may be mentioned that this facility is available to members of ICAI ONLY. The detailed features of the site www.taxmann.com are given below:
  • 127 years of Direct Tax Laws (1886-2012) covering 42000 judgments of Supreme Court/High courts since 1886, 19000 Orders of ITAT, 10500 Notifications, 2100 Circulars and 6000 Articles
  • 100 years of Company Law (1913-2012) covering 9800 Judgments/Orders of Supreme Court/High Courts/SAT/CLB/CCI/CAT/ATFE on company Law/Securities Laws/ Foreign Exchange Laws. The Laws covered are Company Laws, Securities Laws, Foreign Exchange Laws, Competition Laws, Banking & Insurance Laws, Other Corporate Laws, 150 Acts, 350 Rules, 900 Forms, 6000 Circulars, 2500 Notifications and 2500 Articles.
  • Complete Data on Service Tax (1994-2012) covering 5800 Judgments of Supreme Court/High Court/CESTAT, Acts, Rules, Circulars, Notifications, Articles
To subscribe to this useful subscription, you may click on the link below:
http://www.taxmann.com/icaimember.aspx






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CCBCAF & SMP Initiative for arranging the Health Insurance Scheme for Members & Students of ICAI - (20-01-2012)

The Committee for Capacity Building of CA Firms and Small & Medium Practitioners ( CCBCAF & SMP), ICAI has taken a major initiative for arranging Health Insurance Scheme through New India Assurance Co. Ltd., Mumbai, for Members & Students of ICAI. The Aforesaid scheme was launched on 6th January, 2012 during the International Conference at Chennai.

COPYRIGHT MATERIAL OF ICAI. WHOLE RIGHTS REGARDING THIS ARE EXCLUSIVELY OWNED BY ICAI. WE ARE JUST PUBLISHING IT FOR INFORMATIVE PURPOSE. PLEASE DO NOT MISUSE IT.


COURTESY: ICAI.ORG

CS Exam June 2012 Schedule


CLICK HERE TO DOWNLOAD THE SCHEDULE



By : CShelpers

Saturday, January 21

The Vodafone Case - A Victory for all taxpayers worldwide (Full Case)

The Supreme Court judgment in the Vodafone case will put to bed several controversies in taxation. Our judicial system normally takes several years to close a case beyond final appeal. The fact that Vodafone got their judgement in about five years and in a manner that upholds several international principles in law reposes faith in India's judiciary.
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Vodafone was, as described by the revenue department, a test case where Revenue wanted to stretch interpretation of the Income-Tax Act to hold overseas transfers with an underlying value in India liable to tax in India, if the 'intent' of the transacting parties was transfer of the underlying value. Revenue contended that the transaction sought to avoid tax and that Vodafone ought to have withheld tax on the consideration it paid Hutch.


On the other hand, it was Vodafone's contention that the true legal effect of the transaction was to transfer the shares of an overseas company. The fact that there were statements made commercially to say that the sale/acquisition was of an Indian telecom business was not relevant.

The Supreme Court has upheld that the legal implications of a transaction cannot be disregarded and, inthis case, the legal effect was to transfer the shares of an overseas company. One could not 'look through' and pierce the corporate veil of a legitimate holding company that was used as an investment vehicle and thereby try and tax the underlying value of the subsidiaries.

The observations of the Chief Justice of India that foreign direct investment flows towards locations with a strong governance infrastructure - good laws, efficacious enforcement of laws by the legal system - and that certainty is integral to the rule of law is remarkable and noteworthy. Hopefully, they will set the tone for the future.

The judgement has several long-term implications. First, and foremost, it provides a basis for interpretation, namely, that one has to 'look at' a transaction rather than 'look through' a transaction unless one is concerned about fraud or a similar situation.

The tax authorities cannot dissect a transaction and treat a transaction as a sum of its constituents instead of the way the transaction has been entered into by the parties. This principle is indeed critical. The Supreme Court has built caveats to cover artificial devices and frauds, but barring that, the form of the transaction would prevail.

Second, the issue of tax avoidance versus tax evasion gets clarity. The Supreme Court has held that tax avoidance within the legal parameters continues to prevail and the principle laid down in this regard earlier in the case of Azadi Bachao Andolan continue to hold fort. Importantly, the Supreme Court has held that one cannot impose form over substance in statute or impose limitation of benefits in a tax treaty. This indeed is very welcome.

Third, the international principles of jurisprudence of respecting holding company structures, particularly those that have been in place for a length of time and have not been created merely for the purposes of exit, have been blessed. This, again, is very welcome and will do away, with significant certainty, with the Revenue authorities' desire to pierce the corporate veil and look at the substance of the transaction in several cases.

Fourth, the concurring but separate judgement of Justice Radhakrishnan also lays down some very interesting principles. It deals at length with the issue of India-Mauritius Tax Treaty (although that was not the issue in the present case) and holds that India-Mauritius Tax Treaty would be respected where a Mauritius company holds a Tax Residence Certificate, unless a Mauritius entity has been interposed at the time of disposal of shares solely with a view to avoiding taxes.


Case in a nutshell-

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Vodafone International Holdings B.V. vs. UOI (Supreme Court)


Transfer of shares of foreign company by non-resident to non-resident does not attract Indian tax even if object is to acquire Indian assets held by the foreign company

CLICK HERE TO DOWNLOAD THE FULL JUDGEMENT given by H'ble SC (1.47 Mb) 


A Cayman Island company called CGP Investments held 52% of the share capital of Hutchison Essar Ltd, an Indian company engaged in the mobile telecom business in India. The shares of CGP Investments were in turn held by anotherCayman Island company called Hutchison Telecommunications. The assessee, a Dutch company, acquired from the second Cayman Islands company, the shares in CGP Investments for a total consideration of US $ 11.08 billion. The AO issued a show-cause notice u/s 201 in which he took the view that as the ultimate asset acquired by the assessee were shares in an Indian company, the assessee ought to have deducted tax at source u/s 195 while making payment to the vendor. This notice was challenged by a Writ Petition but was dismissed by the Bombay High Court. In appeal, theSupreme Court remanded the matter to the AO to first pass a preliminary order of jurisdiction which the AO did. This order was challenged by the assessee by a Writ Petition which was dismissed by the High Court (329 ITR 126 (Bom). On appeal by the assessee, HELD allowing the appeal:



(By the Court)

(i) The department’s argument that there is a conflict between Azadi Bachao Andolan 263 ITR 706 (SC) & McDowell154 ITR 148 (SC) and that Azadi Bachao is not good law is not acceptable. While tax evasion through the use of colourable devices and by resorting to dubious methods and subterfuges is not permissible, it cannot be said that all tax planning is impermissible;

(ii) In the taxation of a Holding Structure the burden at the threshold is on the Revenue to establish abuse in the sense of tax avoidance in the creation and/or use of such structure(s). The Revenue may invoke the “substance over form” principle or “piercing the corporate veil” test only after it is able to establish that the transaction is a sham or tax avoidant (e.g. structures used for circular trading or round tripping or to pay bribes) or if the Holding Structure entity has no commercial or business substance and has been interposed only to avoid tax. A strategic foreign direct investment coming to India should be seen in a holistic manner and keeping in mind certain factors like the period of business operations in India etc. On facts, the Hutchison structure was in place since 1994 and could not be said to be created as a sham or tax avoidant. The holding companies were not a “fly by night” operator or short time investor;

(iii) The Revenue’s argument that u/s 9(1)(i) it can “look through” the transfer of shares of a foreign company holding shares in an Indian company and treat the transfer of shares of the foreign company as equivalent to the transfer of the shares of the Indian company on the premise that s. 9(1)(i) covers direct and indirect transfers of capital assets is not acceptable. S. 9(1)(i) (unlike the DTC Bill, 2010) does not use the word “indirect transfer”;

(iv) The argument that CGP, the intervened entity, had no business or commercial purpose and that its situs was not in the Cayman Islands but in India (where the assets were) is also not acceptable. The situs of the shares of a company is where the registered office is;

(v) The High Court’s finding that, applying the “nature and character of the transaction” test, the transfer of the CGP share was not adequate in itself to achieve the object of consummating the transaction between HTIL and VIH and that there was a transfer of other “rights and entitlements” which were “capital assets” is not correct because the transaction was one of “share sale” and not an “asset sale”. It had to be viewed from a commercial and realistic perspective. As it was not a case of sale of assets on itemized basis, the entire structure, as it existed, ought to have been looked at holistically. A transfer of shares lock, stock and barrel cannot be broken up into separate individual components, assets or rights such as right to vote, right to participate in company meetings, management rights, controlling rights, control premium, brand licences and so on as shares constitute a bundle of rights. The sum of US$ 11.08 bn was paid for the “entire package” and it was not permissible to split the payment and consider a part of it towards individual items (Mugneeram Bangur 57 ITR 299 (SC) followed);


Per Radhakrishnan, J (concurring):

(i) On the conflict between McDowell & Azadi, It is a cornerstone of law that a tax payer is enabled to arrange his affairs so as to reduce the liability of tax and the fact that the motive for a transaction is to avoid tax does not invalidate it unless a particular enactment so provides. However, for the arrangement to be effective, it is essential that the transaction has some economic or commercial substance;

(ii) On facts, CGP’s interposition in the corporate structure and its disposition, by way of transfer, for exit, was for a commercial or business purpose and not with the ulterior motive for evading tax. It cannot be considered to be an artificially interposed device and the principle of “fiscal nullity” will not apply. For the principle of “fiscal nullity” to apply, there should be a pre-ordained series of transactions and there should be steps inserted that have no commercial purpose. In that case, the inserted steps can be disregarded for fiscal purpose and one can look at the end result. However, the sale of the CGP shares was a genuine business transaction, not a fraudulent or dubious method to avoid capital gains tax. The situs of the shares was in the Cayman Islands;


(iii) The argument that s. 9(1) should be given a purposive interpretation so as to cover even indirect transfers is not acceptable. On the transfer of shares of a foreign company to a non-resident off-shore, there is no transfer of shares of the Indian company, though held by the foreign company and it cannot be contended that the transfer of shares of the foreign holding company, results in an extinguishment of the foreign company control of the Indian company and it also does not constitute an extinguishment and transfer of an asset situate in India. Transfer of the foreign holding company’s share off-shore, cannot result in an extinguishment of the holding company right of control of the Indian company nor can it be stated that the same constitutes extinguishment and transfer of an asset/ management and control of property situated in India;


(iv) S. 195 applies only if payments are made from a resident to another non-resident and not between two non-residents situated outside India. The transaction was between two non-resident entities through a contract executed outside India, consideration passed outside India and the transaction had no nexus with the underlying assets in India. In order to establish a nexus, the legal nature of the transaction has to be examined and not the indirect transfer of rights and entitlements in India.

Courtesy :
1. Economic Times
2. ITAT Online
3. Honorable SC

Friday, January 20

CA FINAL NOV 11 and CPT DEC 11 Results statistics with old attempt stats


Result Declaration-Chartered Accountancy Final

 Examination held in Nov, 2011 & Common 

Proficiency Test(CPT) held on Dec 18, 2011


PRESS RELEASE
January 18, 2012
The Institute of Chartered Accountants of India (ICAI) today announced the following results
·         Chartered Accountants Final Examination held in November, 2011.
·         Common Proficiency Test (Paper Pencil Mode) held on December 18, 2011.
Since December 1949, the Chartered Accountancy Examination is held twice in a year.

The toppers of Chartered Accountants Final Examinations held in November, 2011 are from Hyderabad, Nagpur, Bangalore, Kolkata and Jaipur. The details of thetop three rank holders on all India basis for Chartered Accountants Final along with the marks secured by them are mentioned at Annexure-A. The toppers of Eastern & Central region are mentioned at Annexure-B. The result analysis of the Final examination in terms of pass percentage is mentioned at Annexure-C. The analysis of pass percentage of final examinations (since 2008) is mentioned at Annexure-X.

The toppers of Common Proficiency Test (Paper-Pencil Mode) held on December 18, 2011 are from Vijayawada & Jaipur.

The details of the top three rank holders for Common Proficiency Test (Paper Pencil Mode) along with the marks secured by them are mentioned at Annexure- D. The details of region wise and overseas toppers of CPT are mentioned at Annexure-E. The result analysis of the CPT examination in terms of region wise and gender wise pass percentage is mentioned at Annexure-F. The analysis of pass percentage of CPT (since 2008) is mentioned at Annexure-Y.



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TITLE - Final Nov 2011 Passing Percentage

TITLE - MARKSHEET OF 1st RANK HOLDER OF FINAL




TITLE - CPT Dec 2011 Statistics


      Annexure A
·         Annexure B
·         Annexure C
·         Annexure D
·         Annexure E
·         Annexure F
·         Annexure X
·         Annexure Y
Source: ICAI

Tuesday, January 17

CS : Introduction of New Syllabus & Pattern for Foundation Programme Examinations from December, 2012 Session

IMPORTANT ANNOUNCEMENT FOR CS FOUNDATION STUDENTS


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ICAI silently replies to ICWAI’s plea for “Chartered” word removal




It has been quite some time that the Institute of Chartered Accountants of India (ICAI) & Institute of Cost & Works Accountants of India (ICWAI) is divided in the “Name Change” issue. The ICWAI has strongly worded a press release dated 15th Dec 2011 requesting ICAI should drop the word “Chartered” from its CA brand. The extracts of the ICWAI press release is as follows:

The President and members of the Council of the Instituteof Costand Works Accountants of India express their utmost unhappiness on the passing of the ICWAI Amendment Bill in the Rajya Sabha on 12th Dec 2011, by which the name was proposed to be changed to the Institute of Cost Accountants of India. Our Institute strongly objects to the move by the sister professional body in interfering the activities of the another professional body to encourage foreign management accounting bodies to establish their presence in Indiato the detriment of Indian professionals. The Hon’ble Minister in his reply to the debate in Rajya Sabha also questioned “After independence, why a colonial name like Chartered should be there. You know, this is a matter which is left to the Chartered Accountants of India to consider.”

We also demand that in the post independence era let the Government also change the name of the Institute of Chartered Accountants of India into some other name or remove the name “Chartered”. While for this the Government feels that it is the matter which has to be taken up by the Chartered Institute, in our case we find that without our consent our name is proposed to be changed at the behest of The Institute of Chartered Accountants of India. The dominant position enjoyed by the Chartered Accountants are taken advantage by that Institute in creating block for a sister professional body which is catering to the youth to get a professional accounting qualification while working in whatever employment they are already in, to further their growth prospects.

The Institute of Chartered Accountants of India have been continuously interfering with the name change of our Institute, objecting to the name by which the similar cost accounting bodies across the globe are called. Unfortunately, due to their dominant position which was recognized even in the Report of the Standing Committee of Parliament, our genuine request is not heeded by the Government. In the Rajya Sabha’s debate during the Bill many Honourable Members commented that the entry of foreign consulting firms through surrogate Indian audit firms should not be encouraged.

They also commented that “That is why it is quite possible that money is illegally taken by some entities to foreign countries with the advice and superb consultancy with the Chartered Accountants ……. That is why along with the quantity of Chartered Accountants ……… the professional ethics in this country, unfortunately, are declining very fast and sometimes feel that it is going to the point beyond no repairs.” In another statement in the same debate Honourable members commented “Now in the recent 2G scam, you will be surprised to know that in all the cases of all these companies, whatever certificates were given by the auditors that their authorized capital is this much and paid up capital is this much, were false. They got the license on the basis of false certificates issued by the auditors. It is a very serious issue Sir”.

The growth of membership as well as students in the past five years of ICWAI has been phenomenal with the growth rate of 30% every year. The students are growing at the rate of more than 50% in recent years. This shows that the youth of the country have recognized that a major opportunity lies in acquiring a professional qualification. In all the cases which was mentioned in the Rajya Sabha debate the Chartered Accountancy profession was targeted but ultimately the punishment was handed over to the Cost Accounting profession which has no role in these scams. Through this exercise, the Institute of Chartered Accountants of India have enabled foreign management accounting bodies to establish their presence in India. Indirectly this is creating a position of dominance for the Chartered Accounting Institute, which goes against the principles the Government is trying to establish through the Competition policy.

The 50,000 members and 4,00,000 students all over the country are pained due to this unfortunate development. The Central Council Members, Office Bearers of the Regional Councils & Chapters of the Institute have started to send their resignation to the President as a mark of protest against this unfair activity of the Institute of Chartered Accountants of India in preventing the just demand of our profession.



Now, ICAI has reacted to ICWAI press release silently through its President’s Message in January 2012 CA Journal, the relevant extracts is below:

Our accession to the designation ‘chartered accountant’ turned into reality after a prolonged struggle of our accountants, who were trained and educated in India, and were socially and professionally perceived different despite an equality in their abilities and rightfulness to audit accounts of companies in India, with their contemporary Chartered Accountants, who got their formal education from one of the British chartered societies. It started with an honest demand for a common status for all accountants of India. Veterans like Shri Govind Ballabh Pant, Shri Mohammad Ali Jinnah, Shri Krishna Kant Malaviya, etc., came out strongly in favour of the Indian accountants in the Legislative Assembly in 1936. Shri Jinnah argued: I stand for Indian talent, I want complete privileges and same rights as those given to anybody else in my country. In fact, this demand reminded us of a 1925 recommendation of the Indian External Capital Committee that included the educationist Shri Madan Mohan Malviya and the celebrated legislator Shri Vithalbhai Patel, to establish the order of chartered accountants in this country through the formation of an all-India Institute.

Unfortunately many felt in those days and some carry that misplaced notion even today that the designation ‘Chartered Accountant’ has a colonial baggage in it. Let us understand before we term and frame something colonial. All that is English or British is not colonial. With such wrongly-positioned understanding, we will have to change the names of many of the existing core courses in our Universities, as they were started following the British models. History and literature will also be withdrawn following this misplaced notion. In fact, I would like to quote here Shri Govind Ballabh Pant: …we have M.A.’s and LL.B.’s as in Cambridge…There are mechanical engineers again qualified in England as in India. Are not their titles common?…I do not mind suffering from an inferiority complex if it goads us on to a superior status, but I do not want superior arrogance if it tends to perpetuate an inferior status. It was the British who introduced modern education in our country from which we got acquainted with the existing contentions of world academia. Our own Ministry of Commerce had noted just before the enactment of the Chartered Accountants Act, 1949 that there was ‘no insuperable legal objection in using the designation ‘Chartered Accountants’. This designation was well-accepted those days in countries including Canada, Alberta, British Columbia, Manitoba, South Africa, Cape of Good Hope and South Rhodesia. It is still being used without any hint of ‘colonial’. Therefore, we will have to be quite sensitive in understanding what colonial is.

Our journey had begun with quite a clear conscience. Even today, a change just for the sake of change will not be acceptable to us. We would not allow anybody, for that matter, to doubt our sense of integrity and national pride, which has been the core and integral aspect of our professional constitution. We have been partnering in all possible ways with our Government since the profession’s inception in 1949. Our sense of responsibility and accountability is well-defined. We do not believe in futile exercises at the cost of our national resources, as this would be an absolute insult to the efforts of our intellectuals, who continue to command respect from all spheres of our society even today.

courtesy:acsecinews



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