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Saturday, August 31

The Companies Bill got presidential assent on 29th August, 2013 - PTI

The President of India Shri Pranab Mukherjee

The new Companies Bill has received President's assent, which will make it into a law replacing the nearly six-decade old regulations that govern corporates in the country. 


The Companies Bill 2013 received assent from the President Pranab Mukherjee on August 29, a government official said.
The new Bill, providing for sweeping changes in the way companies operate and are regulated in the country, received Parliamentary approval earlier this month. It would replace the Companies Act 1956. Now it will be known as "The Companies Act, 2013" (No. 18th of 2013).

The Corporate Affairs Ministry is in the process of making the rules for the new legislation. The draft rules, expected to be ready in two weeks, would be put out on the Ministry's website. After this, stakeholders and general public, among others, would have up to 60 days to provide their comments.


Corporate affairs minister Sachin Pilot had earlier said the government plans to adopt a transparent and interactive process to finalise a detailed set of rules to be adopted under the new Companies Bill.

The new Bill requires companies to spend on social welfare activities, empowers investors against any frauds committed by promoters, encourages companies to have women directors, and seeks to bring in greater transparency in corporate governance matters. It also provides about three dozen new definitions, including for terms such as frauds, promoters, turnover, small companies, associate companies and employee stock options.








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Tuesday, August 20

CAse Law : Kerala Classified Hotels & Resorts Association v. Union of India :Service tax on restaurants and hotel accommodations are unconstitutional


Kerala Classified Hotels & Resorts Association v. Union of India

Summary: Levy of service tax on : (1) service forming part of supply of goods in a restaurant, as well as, (2) short-term accommodation services in hotels, inns, etc. is unconstitutional being violative of Entries 54 and 62, respectively, of State List

Download Copy of Judgment : Taxmann.com


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CAse Law : CIT vs. Chhabil Dass Agarwal (Supreme Court) : Writ petition to challenge a reassessment order should not be entertained.


CIT vs. Chhabil Dass Agarwal (Supreme Court)

Download official copy of the judgement

Summary: S. 147: Writ petition to challenge a reassessment order should not be entertained.

Facts: The AO issued a notice u/s 148 reopening the assessment and pursuant thereto passed a re-assessment order u/s 147. The assessee filed a Writ Petition in the High Court to challenge the said notice and re-assesasment order. The High Court entertained the Writ Petition and quashed the re-assessment order. On appeal by the department to the Supreme Court HELD reversing the High Court.

Held:
The Income-tax Act provides a complete machinery for the assessment/re-assessment of tax, imposition of penalty and for obtaining relief in respect of any improper orders passed by the Revenue Authorities. The assessee cannot be permitted to abandon that machinery and to invoke the jurisdiction of the High Court under Article 226 of the Constitution when he has adequate remedy open to him by an appeal to the Commissioner of Income-tax (Appeals). As the said statutory remedy is an effectual and efficacious one, the Writ Court ought not to have entertained the Writ Petition filed by the assessee.







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The Great Indian Flop Show, starring INR (Rupee), CAD and Inflation

INR all time low against Rupee
The Indian economy is probably facing one of the worst times, it had ever seen. The whole economy is suffering from Policy Paralysis. Rupee is breaking the news, and staying on the headlines of the news channels for hours.

The rupee extended losses past 64 to a dollar on continued concerns about how India will fund its current account deficit in case fund flows taper out of emerging markets.
The rupee fell to 64.05 to a dollar, a record low, breaching a key psychological level of 64. It had last closed at 63.13/14.

Besides, melting domestic stock market and dollar's strength against major currencies overseas on expectation that theFederal Reserve will soon taper its bond-buying programme weighed on the domestic unit, dealers said.



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They said several measures announced by the government and the RBI failed to check volatility in the rupee.

The rupee had recorded the decade's worst single-day fall of 148 paise, to close at record low of 63.13 against the dollar in the previous session.

Sensex tanks 325 points in early trade, slips below 18, 000 level

The BSE benchmark Sensex today tanked over 325 points to dip below 18,000 level in the early trade on sustained selling, extending losses for the third straight day, as rupee plunged to fresh lows amid a weakening trend overseas.

The 30-share index slipped below 18,000 mark by plunging 325.64 points, or 1.78 per cent, to 17,981.88. All sectoral indices led by financials and realty trading in negative territory with fall up to 3.08 per cent. Sensex had lost over 1,060 points in the previous two sessions.

Similarly, the wide-based National Stock Exchange index Nifty slipped below 5,400 points mark by falling 91.75 points, or 1.69 per cent, to 5,323.

Brokers said sentiments remained extremely bearish on heavy selling on free-fall in the rupee's value that hit another record low of 63.75 against the dollar, and a weakening trend in the global market as investors bet that the US Fed will soon announce a wind-down of its massive bond-buying programme.


Will India going to see 1991 crisis again in 2013. Now That is the question mark and time will only tell.

Hope for the best.


Courtesy: ToI and ABP News

The Great Indian Flop Show, starring INR (Rupee), CAD and Inflation

INR all time low against Rupee
The Indian economy is probably facing one of the worst times, it had ever seen. The whole economy is suffering from Policy Paralysis. Rupee is breaking the news, and staying on the headlines of the news channels for hours.

The rupee extended losses past 64 to a dollar on continued concerns about how India will fund its current account deficit in case fund flows taper out of emerging markets.
The rupee fell to 64.05 to a dollar, a record low, breaching a key psychological level of 64. It had last closed at 63.13/14.

Besides, melting domestic stock market and dollar's strength against major currencies overseas on expectation that theFederal Reserve will soon taper its bond-buying programme weighed on the domestic unit, dealers said.



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They said several measures announced by the government and the RBI failed to check volatility in the rupee.

The rupee had recorded the decade's worst single-day fall of 148 paise, to close at record low of 63.13 against the dollar in the previous session.

Sensex tanks 325 points in early trade, slips below 18, 000 level

The BSE benchmark Sensex today tanked over 325 points to dip below 18,000 level in the early trade on sustained selling, extending losses for the third straight day, as rupee plunged to fresh lows amid a weakening trend overseas.

The 30-share index slipped below 18,000 mark by plunging 325.64 points, or 1.78 per cent, to 17,981.88. All sectoral indices led by financials and realty trading in negative territory with fall up to 3.08 per cent. Sensex had lost over 1,060 points in the previous two sessions.

Similarly, the wide-based National Stock Exchange index Nifty slipped below 5,400 points mark by falling 91.75 points, or 1.69 per cent, to 5,323.

Brokers said sentiments remained extremely bearish on heavy selling on free-fall in the rupee's value that hit another record low of 63.75 against the dollar, and a weakening trend in the global market as investors bet that the US Fed will soon announce a wind-down of its massive bond-buying programme.


Will India going to see 1991 crisis again in 2013. Now That is the question mark and time will only tell.

Hope for the best.

Saturday, August 17

Temprory changes in FEMA to control forex outflow by RBI


The Reserve Bank of India (RBI) on Wednesday unleashed a slew of measures aimed at constraining foreign exchange outflows on a day the rupee fell to yet another record low. Now, Indian residents cannot send more than $75,000 abroad per financial year. Earlier, the outward remittance limit was $200,000 per person, per year, covering purposes like gifting, donations, travel, medical and educational expenses, maintenance of close relatives, buying, depositing and investing abroad. In 2012-13, private remittances abroad were around $3.3 billion.

RBI also completely barred the usage of foreign exchange to buy any immovable property abroad.

Further, the central bank laid capital controls on Indian companies, saying they can invest abroad only to the extent of their networth under the automatic route, as against 400% allowed earlier. State-owned ONGC Videsh and Oil India, though, are exempt from this. The RBI said the measures were aimed at moderating outflows. “However, any genuine requirement beyond these limits will continue to be considered by RBI under the approval route,” it said. Economic affairs secretary Arvind Mayaram, too, said the measures would not come in the way of genuine needs of companies willing to invest abroad. “These measures are not permanent in nature,” he said, assuring that the RBI and the government will revisit the restrictions once the rupee stabilises.

According to RBI data, total outward direct investments in 2012-13 stood at $12.6 billion. “While the authorities aim to reduce forex volatility, we fear they may end up sending a panic signal,” Sonal Varma, chief economist at Nomura, said, adding that the measures may have minor impact on individual remittances, but could deal a blow to Indian companies investing abroad. On Wednesday, the rupee fell to a record low of 61.44 to the dollar, 24 paise lower than the previous close. It touched 61.60 against the greenback in intraday trade.
In order to attract foreign funds, the RBI deregulated interest rates on bank deposits for non-resident Indians. Moreover, banks may exempt deposits having maturity of three years and above under foreign currency non-resident bank (FCNR (B)) and non-resident (external) rupee (NRE) accounts while calculating the requirements of cash reserve ratio and statutory liquidity ratio.

Source: DNA India


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Thursday, August 15

Non-applicability of Companies Bill, 2012 (to be enacted as the Companies Act, 2013) for May 2014, Examinations

This is to bring to the notice of students that the Companies Bill, 2012 (to be enacted as the Companies Act, 2013) which was passed by the Lok Sabha on 18th December, 2012 and was pending before the Rajya Sabha, has been finally passed on 8th of August, 2013. This Companies Bill will be enacted as the Companies Act, 2013 on receiving the assent of the President of India and notification in the Official Gazette, which will replace the existing statute, the Companies Act, 1956.

Based on the above, it is hereby clarified that the proposed Companies Act, 2013 will not be applicable for the Intermediate (IPC) and Final Examinations to be held in May 2014.

Regarding the applicability for November 2014 Examination, the decision will be taken based on the exact date of enactment of the above Companies Bill into the Act.


Director, Board of Studies

Wednesday, August 14

WIRC and WICASA helping students in finding Articleship

The Wetern India Regional Council (WIRC) of ICAI and WICASA has announced its initiative for helping students in searching for articleship. Now a student can mail his C.V. to WICASA and Team WICASA will find the suitable articleship for him.



Announcements: 













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"Campus Placement for Articled Assistants - Ahmedabad"

Event for campus placement of articles in Ahmedabad:

CAMPUS PLACEMENT FOR ARTICLED ASSISTANTS – 17.08.2013


When :

Saturday , 17th August 2013 ; 09:00 AM To 05:00 PM

Details :
Registration fee – For firms / members – Rs. 500/- & For students – Rs. 50/- Cheque may be drawn in favour of ‘Ahmedabad Branch of WIRC of ICAI’ OR Pay online through Ahmedabad Branch ICAI website –www.icaiahmedabad.com


Where : 
AHMEDABAD BRANCH OF WIRC OF ICAI
“ICAI BHAWAN”
123, SARDAR PATEL COLONY,
NR. USMANPURA UNDER BRIDGE,
NARANPURA, AHMEDABAD – 380 014.


Contact : 
PHONE NO. ( 079 ) 3989 3989, 2768 0537, 2768 0946
EMAIL : ahmedabad@icai.org, ahdicai@yahoo.com
WEBSITE : www.icaiahmedabad.org & www.icaiahmedabad.com


Source:
http://www.wirc-icai.org







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Lukewarm response from big corporates in reecession is forcing the ICAI to turn towards SMEs for recruitment of CAs


Ahmedabad: Like in every other professional field, economic slump seems to have dug its icy claws deep on Chartered Accountants’ (CA) job prospects in Gujarat too. For, only four big companies have participated in the placement programme this year, forcing the institute to turn towards SMEs for recruitment.

The unusual lukewarm response from big corporate houses and concern to safeguard students’ job prospects have grabbed the attention of senior administrators at the Chartered Accountants of India (ICAI), Ahmedabad chapter, where placement interviews have begun from Friday. Talking to media on Monday, CA Tarun Ghia, a member of central council, said salary offered to the CAs in last few years is also a cause of concern.


“In order to enhance opportunity for students, we have decided to invite small and medium enterprises (SMEs) too, to the programme. Though we have not begun the process of inviting them as yet, their participation in the recruitment process will boost students’ job growth,” he said.





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Ghia further said that while bigger companies recruit the CAs for financial matters, the SMEs can hire them for various purposes — from finance, administration and draft writing to mention a few. “CAs goes through tough training and the in-depth multi-skilled knowledge should be translated in remuneration,” he said.

Though he did not have statistics about the last few years’ placement season for the Ahmedabad branch; Ghia, however, maintained the institute would approach SMEs for better CAs’ career prospects.

As per the statistics shared by the ICAI, Ahmedabad chapter, nine companies were part of the campus placement programme in 2012 where 67 chartered accountants were recruited. Against this, only four companies have participated in this year’s placement season and 50 CAs expect to be placed. According to an office-bearer, about 12 companies had participated in the campus programme last year.

“Economic slowdown has a larger impact on CA recruitment scene too. As stated by the finance minister, many companies have refrained from completing their ambitious projects. Therefore, if a company has two CAs already, they would rather increase their pays, than hire an additional one,” explained Dhinal Shah, another member of ICAI Ahmedabad chapter.

Source : DNA, Ahmedabad edition ; Page: 2 ; Date; 13/08/2013

Saturday, August 10

'The Companies Bill, 2012' sets to replace 'The Companies Act, 1956' after getting passed by the Rajysabha

COMPANIES BILL IN NEWS

The Rajya Sabha on Thursday (08.08.2013) passed the Companies Bill, which seeks to improve transparency and accountability in the companies, encourages self-regulation and makes contribution of 2% of profits toward corporate social responsibility (CSR) mandatory, among other changes.

The new Companies Bill, which replaces the decades-old Companies Act of 1956, requires President Pranab Mukherjee's assent to become law of the land.

The Rajya Sabha on Thursday passed the Companies Bill, which seeks to improve transparency and accountability in the companies, encourages self-regulation and makes contribution of 2% of profits toward corporate social responsibility (CSR) mandatory, among other changes.

The new Companies Bill, which replaces the decades-old Companies Act of 1956, requires President Pranab Mukherjee's assent to become law of the land.

To strengthen the Serious Fraud Investigation Organisation, the Bill provides it with powers to conduct searches and seizures on the premise of a company suspected of fraud.

The Bill was first introduced in the Lok Sabha in August 2009, but was referred to the standing committee on finance a month later. It was brought back to the Lok Sabha as Companies Bill 2011, but again referred to the standing committee.


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OFFICIAL PRESS RELEASE

PARLIAMENT PASSES THE HISTORIC COMPANIES BILL 2012


Press Release, dated 8-8-2013


The Parliament has passed the historic Companies Bill 2012, moved by Shri Sachin Pilot, Minister of Corporate Affairs. The Bill was passed by the Rajya Sabha here today which had already been passed by the Lok Sabha many months ago (in December 2012). Shri Pilot has termed it as a historic day for the country as it will usher in a new era in the Corporate Governance.

The new Companies Bill, on its enactment, will allow the country to have a modern legislation for growth and regulation of corporate sector in India. The existing statute for regulation of companies in the country, viz. the Companies Act, 1956 had been under consideration for quite long for comprehensive revision in view of the changing economic and commercial environment nationally as well as internationally. The new law will facilitate business-friendly corporate regulation, improve corporate governance norms, enhance accountability on the part of corporates/ auditors, raise levels of transparency and protect interests of investors, particularly small investors.

The salient features of the new Companies law are: Business friendly corporate Regulation/ pro-business initiatives; e-Governance Initiatives; Good Corporate Governance and CSR; Enhanced Disclosure norms; Enhanced accountability of Management; Stricter enforcement; Audit accountability; Protection for minority shareholders; Investor protection and activism; Better framework for insolvency regulation; and Institutional structure. Other important features of the Companies Bill, 2012 are:

(i) Enhanced Accountability on the part of Companies:

(a) In addition to the concept of Independent Directors (IDs) introduced, the provisions in respect of their tenure and liability etc have been provided. Code for IDs provided in a new Schedule to the Bill. Databank for IDs proposed to be maintained by a body/institute notified by the Central Government to facilitate appointment of IDs. (Clauses 149(10); 149(11); 149(7); 150);

(b) Corporate Social Responsibility (CSR) Committee of the Board proposed in addition to other Committees of the Board viz Audit Committee, Nomination and Remuneration and Stakeholders Relationship Committee. These committees shall have IDs/non executive directors to bring more independence in Board functioning and for protection of interests of minority shareholders. (Clauses 135, 177 and 178);

(c) Provisions in respect of vigil mechanism (whistle blowing) proposed to enable a company to evolve a process to encourage ethical corporate behavior, while rewarding employees for their integrity and for providing valuable information to the management on deviant practices. (Clause 177 (9) and 177 (10));

(d) New provisions suggested for allowing re-opening of accounts in certain cases with due safeguards. (Clause 130 and 131).

(ii) Audit Accountability:

(a) Rotation of auditors and audit firms being provided for. (Clause 139 (2));

(b) Stricter and more accountable role for auditor being retained. Provisions relating to prohibiting auditor from performing non-audit services revised to ensure independence and accountability of auditor. (Clause 141 and Clause 144);

(c) National Advisory Committee on Accounting and Auditing Standards (NACAAS) proposed to be renamed as National Financial Reporting Authority (NFRA) with a mandate to ensure monitoring and compliance of accounting and auditing standards and to oversee quality of service of professionals associated with compliance.

(iii) Facilitating Mergers/ Acquisitions:

Simplified procedure (through confirmation by the Central Government), laid down for compromise or arrangement including for merger or amalgamation of holding companies and wholly owned subsidiary (ies), between two or more small companies and for such other class or classes of companies as may be prescribed. This would result into faster decisions on approvals for mergers and amalgamations resulting effective restructuring in companies and growth in the economy. For other companies, such matters would be approved by Tribunal. (Clause 233 and 232).

(iv) Investor Protection:

(a) Acceptance of deposits from public subject to a more stringent regime. (Clause 76);

(b) Provisions for Class Action Suits revised to provide minimum number of persons who may apply for such suits. Safeguards against misuse of these provisions also being included. (Clause 245).

(v) National Company Law Tribunal (Tribunal): Keeping in view the Supreme Court’s Judgment, on the 11th May, 2010 on the composition and constitution of the Tribunal, modifications relating to qualification and experience etc of the members of the Tribunal have been made. Appeals from Tribunal shall lie to National Company Law Appellate Tribunal. (Chapter XXVII).


HIGHLIGHTS OF THE COMPANIES BILL, 2012 BY ICSI


TEXT OF THE COMPANIES BILL, 2012 AS PASSED BY LOKSABHA ON 18/12/12


Sources:
1. Economic Times
2. mca.gov.in
3. icsi.edu
4. pib.nic.in

Tuesday, August 6

Procedure for obtaining Duplicate Marksheet, Pass Certificate and Transcript


You are required to provide a request duly signed by you for issue of duplicate mark sheet/s



E-mails are not entertained for issue of duplicate mark sheet/s.

You are required to furnish the following details / documents along with your request
  • Copy/ies of mark sheet/s for which you require duplicate mark sheet/s (if available), which will help us to process your request speedily. In case, you are not in a position to send copy/ies of your Mark sheet/s, please furnish your correct Articles Registration Number, Month & Year of appearance and Roll Number for which you require duplicate mark sheet/s.
  • A fee of Rs.100/- (Rupees one hundred only) per duplicate mark sheet should be remitted through Demand Draft in favour of the Secretary, The Institute of Chartered Accountants of India, payable at New Delhi - 110002. In case you have not received your mark statement within reasonable time (say 6 weeks of the declaration of result) and send a request for duplicate mark statement within two months of the declaration of result, you are not required to pay any fee
  • Your complete postal address for correspondence, telephone number, fax number, etc.
If you furnish a copy of mark statement or correct articles registration number, Month & Year of appearance and roll number, the duplicate mark sheets are issued normally within twenty days of receipt of your request complete in all respects.

FOR CORRECTION IN NAME

In case, if you find any mistake in your name in the mark sheets sent by the Institute, kindly send your original mark sheet for correction in name together with supportive document i.e. copy of Student Registration letter issued by the respective Decentralised Office of the Institute. It may be noted that the name of a candidate will be shown in the same manner as it appears in Foundation/PE I or PE II / Articles Registration Letter issued by the concerned Decentralised Office of the Institute.

PROCEDURE FOR OBTAINING DUPLICATE PASS/RANK CERTIFICATE

You are required to provide a request duly signed by you for issue of duplicate Pass/Rank Certificate



E-mails are not entertained for issue of duplicate Pass/Rank Certificate

You are required to furnish the following details / documents with your request:
  • Copy/ies of Pass Certificate or Rank Certificate, for which you require duplicate Pass Certificate/s or Rank Certificate. In case, you are not in a position to send copy/ies of your Pass Certificate, or Rank Certificate please furnish your correct Articles Registration Number, Month & Year of appearance and Roll Number for which you require duplicate Pass Certificate or Rank Certificate.
  • A fee of Rs.200/- (Rupees Two hundred only) per duplicate Pass Certificate or Rank Certificate should be remitted through Demand Draft in favour of the Secretary, The Institute of Chartered Accountants of India, payable at New Delhi - 110 002.
  • An affidavit on a non-judicial stamp paper of the value of Rs.10/- (or value as applicable in the state where the candidate resides) duly attested by an Oath Commissioner or Notary Public or a First Class Magistrate to the effect that you were in possession of such a Pass Certificate or Rank Certificate and lost it and undertake to return the duplicate Pass Certificate or Rank Certificate if the original Pass Certificate or Rank Certificate is traced/received by you in future and indemnify the ICAI for any loss etc. that ICAI may suffer if the duplicate certificate is issued by ICAI.
  • For Your complete postal address for correspondence, telephone number, email address, fax number, etc.
If you furnish a copy of Pass / Rank Certificate or correct articles registration number, Month & Year of appearance and roll number, the duplicate Pass / Rank Certificates are issued normally within twenty days of receipt of your request complete in all respects.

FOR CORRECTION IN NAME

In case, if you find any mistake in your name in the Pass / Rank Certificate sent by the Institute, kindly send your original Pass / Rank Certificate for correction in name together with supportive document i.e. copy of Student Registration letter issued by the respective Decentralised Office of the Institute. It may be noted that the name of a candidate will be shown in the same manner as it appears in Foundation /PE I or PE II / Articles Registration letter issued by the concerned Decentralised Office of the Institute.

PROCEDURE FOR OBTAINING TRANSCRIPTS

You are required to provide a request duly signed by you for issue of Transcripts

E-mails are not entertained for issue of Transcripts.

You are required to furnish the following details / documents with your request:
  • A fee of Rs. 500/- (Rupees five hundred only) for one set of transcript/s (for any one or all examinations viz. Foundation/PE-I, Inter/PE-II and Final) remitted through Demand Draft or Pay Order in favour of The Secretary, The Institute of Chartered Accountants of India, Payable at New Delhi.
  • Self attested copies of Entrance / Foundation / PE I / PE II / Intermediate / Final examination mark sheet/s (both front and reverse side) of all Examinations ( i.e. for all your appearances including those where the result of any one or both groups was not PASS).
  • Correct Articles Registration number.
  • Self attested copies of Rank Certificate issued, if any.
  • Self attested copy of Associate Membership Certificate / Fellow Membership Certificate.
  • Proof for having paid the current year Membership fee clearly indicating your membership number to enable us to issue the “COVER SHEET” ( Which is a part of Transcript containing Membership Number, brief description of C. A. Course, Passing Criteria, etc).
  • Copy/ies of Prospectus or communication received from Professional Body/ Management / Educational Institution/s as applicable, requiring you to submit transcripts of Chartered Accountants Examinations.
  • Prescribed Form for transcript duly filled in by the candidate, along with the envelope/s received from Foreign University/ies / Management Institution/s, if any.
  • Copy of the Appointment Letter issued by the Foreign Body as applicable
Kindly note that we will take your name as per our records only
The transcripts are issued normally within ten days from the date of receipt of request, complete in all respects.

All these requests along with the requisite fees / documents may please be sent to:

Shri G. Somasekhar
Additional Secretary (Exams)
The Institute of Chartered Accountants of India
Post Box No.7112, Indraprastha Marg,
New Delhi-110002
Email-Id:- dms_examhelpline@icai.in
Tel. Ph.:- 0120-3054836,3054842




Team CAhelpers

Friday, August 2

Revision of IPCC & Final Syllabus applicable from November 2014

Note: All Changes are highlighted in Blue colour.

As per the decision of the Council taken at its 324th held in March, 2013, it is notified for information of students and the public at large that the examination in the following papers effective from November 2014 examination and onwards shall be held as per the revised syllabus, as specified by the Council in terms of its authority as vested in Regulation 28E (3) and 31(iii) in respect of Intermediate (IPC)/Accounting Technician Examination and Final Examination respectively. Team CAhelpers made it easy for all of you by simply highlighting the changes to save your time.
Please share this post to all your friends, Be a helping hand.


Intermediate (IPC) Examination/
Accounting Technician Examination
(ATE) under Regulation 28E (3) of the
Chartered Accountants Regulations,
1988.
Paper 4: Taxation
Part I : No change
Part II:  i.e. Service Tax (25
Marks) and VAT (25 Marks)
Paper 7: Section A: Information
Technology (50 Marks)
Final Examination under Regulation 31
(iii) of the Chartered Accountants
Regulations, 1988
Paper 6: Information Systems Control
and Audit (100 Marks)
Paper: 8: Indirect Tax Laws (100 Marks)

The detailed Revised Syllabi in respect of aforesaid papers of Intermediate (IPC) and Final Examinations are hereby attached for the information of students and general public.

It is clarified that there is no change in the syllabus of remaining papers of Intermediate (IPC) Course and Final Course, except as specified above.









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Detailed Changes are as below

INTERMEDIATE (IPC), GROUP I, PAPER 4: TAXATION

Syllabus

PART II – INDIRECT TAXES (50 MARKS)

Objective:

To develop an understanding of the basic concepts of the different types of indirect taxes and to acquire the ability to analyse the significant provisions of service tax.

Introduction to excise duty, customs duty, central sales tax and VAT – Constitutional aspects, Basic concepts relating to levy, taxable event and related provisions

Significant provisions of service tax

  • Constitutional Aspects
    • Basic Concepts and General Principles
    • Charge of service tax including negative list of services
    • Point of taxation of services
    • CENVAT Credit [Rule 1 -9 of CENVAT Credit Rules, 2004]
    • Exemptions and Abatements
    • Valuation of taxable services
    • Invoicing for taxable services
    • Payment of service tax
    • Registration
    • Furnishing of returns


    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 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.


    Intermediate (IPC), Group-II, Paper-7A: Information Technology

    Paper - 7A: Information Technology (50 Marks)

    Syllabus

    Level of Knowledge: Working Knowledge

    Objective: “To develop understanding of Information Technology as a key enabler and facilitator of implementing Information Systems in enterprises and their impact on business processes and controls”.

    Contents

    1. Business Process Management & IT

    Introduction to various Business processes – Accounting, Finances, Sale, Purchase etc.  

    Business Process Automation – Benefits & Risks  

    Approach to mapping systems : Entity Diagrams, Data Flow Diagrams, Systems Flow diagrams,Decision trees/tables,   

    Accounting systems vs. Value chain automation, Information as a business asset  

    Impact of IT on business processes, Business Risks of failure of IT  

    Business Process Re-engineering


    2. Information Systems and IT Fundamentals

    Understand importance of IT in business and relevance to Audit with case studies.  

    Understand working of computers and networks in business process automation from business information perspective  

    Concepts of Computing (Definition provided by ACM/IEEE and overview of related terminologies)   

    Overview of IS Layers – Applications, DBMS, systems software, hardware, networks & links and people  

    Overview of Information Systems lifecycle and key phases  

    Computing Technologies & Hardware – Servers, end points, popular computing architectures, emerging computing architectures & delivery models – example: SaaS, Cloud Computing, Mobile computing, etc.  

    Example: Overviewof latest devices/technologies – i5, Bluetooth, Tablet, Wi-Fi, Android, Touchpad, iPad, iPod, Laptop, Notebook, Smartphone, Ultra- Mobile PC etc.)

      

    3. Telecommunication and Networks

    Fundamentals of telecommunication   

    Components and functions of Telecommunication Systems  

    Data networks – types of architecture, LAN, WAN, Wireless, private and public networks etc.  

    Overview of computing architectures – centralised, de-centralised, mainframe, client-server, thin-thick client etc.  


    Network Fundamentals – Components, Standards and protocols, Network risks & controls – VPN, Encryption, Secure protocols,  

    Network administration and management – concepts and issues  

    How information systems are facilitated through telecommunications.  

    How Internet works, Internet architecture, key concepts, risks and controls  

    e-Commerce and M-commerce technologies


    4. Business Information Systems

    Information Systemsand their role in businesses  

    IT as a business enabler & driver – ERP, Core Banking System, CRM, SCM, HRMS, Payment Mechanisms  

    The relationship between organisations, information systems and business processes  

    Accounting Information Systems and linkages to Operational systems  

    Business Reporting, MIS & IT  

    Organisation Roles & responsibilities and table or authorities, importance of access controls, privilege controls  

    Specialised systems - MIS, DSS, Business Intelligence, Expert Systems, Artificial Intelligence, Knowledge Management systems etc.

      
    5. Business process automation through Application software

    Business Applications – overview and types  

    Business Process Automation, relevant controls and information systems  

    Information Processing & Delivery channels and their role in Information Systems  

    Key types of Application Controls and their need  


    Emerging concepts – Virtualisation, Grid Computing, Cloud delivery model  

    Final Course, Group-II, Paper-6:

    Information Systems Control and Audit

    (One Paper – Three Hours - 100 Marks)

    Syllabus

    Level of Knowledge: Advanced Knowledge

    Objective: “To develop competencies and skill-sets in evaluation of controls and relevant evidence gathering in an IT environment using IT tools and techniques for effective and efficient performance of accounting, assurance and compliance services provided by a Chartered Accountant”.

    Contents

    1. Concepts of Governance and Management of Information Systems
    Governance, Risk and compliance and relationship between governance and management.

    Role of information technology and IS Strategy in business strategy, operations and control , business value from use of IT, business impact of IS risks different types of Information Systems Risks, IS Risk management overview, IT Compliance overview – Role and responsibilities of top management as regards IT-GRC. Role of Information Systems Assurance. Overview of Governance of Enterprise IT and COBIT

    2. Information Systems Concepts
    Overview of information systems in IT environment and practical aspects of application of information systems in enterprise processes. Information as a key business asset and its relation to business objectives, business processes and relative importance of information systems from strategic and operational perspectives. Various types of business applications, overview of underlying IT technologies.

    3. Protection of Information Systems

    Need for protection of Information systems, types of controls, IT general controls, logical access controls & application controls. Technologies and security management features, IS Security Policies, procedures, practices, standards and guidelines, IT controls and control objectives, Role of technology systems in control monitoring, segregation of duties. Impact of IT controls on Internal controls over financial reporting, cyber frauds and control failures.

    4. Business Continuity Planning and Disaster recovery planning
    Assessing Business Continuity Management, Business Impact Analysis and Business Continuity Plans, Disaster recovery from perspective of going concern, Recovery Strategies

    5. Acquisition, Development and Implementation of Information Systems (SDLC)

    Business process design (integrated systems, automated, and manual interfaces), Software procurement, RFP process, evaluation of IT proposals, computing ROI, Computing Cost of IT implementation and cost benefit analysis, systematic approach to SDLC and review of SDLC controls at different stages.

    6. Auditing & Information Systems
    Different types of IS audit and assurance engagements. Evaluating IT dependencies for audit planning. Overview of continuous auditing. Auditing Information Systems- Approach methodology, and standards for auditing information systems. IS Audit planning, performing an IS audit, rules of digital evidence, best practices and standards for IS audit.

    Reviewing General Controls, Application Controls, Application control reviews: Review of controls at various levels/layers such as: Parameters, user creation, granting of access rights, input, processing and output controls.


    7. Information Technology Regulatory issues
    Overview of Specific section of IT Act 2008 & Rules as relevant for assurance: Electronic Contracting, digital signatures, cyber offences, etc. Need for systems audit as per various regulations such as: SEBI Clause 49 listing requirements and internal controls, systems control & audit requirements as per RBI, SEBI, IRDA. Concepts of Cyber forensics/Cyber Fraud investigation, Overview of Information Security Standards ISO 27001, ISAE 3402/SA 402, ITIL

    8. Emerging Technology: Overview of Cloud Computing, Software as a Service, Mobile Computing &

    BYOD, Web 2.0 & social media, Green IT and related security and audit issues


    FINAL GROUP II

    PAPER 8 : INDIRECT TAX LAWS

    (One paper – Three hours – 100 marks)

    Syllabus

    Level of Knowledge: Advanced knowledge

    Objectives:

    To gain advanced knowledge of the principles of the laws relating to central excise, service tax and customs

    To acquire the ability to apply the knowledge of the provisions of the above -mentioned laws to various situations in actual practice

    Contents:

    Section A: Central Excise (25 marks)

    Central Excise Act, 1944 and the Central Excise Tariff Act, 1985

    Section B: Service Tax (50 marks)

    Law relating to service tax as contained in the Finance Act, 1994 as amended from time to time

    Section C: Customs and Foreign Trade Policy (25 marks)

    Customs Act, 1962, Customs Tariff Act, 1975 and Foreign Trade Policy to the extent relevant to the Customs Law

    Note – If new legislations are enacted in place of the existing legislations relating to central excise, customs and service tax, the syllabus will accordingly include such new legislations in place of the existing legislations with effect from the date to be notified by the Institute.


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