CA Final Preparation Tips Nov 2016 Exams

How to Prepare Corporate and Allied Laws
Author: Tejpal Sheth

Dear Students,

During my interaction with number of students of CA Final on their questions "how to prepare for Corporate and Allied law", I come across difficulties faced by them. More particularly, what to read, how to read, what are important topics and what kind of language should be used while writing paper.

I would like to suggest following points to ponder before you start reading for corporate and allied law:

1. Do not ignore the allied law because it is of 30 marks. Most of students decide to read the allied law later on. Allied law is based upon theory. Student should try to understand it. Student can remember it by noting down relevant points.

2. You will find atleast one question each from SEBI Guideline, FEMA and competition Act. These acts are lengthy but do not dare to avoid it.

3. Lot of changes and amendment are taking place in provisions of SEBI Guidelines. Keep yourself updated.

4. Most of questions from FEMA includes; residential status and current and capital account transaction.

5. Most of students focus on chapters like board of directors, directors and remuneration of directors but last two papers trend show that only 16 marks coverage from same portion. These chapters are very lengthy.

6. You will find one question from interpretation of statute.

7. You should write your answer in technical language so far as possible. As and when necessary, you may quote relevant landmark judgment to support your answer.

8. Do not write paper in one paragraph. Plan your answer and divide your writing in to few paragraph. There is no universal rule for same. The number of paragraph is depend upon subject matter and how you cover points.

9. Select the book or material which gives you coverage but in most simple and compact way because most of students have complaint that they could not complete the reading on last day of exam. Students may refer my latest book - Corporate and allied law - By Pearson Publication. - Author Tejpal Sheth. Book is available on www.flipkart.com, www.pearson.vrvbookshop.com, www.bookadda.com,www.junglee.com,

10. While answering the practical question length of answer is not important but what is important is coverage of required provisions of law. So do not bother about length of your answer.

11. Do not just write yes or no, correct or incorrect while attempting practical question, support your answer with logical reason.

I do hope with these tips, you will be able to prepare subject and for exam in lucid manner. Best wishes. Feel free to contact me for your query or doubt on subject.

About Tejpal Sheth:

Tejpal Sheth is practicing company secretary at Ahmedabad. He holds Dip in Pharmacy, company secretary and MBA in international Business. He holds certificate in Intellectual Property Rights of World Intellectual Property Organization and cyber law.

Mr. Sheth is active educator and trainer. He is visiting faculty with ICAI, ICSI, ICWAI, IIPM, Gujarat University, Gandhinagar Institute of Technology (GIT). Sheth has authored 14 books so far.

Show More

CA IPCC Tax Imp Topics Preparation Tips Nov 2016

CA IPCC Taxation paper Tips, Important Topics:

Important Topics in Chapter 3: Income which do not form part of Total Incomes:

• Section 10(1): Agricultural Income
• Section 10AA: Tax Holiday for SEZs
• Section 10(10BC): Compensation received by an Individual or his legal heir on account of any disaster.
• Section 10(2A): The Partner's share in total income of the LLP.

Important Topics in Clubbing of Income:

• Section 64(1)(iv): Income arising to spouse from assets transferred without adequate consideration.
• Section 64(1)(ii): Income arising to spouse by way of remuneration from a concern in which the individual has substantial interest.
• Section 64(1A): Income of Minor child.

Important Topics in Income from Salaries:

• Section 10(13A): House Rent Allowance
• Section 10(14)(ii): Children Education allowance
• Section 10(10): Gratuity
• Section 10(5) : Leave Travel Concession.
• Section 16(iii) - Professional Tax

Important Topics in Income from Business or Profession chapter:

• Section 32: Depreciation
• Section 35: Expenditure on Scientific Research
• Section 37(1) : General Deductions

Show More

Strategy to Pass CA Final by All India Rank Holder

Hello friends,

I am CA Manoj Bothra; secured AIR 44 in CA Final May 2014 Exam.

I am here to share a strategy to crack CA Final Exam in First Attempt and study plan.

1. First thing first, you should have at least a period of 6 month to prepare.

2. During this long period, you are required to plan your studies in such a manner that you can complete one time revision of the all eight subjects.

3. One should go for in depth study at first reading; it would make you to learn all the topic of the subjects. None of the topic should be escaped by saying “it can be done at a day prior exam or I will leave it or it’s too tough to prepare”. I think in such a case you should ask doubt and understand the topic from your teacher or friends.

4. Let come to the study plan.

You all have 6 months (180 days) to prepare. I think you should have to allot 15 days for 1st depth study of a subject in entirely( we will discuss breakup of 15 days in details further, later on). In this way you can complete all of your subjects in 4 months.

Some of you are thinking that 15 days period is quite long or short for study a subject, believe me guys it is enough time and you may even complete some subject within 12 days too and on the other hand sometime a subject like direct tax may take more than 15 days to prepare.

This is all about 4 months schedule

5. This was your first round of studies and after 4 month, you may have doubt in your mind “I may forget first subject in this long period”. Don’t worry guys. I have a solution of this problem too.

After completing 4 months successful journey of 1st round of studies, you guys are now required to go through all the subjects once again. But this time you are not been provided such a long period for each subject. Actually this is time of 1st revision.

Let me explain way of revision

Each subject will be given a period of 6 days (6*8=48 days). And you may have 2 days of grace to manage revision within this 50 days period.(discuss it in detail later on)

6. Study plan of last 10 days. This is most precious and valuable time as after 10 days your exam will going to start. Many time students seem confused what to do in these days and how to manage studies..?

I would like to say after going through revision, you will be confident about your preparation and from now onwards you have prepare for exam. I suggest to prepare paper 3 audit and 4 corporate and allied law within 4 days ( 2days for each). In next 2 days you should go through 3 to 4 topics of strategic financial management. And give last 4 days for financial reporting.

7. Now I would like to suggest you on the plan of 15 days details studies

First of all you should list out all the topics and learning objects of a subject. After this you should make a time table for completing the subject within 12 to 13 days. In this period of 12 days, you should have to go through entire studies, notes and practice manual. Remember one thing solve practice manual as you go through the topic, you can say I have completed Director chapter, so go through director chapter of practice manual on the same days.

After this you will have 2 or 3 days, I think now you should summarize the subject in 2 days and with 

one day remaining in your hand, you will have to do a lot.

On the last day, take a paper of any previous exam and set a clock for 3 hours alarm and sit in an exam like environment and try to complete the paper in 3 hours, so that you can know about your weakness and area of improvements.

8. One important thing you have t do in the depth study time to highlight or mark (*), (**),(***) on the various question or short note that are important from your point of view.

What I have said, you have to judge yourself about the question level.

Reason for doing this is that at the exam time or on revision time, you need not have to go through same question again and again so as to save time. This is a way of smart study.

9. Now we will discuss the plan of 6 days of revision. Firstly, you should go through all star marked topics and try to solve at least one question on each topic. Here you are also required to plan for 5 days and save one day for mock test. This is time to check preparations and mistakes, so as to avoid mistake which usually take place in real exam.

This was all about my way of preparing.

Now I would like to give some tips to you-

A. Many times we are confused which subject to start first and which to put on last.

It is easy to select, as you should start that subject which is tough for you and you are weak in that. 

The reason is that at initial level, you will have time to study hard and come out of your fear of a particular subject. For example-  I have gone for Strategic Financial Management First, as I was weak in this but I manage to score 78 marks in this. So now you can imagine how this strategy can help you.

B. Sequence of subject for revision. I think it would be better if you go group wise, 1st group in first 24 days and next 24 days for 2nd group. And after this you will have 10 days to revise you 1st -group again before the exam. In this way, you will be in touch will all the subjects.

C. Now plan about ISCA, it is also important to study this subject.  I would like to suggest that manage schedule of study and have one depth study with 2 times of revision near the exam so that all the point and topic refresh your mind again and again.

D. One exam tip, if one of your subject is not gone as per your expectation, never lose hope and  please don’t waste time on such type of thinking about the past paper, prepare well for next one so as to score good in next subject.

E. Many times we hesitate to get our queries solved by teacher or friend, don’t become narrow minded, even ranker may have to go to average one for asking something. Be “Besharm and ask Bindas”. At the end you will have clarity of topic.

F. Don’t waste time to read same subject again and again, in this way you will not get any productive results and find you are reading what you already know.

G. Make at least 2 papers within a group as your strength so that you can cross 60 in those and clear hurdle of aggregate marks.

H. Last one….—

Subject based tips-

(i) FINANCIAL REPORTING- Never ignore or undervalue Accounting Standards. It is part and parcel of 50-60 marks paper in FR (paper-1) and Audit (paper-3).

(ii) STRATEGIC FINANCIAL MANAGEMENT- Try to solve question from your own, not audit your note book otherwise you will not be able to solve it at the time of Exam Paper. And one more thing to remember, give equal weight to each topic, it is on ICAI to ask anything and in any manner (weight of topic) is not fixed.

(iii) AUDITNG- Try to remember topic point wise and present it also in point wise manner to score good marks.

(iv) CORPORATE AND ALLIED LAW- Pay equal attention to allied law too and remember section number and interlinking of section to score well.

(v) ADVANCED MANAGEMENT ACCOUNTING- Make sure that you solve each question from your own and solve practice manual too. Go through development in AMA, these small topics carries handsome amount of marks in exam.

(vi) ISCA- Again Answer in point wise manner and to the point only. Never try to answer a question which is not known to you in exam sheet at early pages. Answer it on the end.

(vii) DIRECT TAX-it is nice subject to read on and learns, prepare well and solve practical question too. One more thing is amendment and case laws will have to be given equal importance

(viii) INDIRECT TAXATION- Topic wise clarity of provision and common topic is required.

Pay attention to valuation rules, case laws and amendment carries high weight-age in exam paper.

At the end I would like wish you a happy study and best of luck.

Thanks & regards,

CA Manoj Bothra

Show More

Crack CA Final Exams Tips to Pass CA Final Nov 2016

How to Pass CA Final Exams. How to Get Rank in CA final Exams. CA Final Preparation tips

My Dear Friends,

I would like to ask you “Is CA Final Cracking difficult?” Many of you must be thinking that it is difficult. But let me tell you it’s not so. It’s just a matter of effort. Rather I will call it a smart effort. 

Friends I have cracked my CA final in 2nd attempt, was blaming the institute for my terrible failure in November 2013 attempt. But it was not so. When I started framing the strategy for my second attempt I realized that I was the alone person to be blamed & not the institute.  I did a little bit of reengineering & was able to crack it. The strategy which I implemented was as follows.

I used to start my day at 7.30 am with Accounting Standards. I used to give 2 hours per day for any two accounting standards. Then compulsory half hour devotion to costing theory per day which was followed by one theory subject and one practical subject. This schedule was followed continuously for two months was able to get exemption in Audit and ISCA. Got 59 in DT.

Book Referred \ Classes Done:-

Subject Name	Author
Accounts	I did classes for Practical part & Accounting Standards from V.K.Agarwals Book.
Audit	Surbhi Bansal along with Practice Manual.*
Strategic Financial Management	I did classes.
Corparate & Allied Laws	Munish Bhandari. One day before examination from Munish Bhandari’ Laws along with Practice Manual for those Chapter which are given in brief in handbook from Practice Manual e.g. SEBI.
Costing & QT	I did classes. But do institutes study material along with practice manual. (Will help you in solving theory).
ISCA	Prof. Jignesh Chedda’s Book
DT	I did classes. But referred  Practice Manual & Supplementary Study paper. Do go through  RTP for latest case laws.
IDT	CA Yashwant Mangals Handbook along with Practice Manual & suggested Case Laws from Institute. Do go through RTP.

*Friends for audit paper you also require knowledge of all other subjects.

Do practice previous year papers that are available on I.C.A.I websites for all subjects except DT and IDT (as these will be reflect the answers as per the relevant Finance Act).

Hope this article helps you in framing your strategy. Friends no one can provide you with the fool proof strategy. It’s only you who can do it for yourself.

All the Best

Show More

Online Registration ITT GMCS Orientation Register Online Procedure

Online Registration procedure for ITT, Orientation and GMCS-1, GMCS-2 :

Online Registration Portal for GMCS, ITT and Orientation Programme on All India Basis.

Board of Studies and IT Directorate has developed an Online Registration Portal for GMCS, ITT and Orientation Programme on all India Basis for Registration/allocation of batches for all Programmes to facilitate the students to register from anywhere for any center. In the first Phase, “Faculty Module” of Online Registration Portal is launched on 20th December, 2013 for registering as a faculty for ITT/OP/GMCS Course.

Key features in ITT online registration Orientation, GMCS:

Facility for Student: The application will provide facility for the student to - 

• Register online from anywhere in any open batch.
  
• Register in waiting list with preferred location, in absence of current batch.
• Make payment online through payment gateway and offline by DD. For offline, DD to be submitted to respective branch who in receipt of the same will confirm batch on auto generated email.
• Check the student detail from CITRIX / VIP software.
• Transfer from allotted batch.
• Submit of feedback online.
• Process the completion certificates online.

Facility for Faculty: The application will provide facility for faculty to - 

• Register online for taking classes.
• Modify his registration form time to time.
• View the result of feedback given by the students.

1. What is Information Technology Training (ITT)? 

As a part of the scheme of education and training for Chartered Accountancy Course, a student has to mandatorily pursue a course on 100 hours Information Technology Training from any of the ITT
Centers established at Regional Offices/ branches and Chapters of ICAI all over the country.

Who will conduct the 100 hours IT Training? 

The 100 hours ITT is conducted through ITT centers established by the ICAI. A student can join any of the accredited Regional Office/Branch IT Centre for undergoing this training. The details of accredited Regional Office/Branch IT Centers are hosted on the website at http://220.227.161.86/20315itt100hrs_centrelist.pdf.

Is it necessary fora student to get registered with the Board of Studies for undergoing 100 hours ITT? No, when a student registers for IPCC with the Institute, automatically he/she is granted registration for ITT. Registration fee for Information Technology Training (ITT) is Rs. 2,000/-.

Is there any separate fees required for undergoing the 100 hours IT Training?

Yes, the course fee payable to the Branch for ITT is Rs. 4,000. This fee is inclusive of all costs such as the cost of registration for the course, library fee, computer and Internet usage charges and cost of conducting training, module tests, project and final online examination. It also includes the cost for evaluation, marking, preparing results for issuance of completion certificate and submitting the list of eligible candidates to the Board of Studies, ICAI, Noida.

Where a student has to deposit this course fee?  

A student has to deposit the course fee of Rs. 4000/- to the concerned Regional Office/ Branch/CPE Chapter IT Centre where he/she wishes to pursue the training. icaionlineregistration.org sircoficai

Is there any exemption to the disabled student from undertaking 100 hrs ITT? 

Disabled students are exempted from undergoing 100 Hours ITT with accredited Branches. They have to self-study the course materials for at least three months and qualify two specially designed test papers supplied on request by the concerned Regional Office. Disabled student has to submit a certificate of suffering from disability, certified by a physician / surgeon / oculist working in a Government hospital, as the case may be.

What is the day wise schedule of the ITT Centers while conducting IT Training? 

The branches follow a teaching schedule of 3-5 hrs per day, covering 100 hrs in maximum 40 days. Normally, it is completed in 25 days @ 4 hours per day. icaionlineregistration.org sircoficai

Does the Board of Studies provide any study material for ITT to the students? 

Yes, the Board of Studies provides set of study modules covering various topics of the ITT. These are issued to students along with other study material at the time of registration for IPCC icaionlineregistration.org sircoficai

Can a student undergo ITT from the first day of registration in IPCC scheme? 

Yes, a student is eligible to enroll for 100 hours ITT course on receiving the registration letter for IPCC course. icaionlineregistration.org sircoficai

GMCS, ITT and Orientation is available in the following cities:

AMRITSAR, Bathinda, Chandigarh, Faridabad, Gurgaon, Shimla, Hisar, Jalandhar, Jammutawi, Karnal, Ludhiana, Panipat, Lewer Mall, Rohtak, Sonepat, Yamunanagar, Sangur, Agra, Ajmer, Allhabad, Alwar, Bareilly, Bhilai, Bhopal, Bhilwara, Bikaner, Bilaspur, Dehradun, Dhanbad, Gaziabad, Gorakhpur, Gwalior, Indore, Ahmedabad, Ahmednagar, Akola, Anand, Aurangabad, Vadodara, Bharuch, Panjim, Jalgaon, Jamnagar,  Kolhapur, Nagpur, Nashik, Navi Mumbai, Pune, Rajkot, Sangli, Solapur, Surat, Thane, Amravati, vapi, Gandhidham, Bhavnagar, ALAPPUZHA, BANGALORE, Bellary, Belagaum, Kochi, Erode, Guntur, Hubli, Hyderabad, Kakinada, Kottayam, Kumbakonam, Madurai, Mangalore, Mysore, Nellore, PALAKKAD, PUDUCHERRY, Kollam, Rajumundry, salem, TIRUCHIRAPALLI, Tirichi, TIRUNELVELI, TIRUPUR, Trichi, TRICHUR, THIRUVANANTHA PURAM –, Trivendrum, TUTICORIN, UDUPI, Vellore, Vijayawada, Vizag, Visakhapatnam, Tirupathi

Show More

CA Syllabus 2016 - Revised Syllabus from 2016 for CA Students

New CPT Syllabus from 2016

The present entrance exam CPT (Common Proficiency Test) has changed to “Foundation Exam”

CPT MCQ (Multiple Choice Questions) based exam has changed to Foundation descriptive exam. Now you can register for CPT before 6 months. In new scheme you should register before 9 months.

Adequate time gap is given so that students get sufficient time to study since the Foundation Course has been made descriptive. Also, there is an addition of full paper.

Foundation Examination will be partly descriptive in nature.

At present there are 4 subjects in CPT syllabus. In new scheme there are 6 subjects.

ICAI has added two additional papers in Foundation exam (CPT). They are 1. General English for 50 Marks. 2. Business communication for 50 Marks.

CA Course 2016 – Foundation Course (CPT) syllabus applicable from 2016

Foundation Course: Number of Papers — 4

Paper 1 : Fundamentals of Accounting (100 marks)
Paper 2 : Quantitative Aptitude (100marks)
Paper 3A : Mercantile Law (60 marks)
Paper 3B : General Economics (40 marks)
Paper 4A : General English (50 marks)
Paper 4B : Business Communication (50 marks)
Two papers will be MCQ based papers.

IPCC New Syllabus from 2016:

I

CAI has announced some changes in CA IPCC syllabus too:

• Present CA IPCC exam has 7 papers. In new scheme there are 8 papers for IPCC exam.
• Changes in CA IPCC Cost accounting and Financial Management
• Now costing and Fm exam for 100 Marks. But in new scheme
  • Costing exam for 100 marks (Group – 1)
  • Financial Management exam for 100 marks (Group – 2)
• Changes in CA IPCC Law Paper
• Communication of Law paper 20 Marks has removed from CA IPCC Law paper.
• Business Law of 30 Marks removed from CA IPCC.
• Marks weightage of Company Act has increased to 60 marks
• Other laws is for 20 marks and Ethics for 20 marks

• Changes in CA IPCC Tax exam. Tax paper has divided into 2 parts
  • Direct Tax – 100 Marks (Group – 1)
  • Indirect Tax – 100 Marks (Group – 2)
• Information Technology and Strategic Management Paper removed from CA IPCC Group – 2 completely.

New CA Final Syllabus from 2016:

The subject Information Systems Control and Audit (1SCA) has removed in CA Final syllabus.

International Taxation for 40 marks has been added in CA Final syllabus 2016 view of increasing importance of the subject in the present globalized world.

A new subject ‘Financial Services and Capital Market’ has been included to make CA more competitive in the finance related areas.

The nomenclature Corporate Laws and other Economic Laws has been kept to make the name more representative of the subject.

Show More

IPCC IT SM Tips to Pass Exam | Preparation Tips Important Topics |

Author: Ankur Garg

Dear CA Students,

At IPCC level the subject of IT SM is considered as a difficult subject by most of the students. Let me admit that I have never prepared IT SM subject for exam but still an attempt has been made to suggest some general tips and tricks to handle this paper. 

Indeed IT SM is a crucial paper and it is difficult for students to get away with this paper without proper preparation and conceptual knowledge. I am sure this brief write up would be of some help as November 2014 exams are approaching and it is high time for us to start preparation for November 2014 exams and clear our doubts w.r.t. a subject.

TIPS TO PREPARE ITSM Paper:

ITSM is the last paper of IPCC second group. Please find below some general points which the help of which you can make your IT SM preparation a success. Well this is my personal belief.

1. First of all understand that IT SM is not a very tuff subject and with proper guidance and planning it can be handled easily. I know IT SM is not in the list of your favourite subject and it is not possible to make it your favourite subject in a day. Here I must say once you start working over this subject, this would become your favourite subject and you’ll be able to score great marks in IT SM. You know everything is possible in life. I will try my best to share some relevant IT SM tips.

2. ICAI Study Material is must: 

As a general understanding ICAI study material is a must for IT SM preparation. Many successful students have shared their opinion that ICAI study material is best for exam preparation and for fetching good marks. Chapter in the study of IT SM has been organized to provide a logical sequence to facilitate easy understanding. It is a fact that language of the material is a bit technical and so is the subject. But regular study you’ll be able to understand the language of Study material. For a quick grasp of the subject during the examination days a summery has also been inserted in the end of each chapter. 

3. Reference Book for IT SM: 

It is important to use right reference book for IT SM or any other subject from start in order to get good result. As per my simple opinion for IT SM you are advised to use the book of Dinesh Madan or Paduka. These 2 are the most preferred book for IT SM exam preparation. The book of Dinesh Madan provides an examination oriented material with Review Questions to analyze the understanding of the topics. It is also available in Hindi.

4. Use secondary source of preparation provided by ICAI: 

It is highly recommended to use secondary source of exam preparation provided by ICAI. These secondary sources of exam preparation provided by ICAI include Revision Test papers, Practice Manual, Mock Test Papers, Suggested Answers. Use of these secondary source of exam preparation is very crucial to check and finalise your preparation. So take note of this point. 

E

Particularly in IT SM paper, you may find question worth 30-40 marks from practice manual paper and questions are usually repeated. So please take note of this fact.

5. Conceptual Understanding and regular Revision is must: 

In subject like ITSM Conceptual study and understanding along with regular revision is must. Without Conceptual clarity it would be tuff for you to recall the contents in ITSM subject. With Conceptual understanding one can easily understand the practical questions and solve them easily.

6. I would also suggest you one strategy that a heavy topic should be followed by a small topic. In other words after completing a heavy chapter, start a small and easy chapter. Just to give you an example after completing the chapter of flowchart and Decision table don’t start another heavy chapter. Simply start easy chapters like Data Storage, Retrieval and DBMS. This will help you to retain concepts for a longer period and avoid mixing up of concepts.

7. Revision Strategy: 

A good Revision strategy is also important in a subject like ITSM. In case of poor revision, it would be difficult for you to recall ITSM concepts and formulas in exam hall. If you fail to revise, your ITSM paper would be a complete disaster. So beware about the same.  Hence after completing all the chapters revise all of them one by one in the same order in which you have made first reading.

8. Prepare List of Imp topics: Prepare a list of frequently asked theory questions in previous examinations and prepare them thoroughly. You may prepare short notes of ITSM in your own language and revise them regularly. Also discuss important and crucial topics within your friend circle to ensure better grip on the topic and chapter.

9. Some tips found on Internet: 

Please find below some tips to prepare IT and SM found on internet. It was posted by someone on Facebook. I have no idea about the author but points are quite relevant:

Tips for ‎Information Technology:

i. Start with easy chapters like Data Storage, Retrieval & DBMS and they have good weight-age also. So do this first.

ii. Prepare flowchart and Decision table as marks covered are 8 to 10. For a good grip in this part, do all illustrations from module and questions of Practice Manual.

iii. After that prepare Internet and Other Technology. Many topics also easy under this chapter and scoring also. So do it properly.

iv. Now do Software and Computer Network & Network Security chapter this chapters is a bit heavy i.e. have lots of topic. So try to cover as much as you can.

v. Now just check the definitions asked in past exams from practice manual and RTPs, and from module too.

Tips for ‎Strategic Management:

i. Start SM preparation from last chapter to first chapter.

ii. Do Practice Manual first as if once you do it around 60-70% course will be covered. From Practice Manual its quite easy to read topics as they are given question format rather than paragraphs as given in modules. And generally questions get repeated, so prepare those questions thoroughly and you will definitely score in subjects.

iii. Now start reading from Chapter 7. You can read from module as its language is easy.

iv. Do all chapter end questions from module because true & false many times comes out of it. So better to go through that. And there are sometime 4 marks filling the blanks, so for it, just go through the quotation given before starting the chapter. Just go through past papers, you will find those one liners in the form of filling the blanks.

Other notable points: Please take note of the below mentioned relevant point regarding preparation of ITSM:

a. It is really important to classify less relevant portion of your study. I would suggest you to refer Scanner to figure out the portion of ITSM subject which is least important from exam point of view. This will help you to save time and energy.

b. Lack of good presentation is one of the major drawbacks for most of the CA students. So workout on your writing and presentation skills.

c. You are advised to practice such numerical questions which cover the technical points, formulas and adjustments of entire chapters.

d. Try and make an effort to complete your paper 100%. In other words attempt full paper of 100 marks to fetch some extra marks as marking is done on step basis.

e. Keep a query diary with you during study time and note your queries in this diary and resolve them same day or next day. Do not keep your query unresolved. Don’t forget to mention answer of your query in the query diary.

f. Prior understanding of Question paper pattern is very important. So before going to exam refer last attempt question paper to understand exam pattern properly. Further the presentation is very important in ITSM subject so you should avoid unnecessary cuttings and corrections.

g. Before answering any question you need to make a rough solution in your mind and then go accordingly. No need to make hurry in papers like ITSM as one mistake may spoil your entire efforts. In ITSM you won’t get amendments very frequently, so no need to worry about amendments etc.

I sincerely believe that the suggestions mentioned above would be of some help in ITSM preparation. Remember ITSM is a different subject and with right approach you can fetch great marks in ITSM as it is a high scoring subject.

Show More

GMCS NOC Format No-Objection Certificate Sample

See below the No-Objection Certificate - NOC Format and Sample to be used in GMCS-1 and GMCS-2 courses.

The format was prepared for SIRC Region of GMCS classes. So students are requested to change the same.

The NOC Format can be used by all the students across India taking up both GMCS-1 and GMCS-2 courses.

NOC Format for GMCS:

The SIRC of ICAI,

122,Mahatma Gandhi Road,

Nungambakkam,

Chennai-600034.

Sub: No Objection Letter from Principal

Dear Sir,

           

This is to certify that Mr./Ms./Mrs. YOUR NAME (SRO No.) is undergoing articleship training in our firm since DATE MONTH YEAR. We hereby state that we have no objection in allowing the trainee to attend the General Management and Communication Skills scheduled for (MONTH YEAR). He/She has commenced his/her articleship in MONTH YEAR and it is mandatory for him/his to complete the programme before MONTH YEAR.

Thanking you,

For FIRM NAME

NAME OF THE PARTNER.

Partner

M.No.

Show More

IPCC Contract Costing Notes Nov 2015 Costing Important Notes

Notes on Sub-Contract Costing: When a contract either completely or partly given to another contractor by the principal contractor (to whom contractee has entered into an agreement) to get the work completed is known as sub-contracting and work given is known as sub-contract work.

Notes on Work Certified Costing: The portion of work which is certified as complete by architecture, surveyor, engineer or any other person as may be agreed between the contractor and contractee is called work certified.

Notes on Progress Payment Costing: Contractors receive payments from the contractees periodically for the work done on the contract. This is known as progress payment or running payment. This is paid on the basis of certificate of work completion issued by the architect.

Notes on Retention Money Costing: Retention money is a part of the value of work certified which though certified but is not paid by the contractee. Retention amount is kept by the contractee as security amount against any damage.

Notes on Cost plus contract Costing:Under Cost plus contract costing, the contract price is ascertained by adding a percentage of profit to the total cost of the work. Such type of contracts are entered into when it is not possible to estimate the contract cost with reasonable accuracy due to unstable condition of material, labour services, etc.

Notes on Escalation Clause Costing: Escalation clause is a clause written in the agreement (contract) between the contractor and contractee which states that in case of increase in the prices of materials, wages or other supplies beyond a certain level the contract price will be increased by an agreed amount.

Notes on Profits on incomplete contracts Costing: Profits on incomplete contracts are recognised on prudent basis. The overriding principle being that there can be no attributable profit until the outcome of a contract can reasonably be foreseen.

Contract Costing Exam Summary for quick revision:

Notes on Main features of Cost-Plus-Contracts in costing:

1. This method is adopted in the case of those contracts where the probable cost of the contract can not be ascertained in advance with a reasonable accuracy.

2. These contracts are preferred when the cost of material and labour is not steady and the contract completion may take number of years.

3. The different costs to be included in the execution of the contract are mutually agreed, so that no dispute may arise in future in this respect. Under such type of contracts contractee is allowed to check or utilization the concerned books, documents and accounts.

4. Such a contract offers a fair price to the contractee & also a reasonable profit to the contractor.

5. The contract price here is ascertained by adding a fixed and mutually pre-decided component of profit to the total cost of the work.

Notes on Escalation Clause:

This clause is usually provided in the contract as a safeguard against any like changes in the price or utilization of material and labour. If during the period of execution of a contract, the price of materials or labour rise beyond a certain limit, the contract price will be increased by an agreed amount. Inclusion of such a term in a contract deed is known as an ‘escalation clause’.

An escalation clause usually relates to change in price of inputs, it may also be extended to increased consumption or utilization of quantities of materials, labour etc. In such a situation the contractor has to satisfy the contract that the increased utilization is not due to his inefficiency

Notes on Basic Formula in Contract Costing:

1. When work on contract has not reasonably advanced, no profit is taken into account. In practice, no profit is calculated when work certified is less than 1/4th but less than ½ of the contract price.

2. When work certified is more than 1/4th but less than ½ of the contract price, following formula is used to determine the figures of profit to be credited to profit and loss account:

[1/3 × Notional profit × Work certified/Cash recieved]

3. When work certified is more than ½ of the contract price, but it is still not in the final stage, following formula is used to determine the figure of profit to be credited to profit and loss account:

[2/3 × Notional profit × Work certified/Cash recieved]

4. When the contract is almost complete, an estimate total profit is determined by deducting aggregate of cost to date and estimated additional expenditure from contract price. A portion of this estimated total profit is credited to profit and loss account. The figure to be credited to profit and loss account is ascertained by adopting any of the following formulae:

[Estimated total profit × Contract price/Work certified]

[Estimated total profit × Contract price/Cash received]

[Estimated total profit × Estimated total cost/Cost of Work to date]

Show More

Section 148 Cost Audit under Companies Act 2013

Basics of Section 148:

Where the Central Govt is of the opinion that the cost records of such class of companies engaged in the production of such goods and providing such services as may be prescribed , is required to be audited , then the CG on consultation with the regulatory bode can demand for cost audit to be conducted u/s 148. ​

Appointment of Cost Auditor under section 148:

Cost auditor is to be appointed by the Board. A cost Accountant in practice or a firm of cost accountants can be appointed as a cost auditor.

Remuneration Of Cost Auditor under section 148 :

1. In case of a company which is required to constitute audit committee: Remuneration in this case shall be recommended by the audit committee. The remuneration recommended by the audit committee shall be considered and approved by the Board and which shall be ratified subsequently by the shareholders
2. In other Companies: Remuneration in these companies shall be decided by the Board and which shall be ratified by the shareholders subsequently.

Rights, Qualification, Duties of Cost Auditor under section 148:

Same as company auditor appointed under section 139.

Audit Report under section 148:

The cost audit report shall be submitted by the cost auditor to the Board of directors of the company. The company shall within 30 days of receipt of such aufit report furnish to the central govt with such report along with full information and explanation on every reservations or qualification contained therein. After receipt of such information from the board the CG is of the opinion that any further information and explanation is necessary , it may call for such other information and explanation and the compamy shall furnish the same within such time as specified by CG.

Punishment on contravention of this section under section 148 :

1. To the company:
Under Section 148, The company shall be punishable with a fine which shall not be less than Rs. 25000.00 but which may extend to Rs. 500000.00. Every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to 1 year or fine which shall not be less than Rs. 10000.00 but which may extend to Rs. 100000.00 or with both Under Section 148.

2. To the auditor:
Under Section 148, He shall be punishable with a fine which shall not be less than Rs. 25000.00 but which may extend to Rs. 500000.00.However if the auditor has contravened such provisions willfully with the intention to deceive the company or its shareholders or creditors or tax authorities , he shall be punishable with imprisonment for a term which may extend to one year and with fine which shall not be less than Rs. 100000.00 but which may extend to Rs. 2500000.00.

In case the criminal liability of an audit firm, the liability other than fine shall devolve only on the concerned partner who acted in fraudulent manner.

NOTE:

1. Person appointed under section 139 of the company’s act 2013 cannot be appointed as cost auditor.
2. Audit conducted under this section shall be in addition to the audit conducted under section 143 . It shall not be the substitute for the audit under section 143.

Show More