Contentsguwahati-icai.org/Images/eicasa_enewsletter_march_2016.pdfYou have to trust in something--your gut, destiny, life, karma, whatever. This approach has never let me down, ...

Contents

My Dear Students,

I wish all of you a very happy end of Spring Season after the end of mighty

month of March. In words of Pablo Neruda- “You can cut all the flowers but

you cannot keep Spring from coming.”

A great opportunity available to you to hone up your skills and gain knowledge

is Practical Training. A complete devotion to training is essential for success in

Examinations as Papers are going to be more and more Case Study based and oriented on practical

knowledge and experience. As a distinct and unique feature of Chartered Accountancy Course, Practical

training helps you in learning the professional work. It is necessary for enriching your insights and

sharpens your approach to tackle the actual situations in an appropriate and professional manner. At the

same time it also helps in assimilating deeper knowledge required for performing better in the

examinations. Rank-holders and other students who pass examinations with flying colours have always

emphasized the benefit of the practical training. Chartered Accountancy being professional course

cannot be easily passed with the mere knowledge acquired from the text books. It is our sincere advice

to all our students that along with the theoretical knowledge, you should acquire real practical skills. To

keep a balance in theoretical and practical skills, the students are expected to pursue their Articleship

with complete dedication, and utmost care. You should attach greater importance to the practical

learning during your Articleship training.

The month of March had been eventful for the Guwahati Branch of EICASA. Immediately after the

Finance Bill 2016 was presented in the Parliament on 29th Day of February, 2016, we organised a Study

Circle Meet on 5th of March on Analysis of Union Budget, 2016. We also celebrated the International

Women’s’ Day on 8th of March. Recognising the need of the hour we also organised Half Yearly Indoor

Sports Meet for the overall benefit of CA Students with new games like Arm Wrestling, Bulls Eye & Blind

Hit apart from Table Tennis, Carom and Chess. We had the opportunity to organise the Educational Tour

for CA Students at Central Institute of Plastic Engineering & Technology (CIPET). To benefit the Students

appearing in May 2016 Examinations, Mock Test Series was organised for IPCC & Final Students. I

personally conducted a Special Counselling Session for the students and provided the necessary

guidance to the students on various subjects for removing their doubts and motivating them so as to

give them impetus in moving ahead and gaining success in their examinations. The Second Series of

Mock Test has been planned in the month of April. I would once again advise the examinees to

participate in the Mock Test to have a hand on experience of the Exam situation before you appear in

the real Examination.

Before I conclude, I quote Steve Jobs-

"You can't connect the dots looking forward; you can only connect them looking backwards. So you have

to trust that the dots will somehow connect in your future. You have to trust in something--your gut,

destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in

my life."

Wishing you most & more

CA. Kamal Mour

1 | Chairman’s Message

2 | Editor’s Desk

3 | Vice Chairperson’s

Message & Reader’s Write

4-7 | Students’ Articles

8-11 | Announcements

12-14 | FAQ on Correspondence

Course

15-16 | ICAI Regulations

17 | QUIZ Wizard

18-20 | EICASA Guwahati

Activities

21 | EICASA Guwahati

Managing Committee

Editor:

CA. Ankit Agarwal

Advisors:

CA. Raginee Goyal

CA. Pankaj Jain

Members:

CA. Kamal Mour

CA. Gaurab Garodia

Ms. Ekta Garodia

Mr. Prabhaw Agarwal

Ms. Neha Beriya

Mr. Sagar Nath

Ex-Officio Members:

CA. (Dr.) Debashis Mitra

CA. Rakesh Agarwala

CA. Rohit Agarwala

Editorial Board

Dear Students,

With immense pleasure we come up with the 3rd issue of E-Newsletter “EICASA@Guwahati” for the year

2016.

March’16 was a pressure month and given the way things are; March 17 and every other March in the

foreseeable future would be the same. Over the years, we Chartered Accountants have become

accustomed to the fact that the major chunk of Income Tax Returns will be filed in this month. No matter how much we

follow up with our clients there does not seem to be any change in the situation. Primarily this delay is on account of

non-submission of requirements on the part of clients. It will be assuming for you to know that many assessees still

understand that the returns are to be filed in March only.

But we professionals should take the onus on us to educate our clients regarding timely submission of returns. Filing of

returns after due date not only takes away the opportunity to revise the returns but also more often results in mistakes in

computation of income thus putting the assessees at risk of unfavorable scrutiny of returns.

The end of March witnesses the beginning of April aligned with ‘Bank Audits’. The Banking Sector is one of the pillars on

which the economy of our country works. Being an integral part, of the economy, its transparent and effective functioning is

imperative. We, the Chartered Accountants fraternity, are entrusted with the onerous responsibility of auditing the banking

sector in various forms whether it be concurrent audit, revenue audit, stock audit, risk based audit and many more. Statutory

audit is one such responsibility which we, as auditors, are required to execute immediately on the completion of March.

Every bank has its own ‘Guidelines for Audit’ which we as professionals should go through to be acquainted with the

management requirements for audit. These requirements are over and above the requirements required to be statutorily

executed under laws. Further, special care should be taken by the auditors to learn the various codes for handling of banking

software. Again, bank audit being a time bound assignment, we professionals should program the audit in such a way that we

do not compromise with compliance of Accounting Standard & Standards of Auditing and wherever necessary Management

Representation should be taken from the management.

The month of March as well as April are challenging months for we professionals both mentally as well as physically. Besides

being professionally abreast with matters concerning our work, we should be physically & mentally fit for these challenges.

We should regularly engage in exercise and yoga to keep ourselves fit to deliver our responsibilities.

Wishing you all the best & more……

CA. Ankit Agarwal.

SUCCESS IS NO ACCIDENT.

It is hard work, perseverance, learning, studying, sacrifice

and most of all, love of what you are doing.

Editor’s Desk...

2

Dear friends,

Hope you all had a colourful Holi. So, we are here with the 3rd edition of e-newsletter for the year 2016.

Being an integral part of institute, we all know that the month of March is one of the most crucial peri-

ods for all CA members and students, a challenge to surmount all Income Tax Returns by prescribed

time.

However, despite this busy schedule, we had organised few activities such as well set group discussion platform for

female participants on 8th March 2016 on the occasion of International Women's Day; honouring, empowering and

celebrating womanhood. An indoor sports meet was also organised by The Guwahati branch of EICASA for its students to

showcase their talents in leisure and enhance interpersonal relationship between each other. The education tour to

Central Institute of Plastic Engineering & Technology had also been a great experience to the students as we were

imbibed by various facts and information.

Further more the study meet and mock revision exams for upcoming IPCC & Final CA Examination, May 2016 have helped

in building confidence of the students and have proved to be beneficial in many ways.

There is a quote:

"A dream doesn't become reality through magic, it takes sweat, determination and hard work"

Thus, with this quoted text, I wish all my fellow mates a very good luck for their upcoming exams and hope that the hard

work bestows beautiful colours of fortune & content in your lives.

-Ekta Garodia

You don't always need a plan. Sometimes you just need to

breathe, trust, let go and see what happens.

Vice Chairperson’s Message...

Readers’ Write

The FAQ and Syllabus (compiled) for May exam is very useful.

------ CA. M. P. Vijay Kumar, Central Council Member

Well Done. Second Issue is good one and helpful to students.

------- CA. Anil Jain, Silchar

Congratulations on the successful release of an informative and impressive newsletter. I convey heartful appreciation

to the editorial team and the contributors.

-------- CA. Raginee Goyal, Guwahati

Congrats to you for hard work and great effort.

-------- CA. Pankaj Kumar Jain, Guwahati

3

In the end, we only regret the chances we didn’t take.

What is the Goods and Services Tax?

As the name suggests, it is a tax levied when a consumer

buys a good or service. It is meant to be a single,

comprehensive tax that will subsume all the other smaller

indirect taxes on consumption like service tax, etc. This is

how it is done in most developed countries.

Ten things you should know about the GST

Bill

Officially, the Constitution (One Hundred and

Twenty-Second Amendment) Bill 2014. It was introduced in the Lok Sabha on December 19,

2014 by Finance Minister Arun Jaitley. The Bill seeks to amend the Constitution to

introduce a goods and services tax (GST) which will

subsume various Central indirect taxes, including

the Central Excise Duty, Countervailing Duty,

Service Tax, etc. It also subsumes State value added

tax (VAT), octroi and entry tax, luxury tax, etc. The Bill inserts a new Article in the Constitution

make legislation on the taxation of goods and

services a concurrent power of the Centre and the

States. The Bill seeks to shift the restriction on States for

taxing the sale or purchase of goods to the supply

of goods or services. Parliament can decide on compensating States for

up to a five-year period if States incur losses by

implementation of GST.

The Bill seeks to establish a GST Council tasked with

optimising tax collection for goods and services by

the State and Centre. The Council will consist of the

Union Finance Minister (as Chairman), the Union

Minister of State in charge of revenue or Finance,

and the Minister in charge of Finance or Taxation or

any other, nominated by each State government. The GST Council will be the body that decides which

taxes levied by the Centre, States and local bodies

will go into the GST; which goods and services will be

subjected to GST; and the basis and the rates at

which GST will be applied. Under the Bill, alcoholic liquor for human

consumption is exempted from GST. Also, it will be

up to the GST Council to decide when GST would be

levied on various categories of fuel, including crude

oil and petrol. The Centre will levy an additional one per cent tax

on the supply of goods in the course of inter-State

trade, which will go to the States for two years or till

when the GST Council decides. By: Rohit Agarwalla Regn No.: ERO 0195879

Goods and Services Tax (GST)

4

CA. Ravi Kumar Patwa, Past Chairman of Guwahati Branch of EIRC of ICAI has been co-opted in the Professional Development Committee of ICAI for the year 2016-2017. Congratulations to CA. Ravi Kumar Patwa.

Congratulations...

CA. Bikash Agarwala, Past Chairman, Guwahati Branch of EIRC of ICAI has been co-opted in the Continuing Profes-sional Education Committee of ICAI for the year 2016-2017. Congratulations to CA. Bikash Agarwala.

As I look back on my life, I realise that every time I thought I was being rejected from

something good, I was actually being re-directed to something better.

Prologue: The aggregators who were till now not specifically covered

under the Service Tax and could not catch the attention

of revenue authorities came under the radar of one and all

in Indian regulatory world once the app based cab services

received the attention after Uber fiasco.

In case of aggregator model of services, it was a dispute as

to who the service-provider is and who service receiver is.

The defence of the aggregator has been that they do not

provide any service so as to be liable to Service Tax. While

there was no specific definition of aggregator or tax

liability (or exemption) for such services, Government has

now specifically provided that such services shall be liable

to Service Tax.

Background of the issue:

Uber is a San Francisco-based information technology

company which provides a market-place to connect taxi

drivers and customers who seek taxi rides. In India, it is

present in more than ten cities, including Delhi and

Mumbai, making India its largest market outside the US.

Uber is not a taxi service. Uber itself does not provide taxi

services and Uber is not a transportation carrier. Uber calls

itself an information provider. Uber offers information and

a means to obtain transportation services offered by

third-party transportation providers.

Uber signs up drivers and taxi users separately and

connects them through a smartphone or a tablet-based

app. Uber only acts as an intermediary between the

customer and the service provider, but it controls the most

crucial part of the relationship - the payment.

Every Uber customer is required to download the app on

his device. As a part of the registration process, Uber

requires the customer to give his credit card details

including the CVV (card verification value) number [really

risky for customers, since if by chance, data of Uber is

stolen by hackers, there will be havoc].

Uber has an Indian entity, named Uber India Systems Pvt.

Ltd., but it does not in any way deal directly with customers

or the taxi drivers. The Indian company only provides

systems support to the parent company.

Dispute which prevailed before the budget: Cab services attract service tax in India at the rate of 14.5%

as it is neither in the negative list nor specifically exempted.

Uber passes tax liability to buyer: Under fire from the authorities for not paying service tax,

online cab service Uber has passed the buck on to drivers

or owners registered with it as members. They have

submitted that liability to pay service tax lay with cab

drivers because these cab drivers or owners were providing

the services.

Uber is making it abundantly clear that they are not

providing taxi services. Uber only provides link between the

taxi operator and the customer. Mere fact that Uber

receives 100% payment does not mean that Uber is itself

providing the taxi service. It is only a manner of entering

into a transaction.

“We have sent a tax enquiry to Uber Inc. So far, they have

not paid us a single penny in taxes. We are not sure who is

liable to pay the tax Uber or cabbies. But someone has to

pay.” – S. K. Solanki (Service Tax Commissioner, Mumbai)

Amendments made by The Finance Minister:

Rule 2(aa) of Service Tax Rules as inserted by the Service

Tax (Amendment) Rules, 2015 vide Notification No. 5/2015-

ST dated 1.3.2015 and the term aggregator and brand name

has been defined.

The term aggregator in ST Rules at Rule 2(1)(aa)- means a

person,

Who owns and manages a web based software

application,

And by means of the application and a communication

device,

Taxability of Aggregator’s Services

5

You never cross the Ocean unless you have the courage to lose sight of the shore.

Enables a potential customer to connect with persons

providing service of a,

Particular kind under the brand name or trade name of

the aggregator;”

For this definition, ‘brand name or trade name’ as

defined in Rule 2(bca) of Service Tax Rules shall

mean as under:

Brand name or trade name (like ola, uber, taxi for sure and

so on) can be a name or a mark such as –

i. Invented word or writing,

ii. a symbol,

iii. monogram,

iv. logo,

v. label or

vi. signature

Which is –

i. registered or otherwise

ii. used for the purpose of indicating or indicate a

connection

iii. a connection between service and person using

name or mark in course of trade and such

connection is with or without indication of identify

of that person

Taxability of Aggregator Service:- Example:

Suppose Mr A avails services of Meru cab via mobile based

application and charges Rs 100 out of which 20% is to be

kept by Meru cabs and rest 80% will be paid to drivers. In

such cases

Solution:

ST Chargeable is Rs 100 x 14.5% = Rs14.5 and the fare i.e.

Rs 100 to be apportioned between Meru and drivers

respectively as per the agreement i.e. Meru will get Rs 20

while Drivers will get Rs 80 The ST charged shall be paid by

Meru cabs i.e. the aggregator

Who is liable to pay Service Tax? As per the provision where the taxable services liable for

service tax are provided under aggregator model, service

tax payment has to be made by the aggregator as follows:

- If aggregator is located in India, aggregator

himself has to pay;

- If aggregator is not located in India but has a

representative office located in India, then such

representative office located in India has to pay;

- If an aggregator does not have any presence,

including that by way of a representative, in such a

case any agent appointed by the aggregator shall

pay the tax on behalf of the aggregator.

Tax under reverse charge:- Under Notification No. 30/2012-ST as amended by

Notification 7/2015-ST dated 1.3.2015, Service Tax for

services provided or agreed to be provided by a person

involving an aggregator in any manner shall be payable

under reverse charge mechanism. 100 percent of Service

Tax shall be payable by the aggregator

Issues and Challenges:-

In the changed legal position some of the issues and

challenges can be listed out as follows:

a. How do the aggregators determine the taxability of each

transaction considering the place of provision of service?

b. How do the aggregator ascertain the applicable

exemptions and abatements in each transactions?

c. The service provider has to segregate the services

provided directly (without using aggregator’s app) and

services provided through aggregators. The first one will be

liable for service tax (if not exempted elsewhere) and the

second one is not liable for service tax (as the tax will be

paid under reverse charge mechanism by aggregators).

6


"Choice" "Chance" "Change"

You must make a "Choice" to take a "Chance" or your life will never "Change".

d. For the service provider the services provided

involving aggregator will become exempted

services as defined in CENVAT Credit Rules, 2004,

whereby the service provider is not eligible for

CENVAT Credit relatable to that and if other

services are there the provisions of Rule 6 will

become applicable.

e. e. If the aggregator who do not have presence in

India and also does not appoint agent, then what

happens and how does the administration happens

to make such aggregator liable to pay the tax.

Conclusion:- This amendment has brought all such cab operating

services via a mobile based application under the ambit of

taxable service liable to service tax at a rate of 14.5%. Not

only cab operating services but many other major e

commerce units of country like Flipkart, Snapdeal,

Amazon, Expedia, Groupon, Tripda etc have also come

under the target of Government.

The service tax will be levied on the total fare and not just

the commission being earned by the aggregators for every

ride and as a result of which booking a cab via web based

aggregators such as Meru, Uber and others is likely to cost

consumers more

There are 19 radio taxi operators in the country, including

Mega Cabs, Easy Cabs, Meru Cabs, and Tab Cabs,

according to the Association of Radio Taxis. These

operators run over 25,000 cabs across India. Of late,

India’s taxi services market, despite the financial stress,

has received increased attention from global investors,

primarily because the radio taxi model has emerged as the

fastest- growing and most reliable form of public

transport. There are about 6,00,000 taxis in India,

generating a combined annual revenue of about Rs. 11,000

crore. While global investors, including Japan’s Softbank

Corporation, have infused big money into the growing

7

sector, the latest development may force taxi service

aggregators to stay in the red a bit longer.

By: Prabhaw Agarwalla Regn No.: ERO0205104

With the throbbing heart

I listened to the words of others.

Perpetually preparing my own.

Every time the content seemed to change.

With the dilemma of choosing the right context

I prepared again.

No sooner did my turn came

Than I rose from my comfortable space.

Approaching the podium only

Accelerated the beats within.

As I faced the audience

The throb even ignited the pace

But I tried to ignore everything.

And with a confident smile

I said

By : Ananya Kashyap Regn No. : ERO0209288


15th March, 2016

No. 13-CA (EXAM)/CPT/JUNE/2016: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the

Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test will be

held on Sunday, 19th June, 2016 in two sessions as below, at the following centres provided that sufficient number of

candidates offer themselves to appear from each centre.

[This Common Proficiency Test will be conducted as per provisions of Regulation 25 D (3) of the Chartered Accountants

Regulations, 1988.]

Failure is the opportunity to begin again more intelligently.

Announcement

8

Fist Session

(i.e. Morning Session)

10.30 AM to 12.30 PM (IST)

Section—A Fundamentals of Accounting

Section—B Mercantile Laws

Second Session

(i.e. Afternoon Session)

2.00 PM to 4.00 PM (IST)

Section—C General Economics

Section—D Quantitative Aptitude

Notification for CPT Examination June, 2016

7th March, 2016

The Managing Committee of the S. Vaidyanath Aiyar Memorial Fund have decided to award scholarships to 100 students

(who are currently undergoing articled training in accordance with The Chartered Accountants Regulations, 1988 who are

poor, needy but meritorious) requiring scholarship to pursue the Chartered Accountancy course @ Rs. 1000/- p.m. for one

year with effect from 1st April, 2015 to 31st March, 2016 to be paid in lump sum, subject to filing of application for the

same.

The eligibility criteria for obtaining scholarship from SVAMF are as under:

i) Passed 10 + 2 examination with a minimum of 70 percent marks and also have Passed Common Proficiency Test of ICAI in the first attempt or Passed B. Com Examination of a recognized University with a minimum of 60% marks. ii) Currently undergoing articled training as per CA Regulations. iii) Annual income of parents from all sources must be less than Rs. 1.50 lakh.

Students who are needy, poor but meritorious and are fulfilling the above criteria may apply for scholarship from the S.

Vaidyanath Aiyar Memorial Fund. Students may send their request in the prescribed and duly filled in form to the Member

Secretary, S. Vaidyanath Aiyar Memorial Fund at the following address so as to reach on or before 15th May, 2016. The

form can be downloaded from website of the Institute www.icai.org.

The Managing Committee of the S.Vaidyanath Aiyar Memorial Fund will consider each of such cases on merit basis and

decide at their discretion the amount to be granted from S.Vaidyanath Aiyar Memorial Fund

Member Secretary, S.Vaidyanath Aiyar Memorial Fund

C/ O The Institute of Chartered Accountants of India, “ICAI Bhawan”,

A-29, Sector-62, Noida-201309, Dist. Gautam Budh Nagar (U.P.)

Scholarship from S.Vaidyanath Aiyar Memorial Fund (SVAMF), ICAI for 2015-2016

It has always been the endeavour of Board of Studies to facilitate the students, in every possible manner, in their studies as

also the preparation for examination. Answering queries of the students is one among the many services being provided

by the Board of Studies to its students. Students can seek the answers of their academic queries from the BoS Faculty

through emails and other general queries on preparation for examination, applicability of Finance Acts/Pronouncements/

Legislative Amendments etc. either by sending an e-mail or by making a telephone call.

It is being observed that many a time it becomes very difficult to give satisfactory replies to the queries for reasons like

incomplete information, lack of required clarity, generic nature of the query, queries beyond the scope of Board of Studies

etc. In order to ensure that queries raised by the students receive an appropriate response within a reasonable time

period, it has been decided to streamline the process and bring out a standardised format for raising queries. In this

context, students are advised to note the following:

i) Students should necessarily provide the following details in their mail:

Registration Number

Residential Address

Name and Address of the Principal and the firm (if undergoing practical training)

Level of CA Course (CPT/IIPCC/Final) Attempt Due

ii) The query should be clearly worded and all the relevant information should be provided therein.

iii) BoS Faculty answer academic queries requiring simple explanation of content contained in the latest edition of any

of its publications as well as queries relating to any specific question solved in the latest editions of its Study

Material, Practice Manual or any other publication of BoS. Accordingly, the students are advised to confine their

academic queries within the scope defined above.

iv) Apart from academic queries, the Faculty also answer general queries like applicability of Accounting Standards,

Standards on Auditing, legislative amendments, Finance Act, Assessment Year etc. for any particular examination,

the manner of preparation for examination and presentation of answers etc.

v) Mail should be marked to the Faculty of the respective subject. Where there are more than one Faculty in the

subject, mail should be marked to all of them.

vi) The queries will generally be answered within three - five working days.

vii) Queries can also be asked over telephone on all working days preferably, from 10.30 am to 11.30 am in the morning

and from 4 pm to 5 pm in the evening. While on the call, students may be asked to provide the details given in point

(i) above at any point in time.

viii) Queries of general nature relating to applicability of Accounting Standards, Standards on Auditing, legislative

amendments, Finance Act, Assessment Year etc. for any particular examination, the manner of preparation for

examination etc may be raised over telephone or through e-mail. However, academic queries should be raised only

through e-mail.

ix) Care should be taken to use an appropriate salutation while addressing the Faculty both in the mail and over

telephone.

Spending today complaining about yesterday won't make tomorrow any better.

Announcement

9

E-mail and Telephonic Queries: An Advisory for Students

Please note that only the mails raising questions within the scope of points (iii) and (iv) above and containing the

details specified in (i) above will be duly answered by the Faculty.

Students are also welcome to meet the Faculty, in person, to seek their guidance. Personal meeting with the Faculty can

be scheduled on any working day at the Noida Office of the Board of Studies. In order to derive the optimum benefit out

of such meeting, students are advised to fix a prior appointment with the concerned Faculty.

The e-mail ids and telephone numbers of the Faculty of various subjects are given below for the reference of the students:

Life is 10% what happens to us and 90% how we react to it.

Announcement

10

Sl.

No.

Subject Faculty e-mail id Landline no.

1. Accounting (CPT,

IIPCC and Final)

CA. Seema Gupta, Deputy

Director

[email protected]

0120-3045916

CA. Shilpa Agrawal, Assistant

Secretary

[email protected]

CA. Asha Verma, Executive

Officer

[email protected]

2. Auditing (IIPCC and

Final)

CA. Karuna Bhansali, Assistant

Director

[email protected]

0120-3045925

CA. Rajeev Sachdeva, Assistant

Director

[email protected]

3. Law (CPT, IIPCC and

Final)

Dr. P. T. Giridharan, Joint Direc-

tor

[email protected]

0120-3786881

Ms. Nisha Gupta, Sr. Executive

Officer

[email protected]

0120-3045939

CA. Shraddha, Executive Officer [email protected]

4.

Financial Management

(IIPCC)

Dr. N.N. Sengupta, Deputy

Director

[email protected] 0120-3045919

CA. Ashish Gupta, Senior

Assistant Director


CA. Deepak Kumar Gupta,

Assistant Director

[email protected]

0120-3045937

CA. Sanjit Lal Sharma, Executive

Officer

[email protected]

0120-3045937

Strategic Financial

Management (Final) CA. Ashish Gupta, Senior

Assistant Director


5. Dr. N.N. Sengupta, Deputy

Director

[email protected] 0120-3045919 Management

Accounting /Cost Ac-

counting (IIPCC and

Final) CA. Deepak Kumar Gupta,

Assistant Director

[email protected]

0120-3045937

CA. Sanjit Lal Sharma, Executive

Officer

[email protected]

0120-3045937

6. Information

Technology (IIPCC and

Final)

Ms. Sukriti Arora, Assistant

Secretary


When life puts you in tough situations, don't say, "Why me?" just say "Try Me"

Announcement

11

7. Direct Taxes (IIPCC and

Final)

CA. Priya Subramanian, Depu-

ty Director


8. Indirect Taxes (IIPCC

and Final)

CA. Smita Mishra, Deputy Secre-

tary

[email protected]

0120-3045906

CA. Shefali Jain, Assistant Secre-

tary


CA. Swati Aggarwal, Executive

Officer


9. Strategic

Management: (IPCC)

Dr. T. Paramasivan, Joint Director [email protected] 0120-3045917

Mr. Shaleen Suneja, Deputy Direc-

tor


Dr. Ruchi Gupta, Sr. Executive

Officer


10. Economics (CPT) Ms. Prem Bhutani , Joint Director [email protected] 0120-3045911

11. Quantitative Aptitude

(CPT)

Dr. N. V. Ravi, Sr. Executive Officer [email protected] 0120-3045949

Advisory for the Students of CPT level for Section A: Fundamentals of Accounting

It is seen that in CA examinations, sometimes, candidates answer more questions or sub parts of a question, than are

required in terms of the instructions given in the question paper.

In this connection, it is hereby informed that candidates are required to answer the requisite number of questions as per

instructions printed on each question paper. In case any candidate answers extra questions/sub questions over and above

the required number, then the requisite number of questions first answered in the answer book shall be valued and

subsequent questions answered extra will be ignored.

Candidates are requested to take note of the above.

Examination Department

icai.org/new_post.html?post_id=12508&c_id=219

Extra Questions attempted in CA Examinations

In the Updated Edition-Nov. 2015 of Section A: Fundamentals of Accounting Study Material at CPT level, certain printing errors relating to years (which occurred at the end of Printer) given in various illustrations of Chapter 3 “Bank Reconciliation Statement” and Chapter 4 “Inventories”, have been noticed. The errors relating to wrong mentioning of years (not resulting in any conceptual or arithmetical incorrectness) have been rectified, wherever required and the revised chapters have been uploaded on the BoS Knowledge Portal of the Institute’s website at the below mentioned link:

http://icai.org/post.html?post_id=10054

Those students who have the Updated Edition Nov. 2015 of Section A: Fundamentals of Accounting Study Material at CPT level, are advised to refer the revised chapters uploaded on the BoS Knowledge Portal of the Institute’s website.

http://icai.org/new_post.html?post_id=12508&c_id=219

God won't help you, He already gave you the power to do that.

Q1. What are the various Courses available?

Answer :

Undergraduate programme (B.Com(A&F)),

Post Graduate Programme (M.Com(F&T))

Q2. What are the Eligibility Norms for admission to B.Com (A&F) Course?

Answer :

Candidates who fulfill the following three conditions are eligible for admission to this programme.

1. 10+2 or its equivalence

2. Common Proficiency Test (CPT) certificate from ICAI

3. Registration in Professional Competence Course (First Stage of Chartered Accountancy) of ICAI

Q3. a. What is the course structure of specialized B.Com (A&F) Course of IGNOU?

Answer :

The programme comprises of 96 credits, out of which 32 credits are from IGNOU and 64 credits are part of Chartered

Accountancy Course (First Stage). Together with this, satisfactory completion of CPT, and of PCE as per part B under ICAI Curriculum is considered sufficiently higher to meet the credit required for individual subject as well as in aggregate, under

the existing B. Com Programme.

The detailed course structure from IGNOU is as follows:

FAQ On Correspondence Courses

12

ICAI – IGNOU Memorandum of Understanding

Frequently Asked Questions for Special B.Com (A&F) and M.Com (F&T) courses of IGNOU

Sr. No. Name of the Course Credit Equivlence

Part A – Courses Offered by IGNOU

1. FEG-1 Foundation Course in English-1

FEG-2 Foundation Course in English-2

OR

FHD-1 Foundation Course in Hindi-1

FHD-2 Foundation Course in Hindi-2

4 Credits

4 Credits

4 Credits

4 Credits

2. EEG –4 English for Practical Purposes

OR

EHD-8 Prayojan Mulak Hindi

8 Credits

8 Credits

3. FHS-1 Foundation Course in Humanities and Social

Sciences

OR

FST-1 Foundation Course in Science and Technology

8 Credits

8 Credits

Set a goal that makes you want to jump out of bed in the morning.

b. What would be the medium of the B.Com (A&F) course?

Answer :

English as well as Hindi medium.

c. What is the fee structure for this special B.Com (A&F) course?

Answer :

Rs. 4800/-.

d. Is this course available to a person who is not studying first stage of chartered accountancy?

Answer :

No. A student who is studying Integrated Professional Competence Course /Professional Competence Course / Professional Education (Course –II) or who has passed Professional Competence Examination / or Professional Education(Examination –

II) / Intermediate Examination conducted by the ICAI can join this course.

e. When a student can appear in the examination for the B.Com (A&F) course?

Answer :

On completion of one academic session of study a student can appear in the examination.

f. What is the duration of the B.Com (A&F) course?

Answer :

The duration of this programme shall be the same as the existing B.Com. programme i.e. minimum 3 years and maximum 6

years with a provision for 2 years readmission after completing maximum period of study.

The student once admitted will be deemed to be registered for all 3 years. There will be no need to reregister in 2nd and 3rd

year as in case of other Bachelor’s Degree students.

4.a. What is the course structure of specialized M.Com (F&T) Course of IGNOU?

Answer :

In order to be eligible for the award of the Master of Commerce with specialization in Finance and Taxation, a student has to

complete the following Part A and Part B courses:

13



4. ECO-13 Business Environment

AED-1 Export Procedures and Documentation

4 Credits

4 Credits

Part B – Courses offered by ICAI at the First Stage of Chartered Accountancy i.e. PCC/IPCC

5. Advanced Accounting

6. Auditing & Assurance

7. Law, Ethics & Communication

8. Cost Accounting and Management

9. Taxation

10 Information Technology & Strategic Manage-

ment


A comfort zone is a beautiful place, but nothing ever grows there.

Part A – Core courses offered by IGNOU

MCO-1 Organisation Theory and Behaviour

MCO-3 Research Methodology and Statistical Analysis

MCO-4 Business Environment

MCO-6 Marketing Management

IBO - 6 International Business Finance

Part B – Specialization courses offered at Final Stage of Chartered Accountancy (i.e. CA Final ) by ICAI

Paper 1 Financial Reporting

Paper 2 Strategic Financial Management

Paper 3 Advanced Auditing and Professional Ethics

Paper 4 Corporate and Allied Laws

Paper 5 Advanced Management Accounting

Paper 6 Information Systems Control and Audit

Paper 7 Direct Tax Laws

Paper 8 Indirect Tax Laws

[Equivalents credits are awarded for passing Final (Old) Course]

b. What exemptions IGNOU will grant to the chartered accountancy students who will undergo M.Com (F&T) Course ?

Answer :

Out of 13 subjects to be studied in M.Com (F&T) course, a student will get exemption for passing 8 subjects of CA Final

Course.

c. Who are eligible to join this special programme to be announced by the IGNOU?

Answer :

Graduate in any discipline or equivalence from a recognized university and joined Final Stage of Chartered Accountancy of

ICAI.

d. What is the fee structure for this special M.Com (F&T) course?

Answer :

Rs.6000.

e. When a student can appear in the examination of M.Com (F&T) programme?

Answer :

On completion of one academic session a student can appear in the examination.

f. What is the medium of instruction?

Answer :

English medium.

g. What is the duration of the M.Com (F&T) programme?

Answer :

The student may complete this programme, just like the existing M.Com. programme, within a minimum period of 2 years

and a maximum period of 5 years, with provision for readmission as applicable for PG programmes of the University.

5. Who should I contact if I have a question about admission, general requirements?

Answer :

The Students can obtain such information from the website www.icai.org and/or www.ignou.ac.in and can further contact

on Phone: 011-29538427,6743/5266, E-mail: [email protected], or Ms. Srishti Gupta, Board of Studies, ICAI, Phone:

0120-3045949, E-mail: [email protected].

14




Be the change that you wish to see in the world.

INDUSTRIAL TRAINING

Regulation 51 :

(1) An articled assistant who has passed the 10A

[Intermediate (Professional Competence) Examination] or

Professional Education (Examination-II) or Intermediate

examination under these regulations may, at his

discretion, serve as an industrial trainee for the period

specified in sub regulation (2) in any of the financial,

commercial, industrial undertakings with minimum fixed

assets or minimum total turnover or minimum paid-up

share capital as may be specified by the Council or such

other institution or organization as may be approved by

the Council from time to time: PROVIDED that the articled

assistant has intimated to his principal his intention to take

such industrial training at least three months before the

date on which such training is to commence.

(2) The period of industrial training may range between

nine months and twelve months during the last year of the

prescribed period of practical training.]

(3) The industrial training shall be received under a

member of the Institute. An Associate who has been a

member for a continuous period of at least three years

shall be entitled to train one industrial trainee at a time

and a fellow shall be entitled to train two industrial

trainees at a time, whether such trainees be articled

assistants or audit assistants.

(4) An agreement of training shall be entered into in the

form* approved by the Council.

(5) On satisfactory completion of the industrial training,

the member training the industrial trainee, shall forthwith

issue to the trainee a certificate in the form* approved by

the Council in respect of the training undergone under him

and forward a copy thereof to the Secretary.

(6) The period of industrial training referred to under this

regulation, shall be treated as service under articles for all

purposes of these Regulations, provided the certificate

referred to in sub-regulation (5) is produced.

FEE CONCESSIONS There is a provision of fee concession/exemption for

different categories of students:

Fee Concession/Exemption for Differently abled student

Differently abled students are defined as:

a) Blindness – “Blindness” refers to a condition where a

person suffers from any of the following conditions,

namely:

total absence of sight;

visual acuity not exceeding 6/60 or 20/200 (snellen)

in the better eye with correcting lenses; or

limitation of the field of vision subtending an angle

of 20 degree or worse.

b) Low vision – “Low vision” means a person with

impairment of visual functioning even after

treatment or standard refractive correction but who

uses or is potentially capable of using vision for the

planning or execution of a tark with appropriate

assistive device.

c) Leprosy cured – “Leprosy cured” means any person

who has been cured of leprosy but is suffering from o

loss of sensation in hands or feet as well as loss of

sensation and paresis in the eye and eyelid but with

no manifest deformity;

manifest deformity and paresis but having

sufficient mobility in their hands and feet to enable

them to engage in normal economic activity;

extreme physical deformity as well as advanced

stage which prevents him from undertaking any

gainful occupation, and the expression “leprosy

cured” shall be constructed accordingly.

d) Hearing impairment – “Hearing impairment” means

loss of sixty decibels or more in the better ear in the

conversational range of frequencies.

ICAI Regulations

15

Never stop doing your best just because someone doesn't give you credit.

e) Locomotors disability – “Locomotors disability”

means disability of the bones, joints or muscles

leading to substantial restriction of the movement of

the limbs or any form of cerebral palsy.

f) Permanent and total loss of voice.

g) Any other physical disability which is not covered

above, but permanently suffering from 50% or

above, as the case may be, submit an application for

consideration on case to case basis.

A differently abled 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.

Differently students, who are suffering from a disability as

stated above, are eligible for full exemption from payment

of registration and tuition fees at IPCC and Final levels.

Differently abled students are exempted from Orienta-

tion Programme

Differently abled Students, suffering from permanent disability of 50% or above are exempted from attending

Orientation Programme. These students are also

exempted from payment of fee related to Orientation

Programme i.e. Orientation Programme registration fee of

Rs. 1,000/- and course fee of Rs. 3,000/- for undergoing

course.

Differently abled students are exempted from payment of

ITT fee

Differently abled students, suffering from permanent

disability of 50% or above are exempted from attending

ITT classes, but they are required to self-study and pass

two test papers specially designed for the purpose. These

students are also exempted from payment of fee related

to ITT i.e. registration fee of Rs. 2,000/- and course fee of

Rs. 4,000/- for undergoing course.

Fee Concession/Exemption for Children of Military and

Para military Forces

The children of military and para-military forces who are

studying chartered accountancy course and who have lost

either of their parents in action are exempted from

payment of tuition and registration fees.

This concession of fees will be made available on

production of necessary documents.

Fee Concession/Exemption for Meritorious Students

First three rank holders of CPT will be granted full

exemption from the payment of registration and tuition fees

at the time of registration for IPCC including registration fee

for 100 Hours Information Technology Training. Such fee

exemption will be continued at the time of registration for

Final Course provided the student passes both groups in

IPCE in the first attempt.

In other words the first three rank holders of CPT need not

pay the Final fee if they pass the IPCE in the first attempt.

ICAI Regulations

16

Obituary

With profound grief and sorrow, this is to

inform that our beloved, CA. Jnanendra

Nath Saikia left for the heavenly abode on

20.03.2016. The Guwahati Branch of EIRC

of ICAI conveys its sincerest condolences

on the sudden loss of his life. He was born

on 13.02.1926.

For Your Information

ICAI Reading Room

Address : House No.331, A.T. Road,

Machkhowa, Guwahati-781009

Contact : The Chairman,

Guwahati Branch of EIRC.

Phone No : 0361-2207660

Email ID : [email protected]

Visit our ICAI Guwahati Branch Webportal

www.guwahati-icai.org

http://www.guwahati-icai.org/

Hardships often prepare ordinary people for an extraordinary destiny.

QUIZ WIZARD

An Excel Worksheet is the entire spread-

sheet file.

Most changes made to an Excel document

can be tracked in a separate worksheet?

By default, Microsoft Excel

automatically saves a copy of your

spreadsheet every 10 minutes?

Sparklines are tiny charts that fit into

one cell?

Which orientation is best for displaying a

very wide chart?

What will be the result according to this formula: =vlookup(B1;A4:B8;2) ?

What is the short cut key for applying

the percentage format with no decimal

place in Excel 2013?

1 Mention what does the LEN formula used

for in Excel 2013?

2

What is the use of Not formula? 3 Is Compact a report available in Excel? 4

5 6

7 8

9 10

Answers to February’ 2016 issue:

1. Radio Mirchi.

2. Assam.

3. Assam.

4. Indian Army Operation to flush out

Bodo Militants in Assam.

5. Delhi Metro.

6. Hyderabad.

7. Muktesh Pardeshi.

8. Qutub Minar.

9. Swami Vivekananda.

10. Bugatti-Veyron.

The winners of February’2016 issue :

In view of large no. of

winners, prizes for the 1st,

2nd & 3rd position shall be

announced by lucky draw in

the upcoming events.

17

Stars can't shine without darkness.

Study Circle Meet

A Study Circle Meet was organised on 05.03.2016 on the

Topic “Analysis of Union Budget, 2016”. The Program was

chaired by EICASA Guwahati Branch Chairman, CA. Kamal

Mour. The speaker of First Session was CA. Amit Patwari

who spoke on Direct Tax

Proposals proposed in

The Finance Bill, 2016.

CA. Prabesh Agarwal

spoke on the Indirect

Tax Proposals. The Pro-

gram was attended by

25 Students.

CA. Ankit Agarwal, CA. Nikita Agarwal, CA. Adarsh

Agarwal, CA. Rahul Kabra, CA. Shatabdi Roy Choudhry

were also present in the Study Circle Meet. The Program

ended with a Formal Vote of Thanks from EICASA,

Treasurer, Mr. Prabhaw Agarwal.

International Women’s Day

The Guwahati Branch of Eastern India Chartered

Accountants Student’s Association (EICASA) organised a

program on International Women’s Day on 08.03.2016.

Ms. Ekta Garodia, Vice Chairperson of EICASA, Guwahati

initiated the event. Dr. (Ms.) Ranjita Choudhury, Asst.

Prof., Department of English, Guwahati Commerce

College & CA. Kaberi Bhuyan, Past Chairperson of

Guwahati Branch of EIRC of ICAI were felicitated in the

event. CA. Kamal Mour, Chairman of EICASA, Guwahati

Branch also addressed the participants and emphasized

on the importance of Women Empowerment. He also

appraised the house on different activities organised by

the Students body of the Guwahati Branch of ICAI.

Group Discussion were organised on the Topics

“Behavioural Management at Work Place“ and “Women

Empowerment in Global Scenario”. Many female Chartered

Accountancy Students participated in the Group

Discussions.

Dr. Ranjita Choudhury mod-

erated the Topic

“Behavioural Management at

Work Place” and expressed

her views on the perfor-

mance of the participants.

CA. Kaberi Bhuyan moderated the Topic “Women empow-

erment in Global Scenario” and expressed her views.

Ms. Anushka Jain & Ms. Megha Khaitan were awarded as

the Best Speaker in the Group Discussions.

Ms. Saloni Bansal & Ms. Ayushi Agarwal were also

presented prizes for active participation in the Group

Discussion.

The Program ended with a formal Vote of Thanks from Mr.

Akshat Agarwal, Student of Guwahati Branch of EICASA of

ICAI.

The event was covered in the leading Dailies of the City.

Half Yearly Indoor Sports Meet

The Guwahati Branch of

Eastern India Chartered

Accountants Student’s

Association (EICASA)

organised Indoor Sports

Meet for Chartered

Accountancy Students

on 13.03.2016

EICASA Guwahati Activities

18

Your life is your message to the world. Make sure it's inspiring.


19

Mr. Biswajit Bharadwaj,

Secretary of Assam Chess

Association in presence of

CA. Kamal Mour, Chairman

of EICASA, Guwahati

Branch inaugurated the

Meet. He addressed the

participants and empha-

sized on the importance of Sports and workout amidst CA

Studies. CA. Kamal Mour appraised the students on differ-

ent activities organised by the Students body of the Gu-

wahati Branch of ICAI. Different Indoor Sports like Car-

rom, Chess, Table Tennis,

Arm Wrestling, Bulls Eye,

Blind Hit etc. were organ-

ised for CA Students. A

large number of students

participated in different

Indoor Sports.

The winners of major games were as under:

Table Tennis (M) : Akash Agarwal

Table Tennis (F) : Rekha Singh

Arm Wrestling (F) : Rekha Singh

Arm Wrestling (M) : Ankur Deora

Carrom (Singles) : Yash Jain

Carrom (Doubles) : Ankur Karundia & Yash Jain

Chess : Rajesh Jain

Bulls Eye : Tushar Bagaria

Blind Hit : Kaushal Raj Kothari

Mr. Priyanush Lahkar, reputed Tennis Player & Coach was

present as Guest of Honour. He expressed his delight and

congratulated ICAI for the sports initiatives being taken for

the overall benefit of Students. Prizes and Certificates were

distributed to win-

ners and partici-

pants. The Program

ended with a formal

Vote of Thanks from

Ms. Neha Beriya,

Treasurer of Gu-

wahati Branch of

EICASA of ICAI.

Educational Tour to Central Institute of Plastic Engi-

neering & Technology (CIPET), Changsari

The Guwahati Branch of EICASA organised an Educational

Tour for the overall benefit of Chartered Accountancy Stu-

dents on 18.03.2016. CA. Prabesh Agarwal coordinated the

entire event on behalf of ICAI. Around 26 Students partici-

pated in the event.

The students were enlightened about the working of the

Plastic Engineering Institute. The Program ended with a

formal vote of thanks from EICASA Chairperson, Ms. Ekta

Garodia.

Be somebody who makes everybody feel like a somebody.


20

Mock Test for Students of IPCC & Final – Series –I for May 2016 Examinations

Mock Test Series -1 for the Students of IPCC & Final Examination May 2016

was organised at Branch Premises on 27.03.2016. Students appearing for

May 2016 Examinations appeared in the test.

The Test was conducted under the overall supervision of CA. Shruti Agarwal,

member of the Branch.

Special Counselling Session for Students of IPCC & Final for May 2016 Examinations

A One to One Interactive Session for the benefit of students appearing in May 2016 examinations was organised at Branch

Premises on 27.03.2016. CA. Kamal Mour counselled the students and provided the necessary guidance to the students on

various subjects for removing their doubts and motivating them so as to give them impetus in moving ahead and gaining

success in their examinations.

Organising of GMCS-II Classes

A batch of GMCS-II Course comprising of 49 Students was organised at the

Branch from 08.02.2016 to 07.03.2016.

The batch of students had the opportunity of one to one interaction with

Central Council Member, CA. (Dr.) Debashish Mitra.

EICASA

Connect

Interested students may send

“Hello EICASA” with name on

Whatsapp to : 9435559587

Write to Editor:

‘Information is Power’ and our ever evolving profes-

sion needs more and more of that today than ever

before. Do you have any relevant points to make,

experiences to share and views to spread among

the CA students fraternity, please email us at —

[email protected]

Managing Committee of Guwahati Branch of EICASA

Session 2016-2017

MS. EKTA GARODIA

VICE-CHAIRPERSON

MR. PRABHAW AGARWALLA

SECRETARY

MS. NEHA BERIYA

TREASURER

MS. KRITIKA JAIN

MEMBER

MS. SIMRAN CHANCHAL

MEMBER

MR. HIMPAL SEN

MEMBER

MS.REKHA KUMARI SINGH

MEMBER

CA. KAMAL MOUR

CHAIRMAN

CA. GAURAB GARODIA

MEMBER

When one door of happiness closes, another opens, but often we look so long at the closed door

that we do not see the one that has been opened for us. 21

DISCLAIMER

The news and views expressed here are the personal views of the authors / editorial board and do not necessarily

reflect the views of The Institute of Chartered Accountants of India. This newsletter has been sent to you as a

member / well-wisher of ICAI.

Contentsguwahati-icai.org/Images/eicasa_enewsletter_march_2016.pdfYou have to trust in something--your gut, destiny, life, karma, whatever. This approach has never let me down, ...

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