Posts Tagged ‘Exemption’


CORRIGENDUM

NOTIFICATION No. 50/2012-IT, [F.NO.178/60/2012-(ITA.1)], dated 15.11.2012

In the notification of the Government of India in the Ministry of Finance, Department of Revenue, (Central Board of Direct Taxes) number S.O. 2685(E), dated the 6th November, 2012 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), dated the 6th November, 2012, in the table, for “Rural Electrical Corporation”, read “Rural Electrification Corporation Limited”.

Click here to download the complete text of the above Notification in PDF Format.

Source: Income Tax Department- India.

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SECTION 10(15), ITEM (h) OF SUB-CLAUSE (iv) OF THE INCOME-TAX ACT, 1961- EXEMPTIONS – INTEREST ON BONDS/DEBENTURES – SPECIFIED COMPANIES AUTHORIZED TO ISSUE TAX-FREE, SECURD, REDEEMABLE, NON-CONVERTIBLE BONDS DURING F.Y. 2012-13

Notification No. 46/2012, [F. No. 178/60/2012-(ITA.1)], dated 06.11.2012

In exercise of the powers conferred by item (h) of sub-clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby authorises the entities mentioned in column (2) of the following Table to issue, during the financial year 2012-13. Tax-free, secured, redeemable, non-convertible bonds, aggregating to amounts mentioned in column (3) of the said table, subject to the conditions specified hereunder:-

(a) Eligibility. – The following shall be eligible to subscribe to the bonds:-

(i) Retail Individual Investors (RII);

(ii) Qualified Institutional Buyers (QIBs);

(iii) Corporates;

(iv) High Net Worth Individuals (HNIs);

(b) Tenure of bonds.- 

(i) In the case of India Infrastructure Finance Company Limited (IIFCL), the tenure of the bonds shall be for ten, fifteen or twenty years;

(ii) in other cases, the tenure of the bonds shall be for ten or fifteen years ;

(c) Permanent Account Number. –

It shall be mandatory for the subscribers to furnish their Permanent Account Number to the issuer;

(d) Rate of interest.- 

(i)There shall be a ceiling on the coupon rates based on the reference Government security (G-sec) rate;

(ii) The reference G-sec rate would be the average of the base yield of G-sec for equivalent maturity reported by Fixed Income Money Market and Derivative Association of India (FIMMDA) on a daily basis (working day) prevailing for two weeks ending on Friday immediately preceding the filing of the final prospectus with the Exchange or Registrar of Companies (ROC) in case of public issue and the issue opening date in case of private placement;

(iii) The ceiling coupon rate for AA rated issuers shall be the reference G-sec. rate less 50 basis points in case of Retail Individual Investors (RII); and reference G-sec rate less 100 basis points in case of other investor segments, like Qualified Institutional Buyers (QIBs), Corporate and High Net Worth Individuals (HNIs);

(iv) In case the rating of the issuer entity is above AA, a reduction of 15 basis points shall be made in the ceiling rate, as compared to the ceiling rate for AA rated entities [as given in clause (iii)] ;

(v) These ceiling rates shall apply for annual payment of interest and in case the schedule of interest payments is altered to semi-annual, the interest rates shall be reduced by 15 basis points;

(vi) The higher rate of interest, applicable to retail investors, shall not be available in case the bonds are transferred, except in case of transfer to legal heir in the event of death of the original investor;

(e) Issue expense and brokerage.- 

(i) In the case of private placement, the total issue expense shall not exceed 0.2% of the issue size and in case of public issue it shall not exceed 0.5% of the issue size;

(ii) The issue expense would include all expenses relating to the issue like brokerage, advertisement, printing, registration etc.;

(iii) The brokerage, in cases of different categories, shall be limited to the following ceilings:-

(I) QIB – 0.05%

(II) Corporates-0.1%

(III) HNI – 0.15%

(IV) RII – 0.75%;

(f) Public issue.- 

(i) At least 75% of the aggregate amount of bonds issued by each entity shall be raised through public issue;

(ii)  40% of such public issue shall be earmarked for retail investors;

(g) Private placement- 

(i) While adopting the private placement route to issue the bonds, each entity shall adopt the book building approach as per the Regulations 11 of the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008, wherein bids shall be sought on the coupon rate subject to a ceiling specified by the entity and the allotment shall be made at the price bid;

(ii) The bonds shall be paid for and issued at a premium but with a fixed coupon so that the instrument can be traded under a single International Securities Identification Number (ISIN) and the yield shall be worked based on the price quoted and then allotment shall be done for best price (lowest yield);

(iii) The ceiling rate of the interest shall either be equal to or lower than the rate mentioned in paragraph (d);

(iv) While calling for bids, there shall be no limit on the number of arrangers who can bid for the issue;

(v) The issue size shall be limited to rupees five hundred crores for each tranche;

(h) Repayment of bonds.- 

(i) The issuer entity shall submit a financing plan to the Ministry of Finance to demonstrate its ability to repay the borrowed funds once the repayment becomes due;

(ii) This financing plan shall be submitted to the Infra-Finance Section, Infrastructure and Investment Division, Department of Economic Affairs, Ministry of Finance, within three months of closure of the issue, duly supported by a resolution of the respective entity’s Board of Directors;

(i) Selection of merchant bankers.-

Merchant bankers shall be selected through competitive bidding process wherein the only technical criteria for pre-qualification shall be the total funds mobilised through public issue of debt and equity together over the past five years and after pre-qualification, the final selection shall be based on financial bids;

(j) The benefit under the aforesaid section 10 shall be admissible only if the holder of such bonds registers his, her or it’s name and the holding with the entity.

Table

S. No.

(1)

Entities (2)

Aggregate amount

of bonds (3)

1. National Highways Authority of India Rs. 10,000 crores
2. Indian Railway Finance Corporation Limited Rs. 10,000 crores
3. India infrastructure Finance Company Limited Rs. 10,000 crores
4. Housing and Urban Development Corporation Limited Rs. 5,000 crores
5. National Housing Bank Rs. 5,000 crores
6. Power Finance Corporation Rs. 5,000 crores
7. Rural Electrical Corporation Rs. 5,000 crores
8. Jawaharlal Nehru Port Trust Rs. 2,000 crores
9. Dredging Corporation of India Limited Rs. 500 crores
10. Ennore Port Limited Rs. 1,000 crores

Explanation.– For the purposes of this notification,-

(i) Qualified Institutional Buyers shall have the same meaning as assigned to them in the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000.

ii) Retail Individual Investors means those individual investors, Hindu Undivided Family (through Karta), and Non Resident Indians (NRIs), on repatriation as well as non repatriation basis, applying for upto Rs. ten lakhs in each issue ; and individual investors investing more than Rs. Ten lakhs shall be classified as High Net Worth Individuals.

iii) The bonds issued to NRIs shall be subject to the provisions of Notification No. FEMA 4/2000-RB dated 3rd May, 2000 and Notification No. FEMA 20/2000-RB dated 3rd May, 2000, issued under clause (b) of sub-section (3) of Section 6 and Section 47 of the Foreign Exchange Management Act, 1999, as amended from time to time.

iv) The credit rating referred to in paragraph (d) of this notification shall mean the credit rating, as assigned by a credit rating agency which is approved by the Securities and Exchange Board of India as well as the Reserve Bank of India and where an entity has been rated differently, by more than one rating agency, the lower of the two ratings shall be considered.

Click here to download the above Notification in PDF Format.

 Source: Income Tax Department- India.


1) The Income Tax Act has placed an obligation on Taxpayer to file the Income Tax Return if the Gross Total Income of Taxpayer is more than maximum exempt limit, even if Taxpayer has no tax due.

2) As per Income Tax Act, for AY12-13, the maximum exemption limits are:

  • Rs. 1.80 lacs for Men below the age of 60,
  • Rs. 1.90 lacs for Women, below the age of 60,
  • Rs. 2.50 lacs for Senior Citizens, whose age is between 60 years to 80 years,
  • Rs. 5.00 lacs for Super Senior Citizens, of the age of 80 years or more,

 3) e-filing is compulsory for the A.Y. 2012-13 onwards, for an individual or a Hindu Undivided Family if the total income exceeded Rs. 10 lakh. However, digital signature is not mandatory. Taxpayers, can also transmit the data in the return electronically, and thereafter submit verification of the return in Form ITR-V.

4) Filing of Income Tax returns electronically under Digital Signature is mandatory for all company required to furnish the return in Form ITR-6 or for a firm, an individual or HUF, whose accounts are required to be audited.

5) Now ITR e-Filing with Digital Signature is mandatory for Individual, HUF and Firms also to whom Audit provision u/s 44AB is applicable.

6) For the Assessment 2012-13, it is mandatory to file your Income Tax Return if Taxpayer has any foreign assets Even though taxpayer may not have any taxable Income.

7) The processing of e-filed Income Tax return is faster, and taxpayers get their refunds, if due, quickly.

8) Do not forget to send you Income Tax Verification form (ITR-V) to Income Tax Department-CPC, Post Bag No. 1, Electronic City Post office, Bengaluru, 560010 by post, if you have filed your Income Tax return electronically.

9) Filing of ITR-V is necessary for e-Return filed without Digital Signature.

10) Please visit ITR-V Receipt status on https://incometaxindiaefiling.gov.in to check receipt status for your ITR-V at CPC. If not received at CPC, then login to e-filing website, go to My Account – My Returns and download ITR-V, Print it, Sign it and Post it to CPC, Bengaluru by Post.

11) The due date for submission of ITR-V is 120 days from the date of upload of e-return. Otherwise, e-return uploaded will not be treated as return filed.

12) EXEMPTION

A salaried employee is not required to file Income Tax Return for A.Y. 2012-13 provided all the following conditions are met:-

  • He has earned only Salary and Income from Saving Bank Account and the annual interest earned from SB A/c is less than Rs. 10,000/-.
  • His Total Income does not exceed Rs. 5 lacs (Total Income means Gross Total Income less Deductions under Chapter VIA).
  • He has reported his PAN and interest on Saving Bank Account to his employer.
  • He has received Form-16 from his employer and his TDS has been deposited with Central Govt.
  • He has received salary only form One Employer and has No Refund claim
  • He has not received any notice from Income Tax Department for filing of Income Tax Returns.

Source: https://incometaxindiaefiling.gov.in/


Frequently Asked Questions (FAQs) on Direct Entry to Chartered Accountancy Course

1. Who is eligible to register directly for Chartered Accountancy Course without passing Common Proficiency Test (CPT)?

The following categories of students are eligible to register directly for Intermediate (Integrated Professional Competence) Course without passing the Common Proficiency Test (CPT):-

  1. Graduates or Post Graduates from Commerce stream having secured in aggregate a minimum of 55% of the total marks or its equivalent grade or other Graduates or Post Graduates having secured in aggregate a minimum of 60% of the total marks or its equivalent grade in the examination conducted by any recognised University (including Open University).
  1. Candidates who have passed the Intermediate level examination or its equivalent examination by whatever name called conducted by The Institute of Cost Accountants of India or by The Institute of Company Secretaries of India.

2. Who is considered to be a Commerce stream student?

A student shall be deemed to be of Commerce stream, if he has passed Graduation/Post Graduation examination by studying any three papers of 100 marks each out of Accounting, Auditing, Mercantile Laws, Corporate Laws, Economics, Management (including Financial Management), Taxation (including Direct Tax Laws and Indirect Tax Laws), Costing, Business Administration or Management Accounting.

3. If a Graduate/ Post Graduate student studies subjects which are not considered for awarding grades and only required to pass such examination, whether such subjects/ papers marks shall be considered in calculating the aggregate percentage of marks?

As per the scheme of education in any University, if a student is required to secure only pass marks and for which no special credit is given, such marks shall be ignored while calculating prescribed percentage of marks for determining the prescribed percentage of marks for admission to the chartered accountancy course under Direct Entry scheme.

4. Will a Graduate/ Post Graduate student who has secured in aggregate a minimum of 54.4% of the total marks in Commerce Stream or 59.4% in other stream be eligible to register under direct entry scheme of chartered accountancy course?

No. As per the rounding off provision, any fraction of half or more shall be rounded up to the next whole number. Accordingly, if a student secures a minimum 54.4% or 59.4% of the total marks in Commerce stream or in other stream respectively shall not be eligible to register under direct entry scheme of chartered accountancy course.

5. Whether students who are pursuing Graduation Course can register for Intermediate (Integrated Professional Competence) Course?

Yes, students who are pursuing the Final year of Graduation Course are eligible for provisional registration to the Intermediate (Integrated Professional Competence) Course. Such students would be required to submit satisfactory proof of having passed the graduation examination with the specified percentage of marks within six months, from the date of appearance in the final year graduation examination (i.e. from the day of commencement of the examination). During the period of provisional registration, a student can undergo and complete Information Technology Training (ITT) and Orientation Course. It is clarified that in such cases the practical training shall commence only on becoming a Graduate with specified percentage of marks. Such students shall be eligible for appearing in the Intermediate (Integrated Professional Competence) Examination on completion of nine months of practical training. If such students fail to produce the proof within the aforesaid period, provisional registration shall stand cancelled and the registration and other fees, as the case may be, paid shall not be refunded/ adjusted and no credit shall also be given for the theoretical education undergone.

6. When can directly registered student be eligible to join for practical training?

Graduates or Post Graduates from Commerce or other streams, with specified percentage of marks shall be eligible for admission to three years articled training, on completion of –

(a) Information Technology Training;

and

(b) Orientation Course

Students who have passed Intermediate level examination of The Institute of Cost Accountants of India or The Institute of Company Secretaries of India shall be eligible for admission to three years articled training on –

(a) Passing of Group I or Both Groups of Intermediate (Integrated Professional Competence) Examination; or Accounting Technician level Examination;

(b) Completion of Information Technology Training; and

(c) Completion of Orientation Course

However, the Council, in order to mitigate the hardships that might be faced by the students registering under Direct Entry Scheme to Chartered Accountancy Course upto 30th September, 2012 has relaxed the requirement of completion of ITT and Orientation Course upto 31st March, 2013, as a one-time dispensation.

7. Whether a student who registers during August/ September 2012 will be eligible to appear in the May, 2013 Intermediate (IPC) Examination?

As per the requirement of the Regulations, a student registered under Graduate/ Post Graduate scheme can appear in the Intermediate (IPC) Examination on completion of nine months of practical training (including study course for a period of eight months commencing from the date of registration to the Course) and student registered for the Intermediate (IPC) Course after passing Intermediate level examination of the Institute of Cost Accountants of India/ the Institute of Company Secretaries of India can appear in the examination after undergoing a study course for a period of eight months commencing from the date of registration to the Course.

However, the Council, in order to mitigate the hardships that might be faced by the students registering under Direct Entry Scheme to Chartered Accountancy Course upto 30th September, 2012, has relaxed the eligibility criteria as a one-time dispensation, as under, so as to be eligible to appear in the Intermediate (Integrated Professional Competence) Examination to be held in May, 2013.

  • Students registered for the articled training till 30th September, 2012 are required to complete Orientation Course and Information Technology Training (ITT) latest by 31st March, 2013 instead of before registration for practical training.
  • Such students shall be eligible to appear in the Intermediate (IPC) Examination to be held in May, 2013 by completing 7 months of articled training and study course concurrently, instead of 9 months of articled training and 8 months of study course respectively.
  • Students registered for Intermediate (IPC) Course by passing Intermediate level examination of The Institute of Cost Accountants of India/ The Institute of Company Secretaries of India shall have to undergo 7 months of study course instead of 8 months as prescribed under Regulations, so as to become eligible to appear in the May, 2013 Examination”.

Accordingly, students who register under Direct Entry Scheme to Chartered Accountancy Course upto 30th September, 2012 shall be eligible to appear in the Intermediate (IPC) Examination to be held in May, 2013 as per the above decision of the Council, as a one-time dispensation.

8. Whether students who are registered for Common Proficiency Course (CPC) are also Graduates/ Post Graduates can register for Intermediate (Integrated Professional Competence) Course and commence practical training?

Yes, existing CPT students who have secured either 55% or 60% of the total marks or its equivalent grade in Graduation/ Post Graduation either in Commerce stream or in other streams can commence articled training on converting to Intermediate (IPC) Course by paying the following fees:

Particulars

Fee in

(Rs.)

Fee in

(US$)

Conversion Fee

500

30

Registration fee for Both Groups

9000

550

Articled Registration Fee

2000

120

ATC (Optional ) Fee

1000

60

 

Payable for undergoing the course:

Orientation Course fee

3000

180

IT Training Fee

4000

250

9. Whether students who are registered for Integrated Professional Competence Course (IPCC) and have not passed any of the Groups but fulfill the requirement of prescribed percentage of marks can commence practical training?

Yes. Graduates or Post Graduates with specified percentage of marks shall be eligible for admission to three years articled training, on completion of –

(a) Information Technology Training;

and

(b) Orientation Course

However, the Council, in order to mitigate the hardships that might be faced by the students registering under Direct Entry Scheme to Chartered Accountancy Course upto 30th September, 2012, has relaxed the requirement of completion of ITT and Orientation Course upto 31st March, 2013, as a one-time dispensation.

Such students are required to pay the following fee for converting to Direct Entry Scheme of Chartered Accountancy Course:

Particulars

Fee in

(Rs.)

Fee in

(US$)

Conversion Fee

500

30

Registration fee for Both Groups OR

9000

550

Registration fee for 1st Group

8000

500

ATC (Optional ) Fee

1000

60

 

Payable for joining the Articled training:

Articled Registration Fee

2000

120

 

Payable for undergoing the course:

Orientation Course fee

3000

180

IT Training Fee

4000

250

10. Whether a student who is registered for Integrated Professional Competence Course (IPCC) and has passed Group II and fulfills the requirement of prescribed percentage of marks can commence practical training?

Yes. Existing students of IPCC who have passed Group II, can convert under direct entry scheme of chartered accountancy course and commence articled training on registration for Group I, if not registered earlier and complete –

(a) Information Technology Training;

and

(b) Orientation Course

However, the Council, in order to mitigate the hardships that might be faced by the students registering under Direct Entry Scheme to Chartered Accountancy Course upto 30th September, 2012 relaxed the requirement of completion of ITT and Orientation Course upto 31st March, 2013, as a one-time dispensation.

Students who have not registered for both groups earlier shall be required to register for Group I by paying the following fee:

Particulars

Fee in

(Rs.)

Fee in

(US$)

Conversion Fee

500

30

Registration fee for 1st Group, if not paid earlier
1st Group

7000

430

Articled Registration Fee, if not paid earlier

2000

120

ATC (Optional ) Fee

1000

60

 

Payable for undergoing the course:

Orientation Course fee

3000

180

IT Training Fee

4000

250

11. Whether students of erstwhile Intermediate/ Professional Education (Course-II) who have not passed either of the groups can switch over to Intermediate (Integrated Professional Competence) Course and commence practical training?

Yes. Students who have registered earlier for Intermediate/ Professional Education (Course – II) and have not yet switched over to Integrated Professional Competence Course (IPCC) as per announcement dated 27th July, 2010 can switch over either to Direct Entry Scheme of Chartered Accountancy Course if they fulfill prescribed percentage of marks or to the existing route of Intermediate (IPC) Course by paying the applicable fee:

Student, who opts for direct entry scheme shall be eligible to appear in the Intermediate (IPC) examination on completion of nine months of articled training (including study course for a period of eight months which shall commence from the date of registration to the Course). Such student shall be required to pay the following fee:

Particulars

Fee in

(Rs.)

Fee in

(US$)

Conversion Fee (including Study Material)

500

30

ATC (Optional ) Fee

1000

60

Articled Registration Fee

2000

120

 

Payable for undergoing the IT Training, if not completed earlier:

 

IT Training Course Fee

4000

250

However, the Council, in order to mitigate the hardships that might be faced by the students registering under Direct Entry Scheme to Chartered Accountancy Course upto 30th September, 2012 as a one-time dispensation, has relaxed the requirement of completing of 9 months articled training (including concurrent 8 months study course) or 8 months study course period to 7 months so as to appear such students in May, 2013 Intermediate (IPC) Examination.

If a student opts for the existing route of Intermediate (IPC) Course, he shall be eligible to appear in the next available attempt of Intermediate (IPC) Examination on conversion to the Intermediate (IPC) Course and shall be eligible to commence articled training on passing either Group I or Both Groups of Intermediate (IPC) Examination. As per the decision of the Council, these students are exempted from undergoing study course.

Particulars

Fee in

(Rs.)

Fee in

(US$)

Conversion Fee (including Study Material)

500

30

ATC (Optional ) Fee

1000

60

 

Payable for undergoing the IT Training, if not completed earlier:

 

IT Training Fee

4000

250

12. Whether a student is required to fill separate form for undergoing Orientation Course and Information Technology Training (ITT)?

Yes. Students, who wish to commence practical training, may register for undergoing Orientation Course and Information Technology Training by submitting the prescribed form(s) which can be obtained from the concerned Regional Office or its Branches or a copy of the form can be downloaded from www.icai.org as well.

The Orientation Course is organized by the Regional Councils, Branches and Chapters of ICAI which would charge a separate fee of Rs. 3,000/-.

The 100 hours Information Technology Training can be undergone through Regional Councils and Branches of the ICAI which would charge a separate fee of Rs. 4,000/-.

13. Whether a student can opt for Accounting Technician Course (ATC) alongwith registration for Intermediate (Integrated Professional Competence) Course?

Yes. It is advisable to opt for Accounting Technician Course (ATC) alongwith registration for Intermediate (Integrated Professional Competence) Course.

14. Whether a student, who has completed 7 months of articled training in PCC and converted to IPCC but not passed any of the groups, can appear in the November, 2012 Intermediate (IPC) Examination on switching over to Intermediate (IPC) Course?

The eligibility requirement to appear in the Intermediate (IPC) Examination under Direct Entry Scheme is completion of 9 months of practical training. If a student, on converting to Intermediate (IPC) Course and re-joining for the remaining period of articled training under direct entry scheme, completes prescribed period of 9 months articled training on or before the last day of the month (i.e. 31st October, 2012) preceding the month in which the examination is to be held, such students can appear in the Intermediate (IPC) Examination to be held in November, 2012. Such students shall have to serve balance period of practical training. It may be noted that total period of articled training for PCC student is three and half years. Such students shall be required to pay the following fee for converting from PCC to Intermediate (IPC) Course:

Particulars

Fee in

(Rs.)

Fee in

(US$)

Conversion Fee (including Study Material)

500

30

ATC (Optional ) Fee

1000

60

 

Payable for undergoing the IT Training, if not completed earlier:

 

IT Training Fee

4000

250

15. Whether a student who has appeared in IPC Examination held in May, 2012 or earlier can convert and appear in the November, 2012 Intermediate (IPC) Examination?

No. such students, on conversion to direct entry scheme, shall be eligible to appear in the Intermediate (IPC) Examination only on completion of 9 months of practical training on or before the last day of the month preceding the month in which the examination is to be held.

However, the Council, in order to mitigate the hardships that might be faced by the students registering under Direct Entry Scheme to Chartered Accountancy Course upto 30th September, 2012 as a one-time dispensation, has relaxed the requirement of completing of 9 months articled training (including concurrent 8 months study course) to 7 months so as to appear such students in May, 2013 Intermediate (IPC) Examination.

16. Whether exiting CPT student instead of paying Conversion fee Rs. 500/-, can register afresh for Intermediate (IPC) Course on fulfilling the prescribed percentage of marks?

No, existing CPT students are mandatorily required to pay Rs. 500/- as conversion fee alongwith other prescribed fees applicable for converting to direct entry scheme of chartered accountancy course. The Conversion fee is levied to maintain and shift the data from CPT to Intermediate (IPC) Course. If existing CPT student applies as a fresh candidate under the direct entry scheme, such candidate’s registration may lead to delay in registration to the course and on identification of such instances, conversion fee will be recovered in due course from such candidate.

17. Whether a student who has registered for the CPT course by paying Rs.6000/- for appearing in the December, 2012 examination, can get any concession/ adjustment in conversion fee payable for Intermediate (IPC) Course?

No. Students who wish to shift from existing CPT to Intermediate (IPC) Course on fulfilling the prescribed percentage of marks shall be required to pay the following fee and no concession/ adjustment shall be allowed:

Particulars

Fee in

(Rs.)

Fee in

(US$)

Conversion Fee

500

30

Registration fee for Both Groups

9000

550

Articled Registration Fee

2000

120

ATC (Optional ) Fee

1000

60

 

Payable for undergoing the course:

Orientation Course fee

3000

180

IT Training Fee

4000

250

18. Can existing IPCC students who have applied for Intermediate (IPC) Examination to be held in November, 2012 convert to Intermediate (IPC) Course and commence articled training and also appear in the November, 2012 examination?

No. Students, who have applied for Intermediate (IPC) Examination to be held in November, 2012 can opt either to appear in the November, 2012 examination or commence articled training on converting to Intermediate (IPC) Course.

Students, who opt for joining articled training, shall be eligible to appear in the Intermediate (IPC) Examination only on completion of 9 months of practical training.

Further, the Council, in order to mitigate the hardships that might be faced by the students registering under Direct Entry Scheme to Chartered Accountancy Course upto 30th September, 2012, as a one-time dispensation, has relaxed the requirement of completing of 9 months articled training (including concurrent 8 months study course) to 7 months so as to appear such students in May, 2013 Intermediate (IPC) Examination.

19. In case student undergoes Information Technology Training (ITT) during the articled training period whether the same is treated as period actually served under articled training or is treated as leave period?

Student who undergo Information Technology Training (ITT) with the consent of the Principal during the articled training period is treated as period actually served under articled training as per Regulation 59(7) of the Chartered Accountants Regulations, 1988.

20. In case student undergoes Orientation Course during the articled training period whether the same is treated as period actually served under articled training or is treated as leave period?

Students who undergoes Orientation Course during the articled training period is treated as leave period.

21. What is the fee structure for fresh students to be registered for Intermediate (IPC) Course?

Students who fulfill the requirement of securing prescribed percentage of marks or students who have passed Intermediate level examination of the Institute of Cost Accountants of India or the Institute of Company Secretaries of India shall be required to pay the fee as given in Annexure ‘A’ for registering to the Intermediate (IPC) Course.

22. Whether students who have valid exemption obtained in Professional Competence Examination can carry forward and avail in the Intermediate (IPC) Examination?

Yes. Student who has valid/ unexpired exemption obtained in the Professional Competence Examination shall be carried forward to Intermediate (IPC) Examination for the remaining unexpired chances of exemption. Paper-wise comparison of PCC and Intermediate (IPC) Course is given below for availing exemption for the un-expired chance(s) on the basis of having secured a minimum of 60 percent marks.

PAPER-WISE EXEMPTION TO THE CANDIDATES APPEARING IN INTERMEDIATE (INTEGRATED PROFESSIONAL COMPETENCE) EXAMINATION FOR THE UN-EXPIRED CHANCE (S) ON THE BASIS OF HAVING SECURED A MINIMUM OF 60 PERCENT MARKS IN A PAPER IN THE EARLIER EXAMINATIONS

Papers of the Professional Competence Examination under Regulation 28C (3) of the Chartered Accountants Regulations, 1988

Paper-wise exemption in Intermediate (Integrated Professional Competence) Examination under Regulation 28D of the Chartered Accountants Regulations, 1988

Group I

Paper 1 : Advanced Accounting

 

Group I  Paper 1 : Accounting and

Group II Paper 5 : Advanced Accounting

Paper 2 : Auditing and Assurance Group II Paper 6 : Auditing and Assurance
Paper 3 : Law, Ethics and Communication Group I Paper 2 : Business Laws, Ethics and Communication
Group II

Paper 4 : Cost Accounting and Financial Management

 

Group I Paper 3 : Cost Accounting and Financial Management

Paper 5 : Taxation Group I Paper 4 : Taxation
Paper 6 : Information Technology and Strategic Management Group II Paper 7 : Information Technology and Strategic Management

23. Whether students who have passed one of the Groups in Intermediate/PE-II/ PCC Examination are exempted from appearing in the same Group in Intermediate (IPC) Course?

No. Students who have passed one of the groups in Intermediate/ Professional Education (Examination – II)/ Professional Competence Examination will get paper wise exemption (NOT Group wise Exemption) in Intermediate (Integrated Professional Competence) Examination and have to appear and pass remaining papers in Intermediate (IPC) Examination under ‘Unit Scheme’ as given under –

UNIT SCHEME UNDER Intermediate (IPC) Examination

Intermediate (IPC) Course

DETAILS OF PAPERS IN WHICH CANDIDATES ARE RE QUIRED TO APPEAR AND PASS IN ONE SITTING AS A UNIT CANDIDATE IN IPCE

STUDENTS WHO HAVE PASSED GROUP-I

 

(IN INTERMEDIATE EXAMIANTION UNDER PARAGRAPH 2A OF SCHEDULE ‘B’ OR PROFESSIONAL EDUCATION

(EXAMINATION– II OR PROFESSIONAL COMPETENCE EXAMINATION )

Student to pass Group I of

Intermediate (IPC) Course has to appear

Student to pass Group II of Intermediate (IPC) Course has to appear

Student to pass Both Groups of Intermediate (IPC) Course has to appear

UNIT – 4

Group I Paper 3 : Cost Accounting and Financial Management

Group I Paper 4 : Taxation

UNIT – 6

Group II Paper 7 : Information Technology and Strategic Management

UNIT – 8

Group I Paper 3 : Cost Accounting and Financial Management

Group I Paper 4 : Taxation

Group II Paper 7: Information Technology and Strategic Management

STUDENTS WHO HAVE PASSED GROUP-II

 

(IN INTERMEDIATE EXAMIANTION UNDER PARAGRAPH 2A OF SCHEDULE ‘B’ OR PROFESSIONAL EDUCATION

(EXAMINATION– II OR PROFESSIONAL COMPETENCE EXAMINATION)

Student to pass Group II of

Intermediate (IPC) Course has to appear

Student to pass Group I of

Intermediate (IPC) Course has to appear

Student to pass Both Groups of Intermediate (IPC) Course has to appear

UNIT – 5

Group II Paper 5 : Advanced Accounting

Group II Paper 6 : Auditing and Assurance

UNIT – 7

Group I Paper 1 : Accounting

Group I Paper 2 : Business Laws, Ethics and Communication

UNIT – 9

Group I Paper 1 :  Accounting

Group I Paper 2 : Business Laws, Ethics and Communication

Group II Paper 5 : Advanced Accounting

Group II Paper 6 : Auditing and Assurance

Click here to download Annexure ‘A’.

Click here to download the complete text of the above Frequently Asked Questions on Direct Entry to Chartered Accountancy Course in PDF Format. [Format: PDF], {No. of Pages: 12}, (Size: 99 KB).

Source: The Institute of Chartered Accountants of India.


Direct Admission to the Chartered Accountancy Course – Exemption from passing Common Proficiency Test (CPT) to certain categories of Students

IMPORTANT ANNOUNCEMENT

BoS/Announcement/227/12 (1)

Date: 16th August, 2012

Pursuant to Notification No. 1-CA(7)/145/2012 dated 1st August, 2012 published in the Gazette of India notifying amendments made to the Chartered Accountants Regulations, 1988, the following categories of students shall be exempted from passing the Common Proficiency Test (CPT) and such students with effect from 1st August, 2012 shall be eligible for direct admission to the Chartered Accountancy Course. Applicants who fulfil the requirements, as given below, may register for the Intermediate (Integrated Professional Competence) Course by downloading “Registration Form for admission to the Intermediate (Integrated Professional Competence) Course under Direct Entry Scheme” by submitting the filled-in applications to respective Offices of the ICAI as mentioned in the application form. (Application Form will be available from 17th August, 2012)

1. Direct Entry to Chartered Accountancy Course:

Exempted Categories:

The following categories of students shall be exempted from passing the Common Proficiency Test (CPT):-

(A) Graduates or Post Graduates in Commerce having secured in aggregate a minimum of 55% of the total marks or its equivalent grade in the examination conducted by any recognised University (including Open University) by studying any three papers of 100 marks each out of Accounting, Auditing, Mercantile Laws, Corporate Laws, Economics, Management (including Financial Management), Taxation (including Direct Tax Laws and Indirect Tax Laws), Costing, Business Administration or Management Accounting;

OR

Graduates or Post Graduates other than those falling under Commerce stream mentioned above having secured in aggregate a minimum of 60% of the total marks or its equivalent grade in the examination conducted by any recognised University (including Open University).

Explanation:

(a) for calculating the percentage of marks, the marks secured in subjects in which a person is required by the University (including Open University) to obtain only pass marks and for which no special credit is given for higher marks, shall be ignored; and

(b) any fraction of half or more shall be rounded up to the next whole number

Provisional Registration:

Students who are pursuing the Final year of Graduation Course shall be eligible for provisional registration to the Intermediate (Integrated Professional Competence) Course. Such students would be required to submit satisfactory proof of having passed the graduation examination with the specified percentage of marks within six months, from the date of appearance in the final year graduation examination (i.e. from the day of commencement of the examination). During the period of provisional registration, a student can undergo and complete Information Technology Training (ITT) and Orientation Course. It is clarified that in their case, the practical training shall commence only on becoming a Graduate with specified percentage of marks. Such students shall be eligible for appearing in the Intermediate (Integrated Professional Competence) Examination on completion of nine months of practical training. If such students fail to produce the proof within the aforesaid period, his provisional registration shall stand cancelled and the registration and other fees, as the case may be, paid by him shall not be refunded/ adjusted and no credit shall also be given for the theoretical education undergone.

OR

(B) Candidates who have passed the Intermediate level examination or its equivalent examination by whatever name called conducted by The Institute of Cost Accountants of India or by The Institute of Company Secretaries of India.

2. Admission to Practical Training (Articled Training):

(i) Students covered under the category mentioned at (A) above, i.e. Commerce Graduates or Post Graduates or Non-Commerce Graduates or Post Graduates with specified percentage of marks shall be eligible for admission to three years articled training, on completion of –

(a)    Information Technology Training;

and

(b)   Orientation Course

(ii) Students covered under category (B) above, i.e. those who have passed Intermediate level examination of The Institute of Cost Accountants of India or The Institute of Company Secretaries of India shall be eligible for admission to three years articled training on –

(a)    Passing of 1st Group or Both Groups of Intermediate (Integrated Professional Competence) Examination; or Accounting Technician level Examination;

(b)   Completion of Information Technology Training; and

(c)    Completion of Orientation Course

3. Eligibility to appear in the Intermediate (Integrated Professional Competence) Examination:

(i) Applicable for students falling under Category (A) above

A candidate shall be eligible for admission to the Intermediate (Integrated Professional Competence) Examination if he –

(a)    is registered for the Intermediate (Integrated Professional Competence) Course; and

(b)   has completed nine months of practical training (including study course for a period of eight months which shall commence from the date of registration to the Course).

(ii) Applicable for students falling under Category (B) above

A candidate shall be eligible for admission to the Intermediate (Integrated Professional Competence) Examination if he –

(a)    is registered for the Intermediate (Integrated Professional Competence) Course; and

(b)   has undergone a study course for a period of eight months commencing from the date of registration to the Course.

Director, Board of Studies

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IMPORTANT ANNOUNCEMENT

BoS/Announcement/227/12 (2)

Date: 16th August, 2012

Relaxation in Eligibility Criteria for students registering upto 30th September, 2012 under the Direct Entry Scheme – Eligible to appear in Intermediate (Integrated Professional Competence) Examination to be held in May, 2013.

The Council, in order to mitigate the hardships being faced by the students registering under Direct Entry Scheme to Chartered Accountancy Course upto 30th September, 2012, has relaxed the eligibility criteria as a one time dispensation, as under, so as to be eligible to appear in the Intermediate (Integrated Professional Competence) Examination to be held in May, 2013.

“The Council has resolved as under –

By virtue of powers vested under Regulation 205 of the Chartered Accountants Regulations, 1988, the Council of The Institute of Chartered Accountants of India hereby resolves that the eligibility requirement(s), inter alia, for the students registering under the Direct Entry Scheme for the Intermediate (IPC) Course till 30th September, 2012, shall be as under, so as to become eligible to appear in the Intermediate (IPC) Examination to be held in May, 2013:-

  • Students registered for the articled training till 30th September, 2012 and have also completed Orientation Course and Information Technology Training (ITT) latest by 31st March, 2013.
  • Such students shall be eligible to appear in the Intermediate (IPC) Examination to be held in May, 2013 by completing 7 months of articled training and study course concurrently, instead of 9 months of articled training and 8 months of study course respectively.
  • Students registered for Intermediate (IPC) Course by passing Intermediate level examination of The Institute of Cost Accountants of India/ The Institute of Company Secretaries of India shall have to undergo 7 months of study course instead of 8 months as prescribed under Regulations, so as to become eligible to appear in the May, 2013 Examination”.

Click here to download the eligibility criteria including fee structure for the fresh students registering and existing CPT/ IPCC/ PE-II/ PCC students converting (under the transition scheme), as the case may be, under the Direct Entry Scheme for the information of students in PDF  Format.

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Click here to download the complete text of the above Announcement in PDF Format- Direct Admission to the Chartered Accountancy Course – Exemption from passing Common Proficiency Test (CPT) to certain categories of Students.

Source: The Institute of Chartered Accountants of India.