Goal setting is treated as a pessimistic activity because same is seen from the viewpoint   that it won’t work. In today’s uncertain environment, no one wants to set the goal. Hence we find people avoiding setting up the goal.

Also there is fear of failure attitude among people. They think that they will get failed even before he gets started in the race. We have seen there is a lack of ambition among the students to get focused on the goal. It has been also noticed that there is an approach of procrastination among the students. They think that they will do the work tomorrow and this way they linger the completion of the task till tomorrow which unfortunately never comes. Always remember, setting the goal task makes the energy drive moving.

Hence we must not procrastinate. Rather we must create the grounds of success by pushing all the tasks to a given deadline. It is the only pathway. We have to always set goals which can be short term, medium term and long term. Goal setting is a mandatory requirement to become a successful professional.

Short term goal can be  an annual activity like preparing for CA Final  exam or attending  the third year training in a CA  firm. Medium term goal can be a horizon of 3 years which include doing three years tenure of the practical training with a good CA firm. A long term goal will be to become a CA and serve the industry or CA profession with a specialization over a span more than five years. Hence our efforts must be goal oriented both in studies and professional working.

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Time Management and CALS Study Planner

It is very crucial for CA students to manage their time properly. The need for time management becomes still more important in the situation that students have to do articleship and finish their course simultaneously. There has to be a balance between the training and study. A dedicated study plan and true commitment towards sticking to it will help students complete the course on time. CALS has an automated Study Planner which does effective planning for your study.

study planner

You will have to give the number of hours you can dedicate to your study in a day and this Study Planner will automatically generate the completion date and indicate which videos you should watch each day. Planner is totally based on videos and not on faculty notes, practice questions and other contents. Thus the planner will solve all the problems and difficulties of students with respect to time management and planning. This will eventually help to complete the course on time thus enabling students to plan for further revision too.

With the help of planner, you can directly launch a particular video. There is no need to navigate to a particular chapter or topic. There are two indicator colours green and violet too. Green colour lining indicates that you have already played that particular video. Violet indicates that you have watched the whole video without skipping or fast forwarding it. This will help you to know which videos you have watched and which you have not.

The planner shows all the details like duration, subject, start date, chapter, topic, status (upcoming, % of completion, completed etc.), and edit option. This lets you know all the required details at a glance. Thus we can rightly conclude that CALS Study Planner provides a complete solution to time management and effective planning for CA students preparing for their final examinations.

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Role of Social Media in a Student’s Life

Importance of Social Media:

  • For Students

social media blog

With the right strategy, social media can make studying more collaborative and efficient.

One reason social media is so popular is that it allows people to personalize the way they experience and interact with the Web. Tools like Facebook, Twitter, and Instagram used to be almost exclusively used to take a break from academics, but social media is increasingly being leveraged as a study tool, especially for today’s tech-savvy students.

Our recent research around college study trends found that over 70% of students feel that the technology they use to study should be as tailored to their needs as social media feeds.

We’re fast working to achieve this with significant student experience updates to our ALEKS and Connect adaptive learning platforms, and with 2015 finals fast approaching we’ve also come up with some practical ideas to help students use social media for more personalized and collaborative studying.

Create a community: It’s common for many students to be challenged by the same learning concept or course assignment. Social media can help centralize the collective knowledge of an entire class to make studying and communicating more efficient for everyone.

  • Designate a course or study group hashtag, such as #Bio101Finals.
  • Start a contact list or group for the class to collaborate and share study tips.
  • Invite professors who use social media to follow the group conversation or join chats.

Remember that thousands of students everywhere are studying the same thing right now — study networks don’t have to be limited to students from just one school.

Continue the conversation: Starting a collaborative study network to tap into the group mind can save everyone time and effort.

  • For missed classes or lectures, have someone stream or record the lecture on Periscope, Skype, or SnapChat.
  • Use Google Hangouts to facilitate group study sessions.
  • Follow or become a fan of the authors who wrote the books that are being used in your class.
  • Ask questions to experts and influencers. Many are already on Twitter, and Jelly is specifically designed to build connections through question/answer exchanges between users.

Organize learning resources: Social media tools can help keep course information organized and accessible.

  • Save, curate, and share resources using collection-building tools such as Pinterest or Tumblr.
  • If course documents aren’t already posted online, use Google Drive, Box, or Dropbox to gather study materials.
  • Have classes use content services like Google Docs for team projects; it can make keeping organized and sharing notes much easier.

Supplement course materials: Social media can help identify additional content to reinforce or extend core instruction.

  • Look for YouTube videos and playlists for extra learning on the most challenging topics.
  • Follow existing subject-area hashtags
  • Send video notes, questions, or reminders to your classmates.
  • Search on all your social channels often for course topics, keywords, and expert names — you never know what you’ll find!

Social media no longer has to be an obstacle to studying; it can help students create and manage a study community, make the best use of study time, and find new resources to help them learn and retain knowledge.


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General Management & Communication skills

It has been introduced by the ICAI to prepare the new professionals with strong interpersonal and management skills. The focus should be on the presentation skills, group discussion skills, client interaction and legal document presentation. This training is required to be taken in two parts  which is a fifteen days full time course in two parts.


This is recommended to be conducted in the first and third year of article ship training. It is a participative seminar kind platform which is addressed by the professionals and CAs of high repute and experience. There are no tests involved. Even if there is no assessments, lots of case discussion and interaction enhances the knowledge level of the participants.

However, the ultimate requirement is to create high value professionals who can contribute high social and financial impact in the country.  A CA trainee undergoes training sessions on many aspects which can help in developing the  positive personalities.




sever point

CA Final Exam has an average success rate of almost 10%. Some pass and maximum fail in the exam. Let’s find out, how one became successful at one go. The experiences of such students are summed up :

  1. Prepare a strategy to revise thrice before the examination hall. Structured learning is the key.
  2. Keep your ambition at very high level. Passion to succeed must be at the top.
  3. Consistent study plan with regular writing skills in the theory & practical questions asked in the past  ICAI  examination is needed. A proper understanding of the amendment in the various subjects is desirable. Latest case studies must be known.
  4. Every subject is important. Don’t keep the theory subject learning to the last. Summarize the salient points in the shape of mind map/ decision tree. Create summary in 30 to 60 pages for each subject as a last day learning resource.
  5. Keep on reading, understanding the different past questions with respect to the requirement, presentation and time period in which it can be done. Do try to attempt sample papers in timeline and verify answer and even find the gap which needs to be worked out.
  6. Exam preparation means 8 to 10 hours of regular studies for 2 months in case a student is writing one group. In case of both groups plan 10 hours consistent study for 3 months.
  7. Examination mindset must be cool, positive and with full of optimism. Theory questions must be answered to the point, brief and concise. Case laws must explain the question of law involved along with question of fact and relevant decision. Practical subjects must have clear presentation of the working notes along with the required assumptions and suitable recommendation.

With CALS Study Module, You can easily manage your learning pattern and test your preparation so that you don’t have to be afraid of facing examination any more. Our module test your knowledge in every step of learning either through objective questions, practice questions or assessment papers.

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CALS Case Study 01. – Direct Tax Laws

Case Study on Button of White Keyboard.
Case Study – Button on White Modern Computer Keyboard.

Is it permissible under section 147 to reopen the assessment of the assessee on the ground that income has escaped assessment, after a change of opinion as to a loss being a speculative loss and not a normal business loss, consequent to a mere re-look of accounts which were earlier furnished by the assessee during assessment under section 143(3)?

ACIT v. ICICI Securities Primary Dealership Ltd. (2012) 348 ITR 299 (SC)

Facts of the case : In the above case, the Assessing Officer had completed the assessment of assessee under section 143(3) after taking into consideration the accounts furnished by assessee. After the lapse of four years from relevant assessment year, the Assessing Officer had reopened the assessment of assessee under section 147 on the ground that after re-look of the accounts of the relevant previous year, it was noticed that the assessee company had incurred a loss in trading in share, which was a speculative one. Therefore, such loss can only be set off against speculative income. Consequently, the loss represents income which has escaped assessment. Accordingly, the Assessing Officer came to a conclusion that income had escaped assessment and passed an order under section 147.



  1. COMPANIES ACT 2013.

Ministry of Corporate Affairs announced some amendments on 5th June, 2015. These amendments relate to the Board of Directors.

Before the amendments, provisions of the 2013 Act were applicable to all kinds of companies .

After the amendments some provisions in regard to Board of Directors will not apply to the Private Co., Govt. Co. and Charitable Company under section 8 of the new Act..

Except these changes, provisions regarding Board of Director remain the same.



          (a.) FOR SEBI : Section 26 A has provided for the Special Court.

Besides, the penalties provided in section 15A on wards altered. Before the amendment penalty was 1 lakh for each day of default and can go upto 1 crore. After the amendment penalty shall not be less than 1 lakh and can extend to 1 lakh each day and maximum, 1 crore. Section 15 I Power to Adjudicate. There is an addition to this section. Board may call for and examine the record of any proceeding & if order by Adjudicating Authority is erroneous, Board may pass an order enhancing the penalty.

         (b.) FOR FEMA:

There is an addition of Section 37A through the amendment made on 9-9-2015

         (c.) For SCRA :

Through the amendments made on 28 sept. 2015 some new terms have been defined.

They are:

  • Transferable Specific Delivery Contracts,
  • Ready Delivery Contract,
  • Specific Delivery Contract,
  • Transferable Specific Delivery Contract

Besides section 30A has been added by way of special Provisions relating to Commodity Derivative

Section 26A of the Act provides for the establishment of Special Court.


         (d.) INSURANCE ACT 1938.

Amended Act 2015 which came into force on 26th Dec 2014.

Amendments basically have provided for foreign investment in this section up to 49 per cent instead of 26 percent as was the case before.

Besides the Indian Insurance Company has been defined and Health Insurance Business too has been identified.

Besides these amendments of 2015 , old provisions of the act will continue.


ca articalship

Three years training with a CA firm is a big decision in the life of a student who wants to get the first hand exposure of the CA profession. A student is quite puzzled in deciding the choice of the firm. He needs guidance and wise counsel because it involves a substantial period of training in his formative period of his career. The decision points in the selection of the audit firm needs certain introspection on the following lines :

  1. Variety of experiences like audits ( statutory, internal, management, secretarial)
  2. Knowledge of the regulatory compliances like income tax, company law, service tax etc.
  3. Size of the firm, middle or large determines the existence of the various departments for exposure in to multiple level of the experiences.
  4. Local travels, outstation audits visits to different cities, states and even overseas is also needs to be found, checked and analyzed.
  5. Leave for the study during the article ship period needs to be analyzed.
  6. Absorption possibility in the future after qualification is also an important basis for the choice.
  7. Location of the firm in a metro, mid- size city is required to be checked because sometimes living experience in such cities allow a person to face the world with more confidence.
  8. Working in a large firm gives you a brand image and less interaction with the partner but more interaction with  audit manager. Effective training  allows a student to enhance working skills.
  9. Exposure in a smaller firm allows you to directly work with partner in the areas of accounts, audit, taxation and compliance issues.


FAQs on Startup India Initiative

startupDepartment of Industrial Policy and Promotion (DIPP) has issued Frequently asked questions (FAQs) on Startup India initiative for:

  1. Startups
  2. Incubators providing Recommendation/ Support/ Endorsement Letter to Startups
  3. Funding Bodies providing Recommendation/ Support/ Endorsement Letter to Startups

These FAQs, inter alia, provide:

  • Proprietorship/public limited company not eligible as startup;
  • One person company, being a private limited company, eligible to be recognized as a startup;
  • An existing entity meeting criteria of startup can get itself recognized for various benefits. The tax benefits proposed under the Finance Bill 2016 to be available from 01 April 2016;
  • The process of registration to be real time;
  • No fee is prescribed by the Government, however, the incubators considering the efforts involved may charge a fee.


Click here for FAQs

CA Final Revisionary Test Papers May, 2016

ca final graphics

The Institute of Chartered Accountants of India has released the RTP’s for May, 2016. Students going for CA Final May, 2016 examination must venture these papers.

These are covering questions relating to the latest amendments and case laws. It is also been discovered that in past straight questions are picked from these RTP’s.

Group 1:

  1. Financial Reporting Click here
  2. Strategic Financial Management Click here
  3. Advanced Auditing and Professional Ethics Click here
  4. Corporate and Allied Laws Click here


Group 2:

  1. Advanced Management Accounting Click here
  2. Information Systems Control and Audit Click here
  3. Direct Tax Laws Click here
  4. Indirect Tax Laws Click here


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