Goods and Services Tax popularly known as GST Act has finally got the Presidential Assent. Now after several years of deliberation between centre and states, there is a consensus and a uniform law has been evolved where both centre and state will participate.
The aim of GST is to create a single point taxation. Instead of lots of indirect taxes at different stages, there will be a single point of taxation. The administrative cost to collect, control and monitor the taxes will be substantially reduced.
GST will hit on the corruption. The penalties are very stringent. Peak tax rate can be at 40% if required. On a long run, this will be a boon to the Indian economy. Procedural part is being implemented. It will roll on 1st July 2017 in the entire the country.
CA learning is bringing the latest knowledge pack which will help the students and professional on the key features of the GST Act. It will help them in their professional endeavor.
To know more about GST and if you have any query then please fill this form
Kindly visit our website http://www.calearning.in, Contact us @ 011-4278 7090, +91 9560 86 7090
The Board of Studies has decided to introduce week-end Test Paper Scheme for students eligible to appear in the examination for the first time from November 2017 onwards. Those candidates are required to pass two Test Papers in each group conducted by the BoS to be eligible to appear for the Final Examination of the ICAI. It is intended to promote regular studies and improve performance in the Examination of ICAI.
It is a very pleasant news for the students of IPCC that CALS is going to introduce video lectures series on IPCC for the CA students.
The first production from this series is based on Company Law 2013 which is taught by Prof Simranjeet Singh . He is by qualification a CS ,LLB and LLM ,presently teaching as a guest lecturer in ICSI ICAI and IP University .
Prof Simranjeet Singh is one of the best teacher of Law .We are feeling a great honour to present this course .
CA Final examination in the subject strategic financial management is considered to be challenging in 2016. Examinees have shown their inability to score in this subject. Common mistakes noted in the subject Strategic Financial Management are mentioned elsewhere in the given blog. If you want to check in deep, may I request you to see the video of CA Nagender Sah Our esteemed faculty who is explaining the same in a video demonstration.
Firstly, the students fail to plan what the examination approach in the three hours. Specially, they are not clear about the working strategy of the first hour or 60 minutes.
Secondly, the students are selective in study and they don’t cover all chapters equally. It has been noticed recently that the students lack practice skills.
Thirdly, the approaches to the theoretical questions were casual and they were not properly written. Specially the direct question like short notes questions were not handled properly.
CONFUSIONS TO CLARITY IN CA-FINAL
Life is a journey and you have to travel with full confidence. You may be wondering what is right for you and what can be the value addition at the different stages of this journey. You might have been worried about the result of the chosen action course. There will be air of confusion within you. When you discuss with the people known to you, they might come up with the different stories and different viewpoints on the same issue which might confuse you.
The only recourse in such a scenario will be to get clarity of goals. Clarity means end of the confusion. Clarity gives the direction and thrust to reach towards goal. Clarity can come when only when you are steady mentally and remain focused. The focus can only come when you have faith. Faith is the force of life. You can only accelerate when you have faith in your focused goal and you have clarity of thoughts.
CA examination is tough because roughly 15 students out of 100 students who appear in the exam pass on an average in the CA Final exam. 85 students carry confusion and repeat the exam twice in May and November. This confusion appears because of the poor results. Also the peer group and seniors also talk the same.
These vicious exam circles create a negative impact on the CA final examinee, whether he is a first time examinee or is a repeater. All of these confusions create a depleted personality who does not know
how to come out with this negative cycle.
Clarity comes when you get a mentorship. Mentorship can create a direction for the future. It tells the action steps desirable to pass CA final exam. It tells all the subjects are equally important because you have to pass the group and not subject.
Fortunately, www.calearning.in has found the novel and positive way. It has developed its course for the first time in India for CA Final by offering an advanced product. Besides video and faculty notes which are available elsewhere in the market, it also offers three levels of assessments which are concept based MCQ with explanation, chapter based practice course with solution and three mock test papers with suggested answers. Its system of doubt resolution through email and webinar helps the student to get regular mentorship. Mentorship helps to develop positive mindset with the examinees.
Hence the clarity level increases when a student undergoes all the three level of assessment. Time and again, it is a proven fact that the faith can build up only when you are internally focused on your goal. Hence confusion can become clarity only when faith becomes down and deep within you.
According to Forbes 2013 list, A Chartered Accountant is amongst top 10 jobs of the world. The examination system is tough and challenging which are held twice a year.
CA performs traditionally the following ten tasks:
- Handling accounts, preparing and analyzing financial statements.
- Auditing financial statements.
- Advising clients on direct tax planning & tax related issues for entities
- Investigation of the financial position,
- Internal Audit, External audit and internal control of the business
- Managing financial systems and budgets both short term and long-term
- Company law related compliances
- Project management
- Indirect tax planning like custom, excise and service tax.
- Monitor funds constantly to avoid frauds.
There are following career opportunities for a CA on broad classification :
- Set up and independent professional practice
- Join a practicing firm of CA
- Render a service in the field of capital market
- Engage in own business venture
- Be a consultant for custom, excise, service tax, direct tax, company law
- Take up suitable position in industry as CFO, finance manager
- Be an advisor for business of non profit
- Go in the newer areas like Forensic Audit, Cyber law
- Emerging areas like Abroad based career (ACCA, CPA, CGAetc)
- Venture in to IND-As and GST which becomes operational in 2017 .
- Interpretation of various judicial issues arising from the judgement of High Court and Supreme Court.
Around 2.65 lakhs CA are there in jobs or in the practice in 2016. Life as a CA is full of challenges and satisfying to those who work with full focus to meet the needs of the society and country.
FIVE REASONS OF FAILURE IN CA FINAL EXAM
CA FINAL examination requires more writing skills and examination related practice through attempt of simulated exam paper in each subject. This exercise is more important to a CA repeater student than seeing video or attending classes. When I make this statement there is a reason behind same. CA examination has given its results ranging from 5% to 15% on an average basis. ICAI examiner comments reveal clearly that the examiner has expressed that the students fails because of certain specific reason:
- Firstly, Time Planning is poor among the examinee while attempting the exam questions because they don’t understand questions properly. Hence the students are advised to read the exam question and understand it first and decide the writing steps. For example the answers of explain, write short notes and discuss will always differ. You can’t expect same content to be written in all of these situations.
- Secondly, using first hour successfully is critical for success. Hence the choice of question and its writing properly with neatness as required for the effective communication is desirable element. You must know which questions are required to be picked first in exam hall.
- Thirdly, use of case laws, sections and formulas at the right place with proper explanation is relevant. Correct quotation of section is must. Question of law and Question of fact must be written properly and then the judgement must be given properly and correctly. Correct quotation of formulas and properly mentioning the elements of formulas is mandatory for success.
- Fourthly, effective time management on planning the exam preparation is required.
Remember all subjects are equally important. Hence we must devote equal time to all the subjects and never ignore any subject because you have to pass in each subject. Direct Tax may be important but remember also that Information System Control and Audit can’t be studied in the last. There are two possible way of learning while preparing a group. You can read all the subjects on every day by dividing equal time to all subjects.
- Fifthly and finally the level of confidence and mental strength during the exam preparation is mandatory for the success in CA Finals. Think that you have already achieved success. Mentally imagine your life after you get such success. You must have energy and zeal to achieve your dream. Never procrastinate. Always find a mentor who can motivate you to achieve your goals
You must focus on all the above five points so that you can achieve success in your CA final exam and in your life.
UNLOCK YOUR SELF
Tapping your best hidden potential brings in tremendous capabilities and confidence to accomplish your goal. Passion, perseverance and potential called 3P allows you to achieve whatever you want. Don’t limit your challenges, instead challenge your own limitations.
Always remember, a situation in life is a problem when the mind is weak , a challenge when the mind is balanced and an opportunity when mind is strong and confident. You must have tremendous faith in your own tremendous hidden internal capabilities.
If you have the capability to face the challenge with confidence with your inner energy then the life begins. There is no achiever in life who has not failed. Always remember there is no problem in life which has not got a solution and vice versa. Stress does not lie in the situation but in the manner we deal with it.
Every achievement is waiting outside comfort zone. You have to come out of comfort and provide the best solution for a given scenario. By sheer determination and zeal you can achieve your desired goal. Always believe that success doesn’t come in the manner you will want. Success manifest in the way it has to happen. They say, Rome was not built in a day. It was long patience of Romans which created a successful living in Rome.
Strike a balance between professional and personal life . You must know how to be happy and progressive always on the journey of life. I have immense faith in the internal strength of each one of you . You can drink even ocean of water if you have tremendous faith in you. . You must have faith in yourself because always remember that faith is the force of life.
In the emerging market, people with creativity, innovation and extraordinary niche knowledge will succeed. Aspire to emerge as a role model for the next generation. You may be leading an ordinary life but may be your contribution to the society may be such that you turn out to be in the extraordinary league . Life is short and time is limited hence lets work out the best endeavor.
GET CA DEGREE AT MINIMUM COST
CA is one of the cost effective vocational course in India. It costs almost Rs.45000/- as per the cost details provided by the ICAI. Registration fees in CPT which is the entrance course is Rs.6000/-. In IPCC which is an intermediate course the cost of registration for both the groups is Rs. 9000/-. In CA a student articled training registration with ICAI costs Rs.2000/-. Similarly a student has to shell out Rs.10000 towards the registration of Final registration.
The student has to also undergo a practical training in ICAI for Information Technology of 100 hours which costs Rs.4000/-. Further a student has to undergo an orientation program of 35 hours costing Rs.3000/-. In order to improve further communication ability among the students, ICAI has embarked two General Management Communication Skills (GMCS) costing Rs. 5500/- each. Hence in the entire CA journey, a student has to incur around Rs. 45000/- without incurring any tuition cost.
A student has an option to earn the stipend in three different possibilities:
- During the article ship training a student who belongs to city having a population of twenty five lakhs will earn Rs.24000 in the first year, Rs. 30000 in the second year and Rs. 36000 in the third year of training. Hence as per ICAI rules, a student gets a stipend of Rs.90000 in the three years. Hence it is a win win situation for the student because financially it is a good option.
- In cities with a population of four lakhs and above but less than twenty lakhs, an article trainee earns Rs. 18000 in the first year, Rs.24000 in the second year and Rs. 30000 in the third year which totally amounts to Rs. 72000 in the three year span.
(c )In smaller cities with a population less than 4 lakhs, a student is entitled Rs.18000 pa in the first and second year respectively while Rs.24000 in the third year which totally amounts to Rs.60000 in the three years cycle.
Hence in either of the three options, the student covers the cost of his training in the entire three years. This shows that unlike other careers CA is the most cost effective course in India.