How would you feel if you know that even your Income Tax Return (ITR) filing can fall under this scam. Shockingly, but Income Tax Department has released an awarement advertisement warning about phishing scam. This medium is used by fraudsters to take away your refund amount in ITR filing. By filing for an ITR, a taxpayer can save big on their taxes. There are some 7 forms depending upon your income and other sources, is
The most comprehensive news portal for Chartered Accountants and Other Professionals around the world.
Friday, January 25, 2019
Hyd-based CA prep startup IndigoLearn raises $135k in follow-on angel funding
IndigoLearn now aims to scale its student base to 1 lakh students over the next one year on the back of funding and new product launches lined up in the coming months.
Hyderabad-based EdTech startup IndigoLearn.com, which focuses on teaching finance and accounting has raised $135k in a follow-on round from angel investors. Angel investors based out of India and US including Vivek
Realty joint development projects hit by GST in FY18: Report
Even as the share of real estate projects launched under the joint development (JD) model has increased significantly over the years, the challenges posed by
Saturday, January 19, 2019
IRS corruption case: CA surrenders to ACB
The Anti-Corruption Bureau (ACB) in
Ahmedabad received a surprise visitor on Thursday when
Chartered Accountant Sumeet Singhania surrendered himself at its office in Shahibaug. Singhania is wanted in a corruption case involving Assistant Commissioner of Income Tax (ACIT) Suresh Chand Meena in Ahmedabad.
The CA was arrested on Thursday morning after he surrendered before the ACB. He had been
Ahmedabad received a surprise visitor on Thursday when
Chartered Accountant Sumeet Singhania surrendered himself at its office in Shahibaug. Singhania is wanted in a corruption case involving Assistant Commissioner of Income Tax (ACIT) Suresh Chand Meena in Ahmedabad.
The CA was arrested on Thursday morning after he surrendered before the ACB. He had been
CA May 2019 Exam' Dates Not Finalised Yet: ICAI
After some probable dates of commencement of May 2019 CA exam and the
time table has started doing the rounds in the social media, ICAI, the
professional organisation which organises Chartered Accountant
qualifying exams in India said they are yet to finalise a date for the
exams. According to
The man who came up with Income Tax in India - A controversial move
A controversial move
James Wilson, the Scotsman who created India's first Budget, introduced
the income tax act in 1860. This created a big controversy. Wilson
argued since the British provided safe and secure environment
Govt, ICAI to train 1 lakh accountants to help boost GST compliance
The Government of India, along with The Institute of Cost Accountants
of India (ICAI), is all set to launch a nation-wide GST-training
programme to train one lakh accountants in the country to enable them to
deliver GST compliance, especially to small and medium enterprises
(SMEs) that are
Wednesday, January 16, 2019
Your income tax return will soon be processed in one day; Infosys to develop integrated e-filing system
The government on Wednesday said IT major Infosys will develop the
next-generation income tax filing system for Rs 4,241.97 crore which
will cut down the processing time for returns to one day from 63 days
and expedite refunds.
The Cabinet, chaired by Prime Minister Narendra Modi, gave its "approval to expenditure sanction of
The Cabinet, chaired by Prime Minister Narendra Modi, gave its "approval to expenditure sanction of
GST Deemed Export: CA Certificate Mandatory for Supply of Goods against Advance Authorisation
The Central Board of Indirect Taxes and Customs (CBIC) has issued a
notification amending the meaning of Advance Authorisation wherein the
conditions were specified to get the benefit of deemed export under GST
for the supply of goods by registered persons against Advance
Authorisation.
As per the earlier notification, the supply of goods by a registered person against Advance
As per the earlier notification, the supply of goods by a registered person against Advance
GST panel to study uniform tax rate on lottery
The GoM would also Examine issues related to enforcement including
the legal frame work, so as to prevent evasion of tax on lottery and
suggest appropriate tax rate to address the problem.A GST
ministerial panel will suggest whether a uniform tax rate should be
imposed on lotteries or the current differential tax rate system be
continued, the Finance Ministry said Wednesday.
Currently, a state-organised lottery attracts 12 per cent GST while a state-authorised lottery attracts
Currently, a state-organised lottery attracts 12 per cent GST while a state-authorised lottery attracts
Tuesday, January 15, 2019
CA Exams May be postponed to June
There are speculations that the Institute of Chartered Accountants of India (ICAI) is likely to postpone the CA exams to be held in May to June due to the general elections 2019.
Reportedly, during the national student convention held in Mumbai on 12.01.2019, it was announced
Reportedly, during the national student convention held in Mumbai on 12.01.2019, it was announced
Extension of last date “for complying with the CPE hours requirements for the Calendar Year 2018”
| January 11, 2019 |
| FOR INFORMATION OF THE MEMBERS |
|
Subject: Extension of last date “for
complying with the CPE hours requirements for the Calendar Year 2018” -
till 31st January, 2019
This is for kind information of the members that the last date for complying with the CPE Hours |
9 Facts You Must Know about the New GST Limit of Rs40 lakh
The Goods and Services Tax (GST) council, at its 32nd meeting held last
week, announced several changes including the fact that the new limit
for registration under GST would be Rs40 lakh. This has been hailed as a
major decision to help small taxpayers go out of the tax net and,
hence, the related compliances and costs. However, this limit has come
with far too many complications, as explained below, and a small
businessman will have to take help of a tax expert before deciding
whether to avail this exemption limit or continue to be in GST regime.
The main issues, which will have to be kept in mind, are:
2. Goods, Not Services: The limit is applicable only for sale of goods. For service providers limit
1. Next Year: This limit is applicable from FY19-20 onward, i.e., for financial year starting from 1 April 2019.
Monday, January 14, 2019
Engagement of Chartered Accountancy (CA) firm for providing professional services for IFCI
Engagement of Chartered Accountancy (CA) firm for providing
professional services in respect of assignment pertaining to modified
special incentive package scheme (M-SIPS) being undertaken by IFCI.
Address :
Address :
ICAI sends Notice to Medias for Publishing Defamatory Cartoon and Article against Chartered Accountants
The Institute of the Chartered Accountants of India ( ICAI )
has sent a notice to two news media, one for publishing a cartoon
mocking the Chartered Accountants and second for publishing an article
disreputing the CA profession.
In the first instance, the media company published a cartoon under the category ‘iToons’, which
In the first instance, the media company published a cartoon under the category ‘iToons’, which
Investment options eligible for deduction under section 80C of Income Tax Act
Tax breaks are important as they bring down your tax liability.
Though saving income tax cannot be the sole aim for one’s investments,
it helps to take into account tax breaks while investing to ensure
congruence between financial planning and tax planning.
Section 80C of Income Tax Act is a key tax shelter for most individuals. Here are a few avenues you can tap:
Life Insurance Premium
Public Provident Fund (PPF)
Employees’ Provident Fund (EPF)
Sukanya Samriddhi Yojana (SSY)
National Saving Certificate (NSC), including accrued interest
5-Year fixed deposits with banks, Post Office, HUDCO and NHB
Senior Citizens Savings Scheme (SCSS)
National Pension System (NPS)
Unit-Linked Insurance Plans (ULIPs)
Equity Linked Savings Schemes (ELSS)
Pension Plans
Tuition fees paid for children’s education (maximum 2 children)
Principal repayment on Housing Loan
All investments and expenses put together, one can avail of deduction up to Rs 1.5 lakh per financial year. Each one of these come with some condition. It is better to know the same before committing
Section 80C of Income Tax Act is a key tax shelter for most individuals. Here are a few avenues you can tap:
Life Insurance Premium
Public Provident Fund (PPF)
Employees’ Provident Fund (EPF)
Sukanya Samriddhi Yojana (SSY)
National Saving Certificate (NSC), including accrued interest
5-Year fixed deposits with banks, Post Office, HUDCO and NHB
Senior Citizens Savings Scheme (SCSS)
National Pension System (NPS)
Unit-Linked Insurance Plans (ULIPs)
Equity Linked Savings Schemes (ELSS)
Pension Plans
Tuition fees paid for children’s education (maximum 2 children)
Principal repayment on Housing Loan
All investments and expenses put together, one can avail of deduction up to Rs 1.5 lakh per financial year. Each one of these come with some condition. It is better to know the same before committing
Companies may soon be able to rectify GST returns for Non-IT errors
NEW
DELHI: Indian businesses may soon be able to amend goods and services
tax (GST) return mandated for carrying forward tax credit from the
previous regime for non-IT related errors as well. The GST Council has directed a committee for IT grievance redressal to quickly draw up a solution that will give relief to industry.
Thousands of crores of tax credit claimed by businesses have been denied because of errors in the
Thousands of crores of tax credit claimed by businesses have been denied because of errors in the
Saturday, January 12, 2019
GST: HC dismisses 3,250 petitions - Times of India
KOCHI: The high court, on Friday, dismissed a total of 3,250 petitions filed by business houses questioning the power of the state government to levy value-added tax and penalties for alleged tax evasion that occurred in years prior to the introduction of Goods and Services Tax (GST).
Justice Dama Seshadri Naidu ruled against the contention of the petitioners that the state government
Justice Dama Seshadri Naidu ruled against the contention of the petitioners that the state government
Friday, January 11, 2019
Thursday, January 10, 2019
Pvt Member's Bill Proposes Employees' Right To Disconnect Work Calls Or Emails After Office Hours [Read Bill]
Employees might acquire the right to disconnect work calls or emails after office hours, if a private member's bill gets passed in the parliament.
The Right to Disconnect Bill 2018, introduced by NCP MP Supriya Sule, seeks to establish an Employees' Welfare Authority "to confer the right on every employee to disconnect from work-related telephone calls and emails beyond work hours and on holidays and right to refuse to answer calls and emails outside work
Outcome 32nd GST Council meet: Arun Jaitley press meet
*Outcome of 32nd GST Council Meeting -FM Arun Jaitley press meet*
*1. Threshold limit increased to 40 Lakhs*
Effective April 1, the GST exemption threshold has been raised from Rs 20 lakh to Rs 40 lakh. For hilly states and those in the North East, the threshold has been doubled to Rs 20 lakh.
*Earlier in a press talk AP FM said increased to 50lakhs, but it is increased to 40lakhs only as said by
*1. Threshold limit increased to 40 Lakhs*
Effective April 1, the GST exemption threshold has been raised from Rs 20 lakh to Rs 40 lakh. For hilly states and those in the North East, the threshold has been doubled to Rs 20 lakh.
*Earlier in a press talk AP FM said increased to 50lakhs, but it is increased to 40lakhs only as said by
ICAI~ key clarifications on Grants
CA
Ind
AS Technical Facilitation Group' (ITFG) of Ind AS Implementation Group
recently issued its Bulletin 17 and, amongst other changes, provided
clarifications on certain key aspects of government grant accounting
under Ind AS 20Accounting for Government Grants and Disclosure
HC okeyed special audit of Patanjali
IT:
Where Assessing Officer had carefully outlined salient aspects in
accounts and returns of assessee that needed to be looked into and made
impugned order directing special audit and assessee had not alleged any
mala fides, impugned order directing special audit was justified
■■■
[2019] 101 taxmann.com 46 (Delhi)
HIGH COURT OF DELHI
Patanjali Ayurveda Ltd.
v.
Deputy Commissioner of Income-tax*
S. RAVINDRA BHAT AND PRATEEK JALAN, JJ.
W.P. (C) NO. 2591/2013
DECEMBER 6, 2018
Section 142 of
the Income-tax Act, 1961 - Inquiry before assessment (Special audit) -
Assessment year 2010-11 - Assessee had filed its return of income -
Assessing
BSE circulars regarding Acceptance of Probate of Will or Will for Transmission of Securities held in dematerialized mode
BSE has issued the following circulars to the Listed Companies regarding amendments to SEBI Regulations and Circulars issued by SEBI
BSE Circular Date
|
BSE Circular Number
|
Circular Title
|
Effective Date
| |
1
|
January 7, 2019
|
LIST/COMP/34/2018-19
|
Acceptance of Probate of Will or Will for Transmission of Securities held in dematerialized mode
|
January 4, 2019
|
2
|
January 7, 2019
|
LIST/COMP/35/2018-19
|
Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2018
|
December 31, 2018
|
3
|
January 8, 2019
|
LIST/COMP/36/2018-19
|
Securities and Exchange Board of India (Issue of Capital And Disclosure Requirements) (Amendment) Regulations, 2018
|
December 31, 2018
|
4
|
January 8, 2019
|
LIST/COMP/37/2018-19
|
Securities and Exchange Board of India (Prohibition of Insider Trading) (Amendment) Regulations, 2018
|
April 1, 2019
|
1. BSE Circular no LIST/COMP/34/2018-19 dated January 7, 2019 titled “Acceptance of Probate of Will or Will for Transmission of Securities held in dematerialized mode”
Securities and Exchange Board of India (SEBI) has issued Circular SEBI/HO/MIRSD/DOP/CIR/P/ 2019/05 dated January 04, 2019 regarding “Acceptance of Probate of Will or Will for Transmission of Securities held in dematerialized mode”.
The summary of the aforesaid SEBI Circular is given hereunder.
Wednesday, January 9, 2019
Auditors barred from putting a value on companies they are auditing: ITAT
Mumbai: An income tax tribunal has barred auditors from issuing valuation
certificates to the companies they are auditing. This is set to impact
several tax disputes around valuations in companies including angel tax disputes involving start-ups.
The Bangalore Income Tax Appellate Tribunal (ITAT) said that auditors of a company cannot double up as accountants especially in situations while dealing with “share valuation for the purpose of
The Bangalore Income Tax Appellate Tribunal (ITAT) said that auditors of a company cannot double up as accountants especially in situations while dealing with “share valuation for the purpose of
How 'Briefcase' Companies are Defrauding the GST System of Thousands of Crores
On Tuesday, Shiv Pratap Shukla, minister of state for finance
informed parliament that 3,626 cases of tax evasion had been detected in
just three quarters of FY19 under the goods and service tax (GST)
regime. The total tax evaded in these cases works out to Rs 15,278
crore. Of this, Rs 9,959 crore has
Top Indian Firms Including HUL, Reliance, HDFC Using Cryptocurrencies for Internal Ops
While India is still far from being liberal and poised towards its
perspective for cryptocurrencies and even as the country’s central bank,
the Reserve Bank of India (RBI), had already banned banks to serve
trading related to cryptocurrencies, few leading banks and top notch
companies of the country
Tuesday, January 8, 2019
Tax benefits for salaried, middle classes, hike in savings limit in interim budget
The
Narendra Modi-government is out to lure the middle class less than a
week after the Prime Minister said that the nation needs to redefine the
perception about middle class in an interview.
ET Now learns that the centre may look to dole out income tax benefits in its last Union Budget that
ET Now learns that the centre may look to dole out income tax benefits in its last Union Budget that
Monday, January 7, 2019
Empanelment of Concurrent Auditors of various branches / offices- Syndicate Bank
From
the practising Chartered Accountants / firms , for assigning
empanelment of Concurrent Auditors of various branches / offices.
Address : Multi Location, Multi State
Important Dates Particulars
Taxman on a refunds spree as income tax returns hit record high in FY19
NEW DELHI: The current fiscal year is likely to be a watershed for income tax compliance and the tax department is returning the favour with quick refunds. The income tax
department issued refunds to 24 million taxpayers on December 30, a 53%
rise from the year ago, refuting speculation that these
Expedite GST on energy: PMO
NEW
DELHI: The Prime Minister’s Office has asked nodal ministries to speed
up efforts to bring all states on board for the inclusion of oil,
natural gas, electricity and coal under the ambit of the goods and service tax (GST).
States have been reluctant because so far, they have the freedom to
levy their
Sunday, January 6, 2019
Sebi adds Sarath & Associates in CA firms list to conduct forensic audit of listed cos
Markets regulator Sebi has selected Hyderabad-based chartered accountant Sarath & Associates for conducting forensic audits of financial statements of listed firms
to check frauds, taking the total number of such entities to 10. The
watchdog has already enrolled nine entities -- KPMG, Grant Thornton, Ernst & Young Associates LLP, Deloitte
Touche Tohmatsu India LLP, Chokshi & Chokshi LLP, G D Apte & Co
CA, JLN US & Co, Pipara & Co LLP and T R Chadha & Co LLP --
in October.
Pursuant to completion of the empanelment process, Sarath & Associates has been enrolled to take up
Pursuant to completion of the empanelment process, Sarath & Associates has been enrolled to take up
How to calculate eligibility for tax exemption on LTA
LTA exemption is in respect of actual expenditure on the fare,
hence, if no journey is undertaken, then no exemption is available.
Photo: iStock
An easy way to save some tax from your
salary income, leave travel allowance (LTA) can be tricky if you
overlook the eligibility criteria. LTA, also known as leave travel
concession (LTC), cannot be
Ministerial panels on GST relief to MSMEs, levy of calamity cess to meet today
Two ministerial panels under the GST Council will meet on
January 6 to decide on hiking the exemption threshold for MSMEs and
feasibility of levying calamity cess under the new indirect tax regime,
officials said.
The six-member Group of Ministers (GoM) on MSME, headed by Minister of State for Finance Shiv
The six-member Group of Ministers (GoM) on MSME, headed by Minister of State for Finance Shiv
Saturday, January 5, 2019
TDS Defaulters Should Be Prosecuted Under IPC: High Court
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
WRIT PETITION NO.2537 OF 2018
Ramprakash Biswanath Shroff … Petitioner
Vs
The Commissioner of Income Tax (TDS) and Ors. … Respondents
Mr. Ramprakash B. Shroff- Petitioner in person.
Mr.Suresh Kumar for Respondent No.1.
CORAM : S.C. DHARMADHIKARI & B.P. COLABAWALLA, JJ.
MONDAY, 15TH OCTOBER, 2018 P.C. :
1 At the request of Mr.Suresh Kumar and to enable him to file a comprehensive affidavit, we post this matter on 19th November, 2018.
2 This Writ Petition raises an issue which is of serious concern for those salaried employees
ORDINARY ORIGINAL CIVIL JURISDICTION
WRIT PETITION NO.2537 OF 2018
Ramprakash Biswanath Shroff … Petitioner
Vs
The Commissioner of Income Tax (TDS) and Ors. … Respondents
Mr. Ramprakash B. Shroff- Petitioner in person.
Mr.Suresh Kumar for Respondent No.1.
CORAM : S.C. DHARMADHIKARI & B.P. COLABAWALLA, JJ.
MONDAY, 15TH OCTOBER, 2018 P.C. :
1 At the request of Mr.Suresh Kumar and to enable him to file a comprehensive affidavit, we post this matter on 19th November, 2018.
2 This Writ Petition raises an issue which is of serious concern for those salaried employees
Friday, January 4, 2019
Ranji Trophy 2018-19: Balancing chartered accountancy and cricket, Abhimanyu Easwaran bides his time for national reckoning
At a time when the poor form of KL Rahul and Murali Vijay have forced
the Indian selectors to search for options for the openers’ slots in
Tests, Bengal’s Abhimanyu Easwaran has put his hand up with some solid
performances in recent times.
A majestic 183 not out during Bengal’s record run-chase of 322 against Delhi has helped him grab
A majestic 183 not out during Bengal’s record run-chase of 322 against Delhi has helped him grab
Income Tax Returns filing: Benefits to senior citizens explained; a brief guide for you
Income Tax Returns filing
season is here! Yes, the tax filing season is approaching and many of
you must have prepared for it well in advance. Others may not have even
started! You may have made investments to save taxes on your hard earned
money. And if you are a senior citizen, there are some
Buying a car over Rs 10 lakh? Be prepared to pay more taxes. required to pay GST on both invoice value in addition to tax collected at source (TCS) under income tax rules.
Individuals looking to buy a car priced Rs 10 lakh and above need to
pay an extra amount towards Goods and Services Tax (GST) as per the
latest order from Central Board of Direct Taxes (CBIC).
As per the latest clarification, customers are required to pay GST on both invoice value in addition to
As per the latest clarification, customers are required to pay GST on both invoice value in addition to
PwC uses drone in audit for first time
PwC has revealed it used a drone in its audit of RWE, a German energy company, to measure stock including coal reserves at a power plant in Aberthaw, south Wales.
It is the first time the firm has used a drone in an audit but it plans to roll out their use when auditing other businesses as the results were “groundbreaking”.
“Sectors with large assets in hard to reach areas are the most obvious starting
It is the first time the firm has used a drone in an audit but it plans to roll out their use when auditing other businesses as the results were “groundbreaking”.
“Sectors with large assets in hard to reach areas are the most obvious starting
Thursday, January 3, 2019
Vacancy for CA/ICWA in Air India
AIESL Jobs Notification: Air India Engineering Services Limited invited applications for the post of Executive Finance and Other Posts. The eligible candidates can apply to the post through the prescribed format and attend walk-in-interview from 28 January to 06 February 2019.
Important Date:
Walk in interview- 28 January to 06 February 2019
Finance Ministry allows businesses to claim GST input credit benefit for FY'18 till Mar 2019
The Finance Ministry has allowed businesses to claim input tax credit
benefit for the first financial year of Goods and Services Tax roll
out, till March 2019, provided it matches with the return filed by their
suppliers. The deadline for claiming input tax credit (ITCNSE -0.62 %) ended on October 25, 2018.
Tax experts said that ITC claims were allowed to businesses earlier provided businesses had
Tax experts said that ITC claims were allowed to businesses earlier provided businesses had
Now get reward of Rs.1 crore from Government for informing benami properties under The Benami Transactions Reward Scheme, 2018
Ever since the Income Tax (IT) department announced a reward
of up to Rs 1 crore to whistleblowers of benami properties, the Benami
Prohibition Unit (BPU) has been flooded with vague tip-offs by eager
citizens. Unfortunately, the BPU has not been able to make any major
headway due to the lack of specifics in these tip-offs.
As per a report by The Times of India, many people have approached the BPU to offer details about
As per a report by The Times of India, many people have approached the BPU to offer details about
Wednesday, January 2, 2019
Sachin Bansal pays Rs 699 crore tax on gains from Flipkart-Walmart deal: Report
Flipkart co-founder Sachin Bansal has deposited Rs 699 crore as
advance tax, including his capital gains tax from the Flipkart-Walmart
deal, for Q1 FY19, according to a report by The Times of India.
His partner Binny Bansal, however, is yet to disclose capital gains made on his stake sale in the
His partner Binny Bansal, however, is yet to disclose capital gains made on his stake sale in the
CA students to protest against ICAI: Why they are demanding the right of revaluation
The protest, led by a few teaching members, aims at making ICAI amend Regulation 39(4) which permits only re-totalling of answer papers.
Students across the country are getting ready to raise their voices against their certifying authority, the Institute of Chartered Accountants of India (ICAI), which is the second largest professional accounting body in the world. Students and a few teachers allege that there have been instances of errors in the evaluation of the examination and are demanding that the ICAI amends Regulation 39(4) of the CA Regulations, 1988.
Though initially the protests, in the form of silent assembly and a hunger strike, were supposed to take place across the country from Wednesday, the students and the faculty members who are leading are considering postponing the same.
The seed to protest came after CA Parveen Sharma published a videoon September 8, which showed that a student had not been awarded the marks they deserved. In the video, Parveen compared the inspected answer sheet with the suggested answers published by the ICAI for that exam. In the answer paper, though the student had given the correct answer for a question, the examiner had awarded zero marks against the same. This drill was consistent for all the answers written by that student, except the very first question, for which the examiner had awarded three marks. In the end, the student failed the paper as they earned a single digit mark, even though the answers deserved much more than what was awarded. However, according to ICAI rules, the paper will not be re-evaluated.
This video became viral in a matter of hours, leading the students to realise the gravity of the situation. Amply supported by other popular faculty members in North India, the message spread across the community about the unfair regulations. The demand of the students is for the institute to permit revaluation of answer papers. This could be a step towards bringing in transparency in the process, they say.
The students also took to Twitter to express their demands and soon, #amend394 became a trending hashtag.
Parveen also sent a letter to the institute, detailing the flaws in the evaluation process and the urgent requirement for reforms. He is part of the group protesting the process, and in another video, informed that the decision to hold protests was taken due to the lack of response from ICAI on the letter sent by him.
Regulation 39(4)
The Chartered Accountants Act of 1949 and the Chartered Accountants Regulation of 1988 govern the professional lives of the chartered accountants and CA students in India. As per the clauses in the CA regulations, once the results of the CA examinations are published, the students are allowed to apply for re-totalling of their marks on payment of a fixed fee. This fee, however, is only to check if the student’s answers have been examined and marked, and not for re-examining the answers itself. The ICAI checks only for errors on the arithmetical accuracy of marks and omission to evaluate, and not the merits of awarding specific marks to a specific question.
“The fee shall be only for verifying whether the candidate's answers in any particular paper or papers have been examined and marked, and not for the re-examination of the answers,” reads a portion of the clause 39(4).
This is further clarified by the ICAI on its website where it is stated that it does not permit revaluation of answer books.
Impact
The impact of such a rule was that this particular student cannot use the copy of his or her own answer paper to demand a revaluation of answers by the institute. It is the merit of the awarded marks that were to be questioned there, to which the student is not entitled to, as per the existing norms of the ICAI.
Students keep failing their exams and were unable to understand what the examiners expected, which adversely affected their careers. Janani*, a student who attempted her CA final exams for the fifth time in November, says that this lack of transparency affects the morale of students, as well as their careers. “Beyond a certain number of attempts, students are not even considered to sit for job interviews. I think this is not fair, because the ICAI deprives the student of asking for revaluation, which leads to an increase in attempts. But then, the same ICAI does not regulate the unreasonable demands put forth by recruiters like the upper cap on the number of attempts when searching for a candidate.”
Flaws in process
Speaking to TNM, all-India rank holder and GST expert Mayank* says that whatever the institute claims to do to address the situation is not enough. “A lot of CAs who are given the task of correcting answer papers are not familiar with the subject they are assigned to evaluate. The criteria to enroll as an examiner with the ICAI are pretty basic. They just need to have a certain number of years experience as a qualified CA,” he says.
This point is reiterated by Shriram, a practicing CA from Chennai, who adds that examiners are not required to be subject experts when applying to be an examiner.
“The people who grade the papers need not be faculty members who remain in touch with the paper. In fact, people who take classes are not permitted to be examiners. The ones who are permitted need not have a thorough knowledge of the subject as much as an academician would have. The examiners need not necessarily be academicians,” he says adding that the requirement put forward by the students is genuine, basically because of the subjectivity involved in the process.
Shriram also adds that since the examiners correct the answer sheets in different places, there is no easy and faster avenue to discuss or debate an issue that is in the question paper or in answer sheets. “This issue crops up because fundamentally, people take a stand in their examination, be it the student or the valuer. Then there is subjectivity involved and there is a scope for debate,” he says
“Valuation is a subjective assessment, especially for questions that have multiple answers based on the assumptions made by students in answering that question,” he explains.
Shriram recommends a centralized evaluation in which examiners can sit in one place and do the valuation for a specified period of time and close the process. “Such an arrangement will opened up an arena for people to discuss and debate on contradictions in answers or assumptions made by students. If there is anything to be referred, the examiners can refer between themselves and zero in on a solution.”
What ICAI has to say
ICAI President CA Naveen ND Gupta, in a video published on December 21,
Home Ministry Extends Last Date for Filing FCRA Return to 31st March
The Ministry of Home Affairs has extended last date for filing online annual returns in form FC-4 for financial year 2017-18 31 March 2019, due to difficulties faced by associations registered under Foreign Contribution (Regulation) Act, 2010, Foreign Contribution (Regulation) Rules, 2011 (FCRA).
This comes as a big relief to those, who are still struggling with obtaining non-governmental organisation (NGO) darpan unique identification (UID) or other
Tuesday, January 1, 2019
5 habits to help you crack CA in first-attempt
#1
They should adhere to their study plan without fail. The aspirants also need to set daily, weekly, monthly and long-term study goals to prepare well.
Proper planning is necessary; set study targets to cover syllabus
The importance of proper planning cannot be emphasized enough. Even for CA preparation, aspirants must start exam preparation by going through the entire syllabus and creating a proper study plan, covering all the topics.They should adhere to their study plan without fail. The aspirants also need to set daily, weekly, monthly and long-term study goals to prepare well.
#2
Develop a habit of regular revision; take mock tests
After learning all the concepts and topics, aspirants should revise on a regular basis which will help
The Central Government has notified the waiver of GST late fee for the returns GSTR-1, GSTR-3B and GSTR-4
The Central Government has notified the waiver of GST late fee for the returns GSTR-1, GSTR-3B and GSTR-4 last day.
The 31st GST Council meeting had waived the late fee for some returns such as FORM GSTR-1, FORM GSTR-3B & FORM GSTR-4 for the periods July 2017 to September 2018.
According to the Notification issued on Monday, the late fee shall be completely waived for all
The 31st GST Council meeting had waived the late fee for some returns such as FORM GSTR-1, FORM GSTR-3B & FORM GSTR-4 for the periods July 2017 to September 2018.
According to the Notification issued on Monday, the late fee shall be completely waived for all
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