Saturday, 29 November 2014

How to become an chartered Accountant?

Introduction

Chartered Accountant in India


Chartered accountancy is the core of all business, be it big or small. A chartered accountant’s work involves auditing, taxation (e.g. Service Tax, Value Added Tax, International Taxation etc.) , accounting and financial planning, outsourcing. It can be a very challenging and rewarding job.
Career prospects after doing chartered accountancy are exciting. Chartered accountancy can be the first step to other rewarding careers in finance, investment consultancy and fund management.
The Chartered Accountancy course is conducted by the Institute of Chartered Accountants of India, which has its headquarters in New Delhi, 5 regional offices (Calcutta, Kanpur, Chennai, Mumbai and New Delhi) and 81 branches under these regional centres.

Step-by-Step

The qualifications for becoming a CA have changed over the years. Initially — and that was decades ago — one could think of becoming a CA only after finishing graduation and a candidate had to undergo five years of articleship training. In 1991-92, ICAI allowed candidates who had cleared their Plus Two examinations to appear for the Foundation Course of the CA programme. In October 2001, ICAI introduced PE-1 and PE-2 system of examinations in place of the Foundation and the Intermediate examinations. However, in 2006, ICAI revamped the system and launched CPT, IPCC and FC.
The unique feature of the chartered accountancy is its curriculum, which is theoretical education with complementary practical training. A student would undergo theoretical education and practical training concurrently from the very beginning. This balanced approach helps the students to appreciate the underlying practical applications of the theoretical education scheme.
  • Common Proficiency Test (CPT)

    CPT is an entry level test of four subjects i.e. Accounting, Mercantile Laws, General Economics and Quantitative Aptitude.
  • Integrated Professional Competence Course (IPCC)

    This is first stage of CA curriculum wherein only working knowledge of core and allied subjects to accountancy profession is covered. The subjects of IPCC are classified into two groups which a student can study and appear in the examination group-wise or both the groups together. IPCC is designed to improve knowledge of accountancy linked to accounting standards to build strong foundation for developing knowledge of financial reporting at the final stage. The students update their knowledge of business communication, business strategies, taxes, information technology and audit.
  • CA Final

    CA Final covers advanced application knowledge of core subjects like financial reporting, strategic financial management, advanced management accounting, advanced auditing and professional ethics and information systems control and audit. In addition, principles of e-governance, corporate and allied laws, international taxation and VAT are important features of the updated subject contents.
  • Articleship 

    The students after passing Group I of IPCC will register for Articleship for a period of three years with experienced CAs. Certain rules do apply - CAs with 16 years of experience and above can take on about 8 articles, those with less experience can train fewer articles and these teachers or 'Principals' as they are called, can be changed during the course of training. An agreement of training needs to be executed before it begins. During the training time, articles learn the technical details of the work and as time passes, they are given larger assignments with less supervision. All articled clerks are paid a stipend depending on their city's population.

Start Early

In today’s cut throat competitive world, it is advisable that a student starts planning right after class 10. For chartered accountancy, a student can register with the Board of Studies and prepare for entry level test while pursuing 10+2. It is better to take mathematics at this level. Students of commerce stream definitely have an advantage while pursuing this career. The latest scheme of CA is designed to encourage young talented students having aptitude for accounting education to make an early entry into the profession.

Is it the Right Career for Me?

It is generally believed that only students of commerce should pursue CAcourse. However, CA being a very practical course, the students from science and arts streams can equally benefit and make a successful career. Students of science and arts stream have to make extra efforts in order to understand some complex accounting nuances and have to get basic knowledge of various management topics. But it can be easily concluded that students of science and arts streams can be successful CAs, if they are ready to toil.

What would it Cost Me?

Unlike other professional courses, the fee for becoming a CA is very less, which is inclusive of the cost of study material. For registering with IPPC you have to shell out Rs 9000 while the fee for CPT is Rs 6700.

Funding/Scholarship

There is not much scope for any scholarships while pursuing chartered accountancy.

Job Prospects

On completion of the training, the candidates need to gain membership to the ICAI before they can start practicing as a CA. A member wishing to practice in India or abroad needs to obtain a Certificate of Practice from the ICAI, the yearly fee of which is Rs. 400. Once the membership is taken, the practicing member cannot work in any other business or occupation without taking permission from the council; they are only permitted to work in areas as specified in the CA regulations. More information on enrolment or the examinations can be requested from the Institute's offices or the Headquarters at Indraprastha, New Delhi or the Board of Studies, C1 - Sector 1, Noida - 201301.


Pay Packet

For CA Inter: Generally candidates holding CA inter-qualification are paid somewhere between Rs 7,500 and 15,000 depending on the type of firm. Payments can be higher for candidates possessing other qualifications such as MCom or an MBA. On the other hand starting salaries can be as little as Rs 4,500 to 5,000 in some small towns of the country.
For CA Final (FCA): Starting salaries range between Rs 12,000 to 30,000 depending on the type of firm and nature of the economy.
A full fledged CA can expect a salary between Rs 30,000 to 75,000 after serving a stint of more than 5 years at a top firm.


Demand and Supply

It can be easily concluded that the country needs about 7,500 to 10,000 fresh CAs every year seeing the growth of Indian economy in the last 5 years.


Market Watch

Chartered Accountants have been one of the most sought after professionals in India. Much of the reputation of CAs is due to the fact that their rigorous training (both theoretical and practical) makes them practically jack of all trades as far as the domain of finance is concerned. In spite of the sea change in global trade systems and practices, the requirement of CAs has remained steady.
The demand for CAs has been growing between 10% to 15% over the past 3 – 4 years. The demand however depends on the state of the economy and there is direct bearing on the demand of CAs when the economy is in downtrend. But the statutory clause for mandatory appointment of CAs provides substantial cushion support to the CA fraternity as compared to other comparable peers.


International Focus

The qualification of CA is globally recognized hence industry outlook for CAs is bright indeed. Much recognition for CA degree is due to the fact that the CA course has been able to keep pace with changes in industry scenario. Several new modules and topics have not only been incorporated into the CA course but have been very effectively implemented to give increasing more power to the CA degree. In spite of the fact that several top-notch B-schools (including IIMs) have produced some of the most brilliant B-school grads, it is noteworthy that CAs has been able to retain their prominence in present world order.

Read more: Chartered Accountant in India



Friday, 21 November 2014

Procedure for Online e-payment of Service Tax



Please Note: Online Payment of  Service Tax made through ICICI Bank, HDFC Bank and Axis Bank can be done by assesses for selected commissionerates only. Online payment of service tax made through any other authorised bank is accepted for all commissionerates.

In case of excess payment of service tax whether paid through GAR 7 Challan or paid online, an assessee can either adjust the excess Service Tax paid against his future liability or can claim service tax refund in case the self adjustment is not possible The most concerning part about Service Tax is the Procedure for Payment of Service Tax. When it comes to Service tax, we have two options of payment of Service Tax i.e. we can either make payment of ServiceTax physically in the specified banks or opt for online payment of service tax. Service Tax Payment is liable to be made on a Monthly/Quarterly basis and in case of deposit after the Due Date of Payment of Service Tax, Late Payment penalty is liable to be paid.

The Procedure for Physical Deposit of Payment of Service Tax in Bank through GAR-7 Challan as well as Online Payment of Service Tax has been explained below in this article.

It is pertinent to note here that Online Payment of Service Tax has been made mandatory wef 1st January 2014 in case the payment made during the previous year is more than Rs. 1 Lakh. This amendment has been brought in vide Notification No. 16/2013 – Service Tax dated 22nd Nov.

Physical Payment of Service Tax through GAR 7 Challan


An Assessee can make Payment of Service Tax manually in a bank as well through the GAR-7 Challan. With effect from April 2007 onwards, payment of service tax physically a bank shall be paid through the GAR-7 Challan. (Download: Service Tax GAR -7 Challan)

At the time of Payment of Service tax in a bank, the banker shall stamp the acknowledgement of the GAR 7 Challan with the CIN – Challan Identification Number. The Challan Identification Number has 3 parts –

    7 Digit BSR Code of the Bank where the Service Tax is deposited
    Date of Deposit (DD/MM/YY) of Tax
    Serial No. of Challan

Challan Identification No. (CIN) is stamped on the acknowledgement receipt to uniquely identify the tax payment. Challan Identification No. (CIN) has to be quoted in the return of income as a proof of payment. CIN is also to be quoted in any further enquiry. Therefore, you must ensure than the CIN (comprising of the above 3 parts) is stamped on the Challan by the Bank.

The Reserve Bank of India has already passed an order dated April 1, 2004 making it compulsory for all tax collecting branches of banks to use a rubber stamp acknowledgement that carried the CIN. A Separate CIN is given for each Challan Deposited.
GAR 7 Challan Status Enquiry

A Unique feature has been launched wherein the assessee can track the status of the Challans deposited in the Banks. On entering the Challan Identification No. on https://onlineservices.cbec.nsdl.com/csi/servlet/ExciseQuery, the Assessee can view the following details:-

    BSR Code
    Date of Deposit
    Challan Serial Number
    Assessee Code
    Name of Assessee
    Date of Receipt by NSDL
    Confirmation that the amount entered is correct

Online Payment of Service Tax


As the name suggests, any payment made electronically is called online payment or e-payment. In the case of service tax, deposition of Service tax payable to the bank via electronic transfer is called online payment of service tax. For e-payment of service tax, one should have a net banking account with one of the authorized banks which are mentioned in the list of banks authorised on http://www.aces.gov.in/ePayment.jsp

The following 3 steps explained will help you in Online Payment of Service Tax in 3 simple Steps.

Step 1


Log on to https://cbec.nsdl.com/EST/InputPageForEPaymentServlet, and enter your 15 Digit Service Tax Registration Number allotted to you by the department.

Enter the Characters in the Image Verification Tab. Based on your Inputs, an on-line validation then gets done to check/confirm if the has been registered in ACES.


Post validation, your details like name, address, Commissionerate Code etc. as present in the Assessee Code Master will be displayed. On the basis of your code, the type of tax to be paid will also be automatically selected.

Step 2


In the next tab, select the Accounting Codes for Service Tax by clicking on it which will lead to opening of a new opening from where you can select the Service on which Tax is to be paid.

After selecting the service, also select both the Education Cess

Step 3


After submitting the above details, choose the Bank from where you wish to make the payment and click Proceed

It will now lead your Bank Login Page. On entering your Bank Login details, it will lead you to a page wherein you have to Submit the details of Service Tax Payable and the Cess applicable thereon

On successful payment, a printable acknowledgement indicating the Challan Identification Number would be generated. This Challan counterfoil so generated would show the payment details and bank name through which online payment of Service Tax has been made. This Challan Identification Number is proof of payment being made would be required to be furnished at the time of filing of Service Tax Return

Monday, 3 November 2014

5 must download mobile applications for ICAI Final Examination 2014









 5 must download mobile applications for ICAI Final Examination 2014


The Institute of Chartered Accountants of India (ICAI) will be conducting Final/Intermediate (IPC) Examination 2014, from November 07 onwards.


CA Final Exam would be beginning from November 07 and ending on November 21, 2014 and the CA IPCC Exam would be beginning from November 08 and ending on November 20, 2014. Students are busy preparing for the exam from all those dozen of books, however there are some aspirants friendly CA applications which will make the process of prepration much easier and hassle free.

The best 5 CA application to prepare for the final exam are mentioned below:

1. ICAI App - ICAI Now and ICAI Knowledge Gateway:


Keeping with the latest trends and technologies, ICAI introduces this revolutionary application, the Free Mobile Application and ICAI Knowledge Management Portal, to assist all its members, students and other stakeholders. The ICAI's Mobile Application provides Key up-to-date Contents from its website like Announcement, Events, News, Notification, Press Release, Jobs and Tender etc. The apps, designed and developed for Android, ICAI stakeholder may download mobile application and start using it without any additional cost, anytime, anywhere.

2. MyTest-CA :


MyTest-CA is an app to test the level of preparation for CA exams like CPT, IPCC and FINAL on-the-go with its latest features of auto notification for test , latest questions , score card of self and comparison with friends, all India Rank Comparison and much more. It's a user friendly app where the featured papers are handpicked by the application editors to provide with the best-quality test papers.

3. Students of CA CS:


This app is helpful for the students who have either opted for CA or CS. It Provides Updates on any CA CS news, provides Study Materials in One click, General Stuffs To Make Work Easier. Above all the app provides Audio Lectures and Online Video Lectures for CA CS students. The app can be downloaded from the Google plus. The app just provides last 25 updates and needs active internet for synchronization with the server.

4. FinApp:

FinApp provides Simple and Fast updates to the Students and Professionals of CA, CS and CMA. FinApp makes it easy to keep track of all related and exclusive news and Updates.
Recommended for CA CPT, IPCC, Final. CS Foundation, Executive and Professional. CMA Foundation, Inter and Final. User will get an alert when new message added/updated. Alerts enable/disable can be done from the menu option provided.

5. Infinite CA-CPT:


  Infinite CA CPT Application is a tool to help students get through CPT and eventually CA endeavor. It has a structured test series design with multiple choice questions (MCQs) for comprehensive practice while preparing for CPT exam.