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CA Final IDT (Indirect Tax Laws) – Everything You Need To Know About It

 

 

The taxes collected by the Indian Government is broadly defined into 2 categories – Direct Taxes & Indirect Taxes. The Direct taxes are basically the taxes which are directly levied on the income of an individual. Indirect taxes are basically the taxes which are not directly levied on the income of an individual but are indirectly levied on the expenses incurred by the individual. This tax is basically levied on the seller of the goods or provider of services who passes it to the end consumer.

The law on GST was brought to action in July 2017 in which all major indirect taxes has been subsumed like Service Tax, Value Added Tax, Customs Duty,and Excise among others .

This tax regime has been brought in the market to bring  a change in the economy and to lessen the cascading effects from tax duties that deliver overall market inflation. It is a comprehensive indirect tax levied on manufacture, sale and consumption of goods as well as services at the national level. India has adopted the dual GST model in which both the Centre and States levy taxes. The GST structure has remarkable benefits like –

  • Minimal Physical Interface
  • Reduced Compliance Cost,
  • Reduced Tax Evasion Through IT Implementation,
  • No Cascading Effects

So, it can be safely said that while GST is still settling down, it will definitely produce a robust & effective Indirect tax structure in the country.

 

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Is Articleship Training must for CA

 

The Chartered Accountancy course in India entails three years of articleship. As per the current format of the curriculum, a student having completed first or both the groups of intermediate exams is eligible to start his/her articleship, which is for a period of 3 years. The student can undergo his/her articles under a Practicing Chartered Accountant, or a Firm of Chartered Accountants, subject to the eligibility of the CA or the firm. The vast curriculum, along with the rigorous practical training requirement (Articleship), is to ensure that the competent professionals carry the baton of the profession forward. Theoretical knowledge or practical knowledge alone cannot make a perfect professional. Both theoretical and practical aspects should go hand in hand to become an extraordinary professional.

Practical training helps to inculcate a disciplined attitude for smart work and develops the necessary skills for the application of theoretical knowledge to practical situations. It is estimated that those students who apply what they learn in the work done [statutory/  tax audit͙] is greatly advantageous for their examination especially at the final level.

 

As driving cannot be learnt from just reading the guidelines and not taking the ride itself, likewise not putting the efforts in the articleship/practical training and just reading the theories cannot make a wholesome professional. So practical training is imperative and should be considered accordingly.

 

 

 

 

 

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Are CA Exams Really Tough? Or Is That Just a Myth ?

 

 

Most people really think that CA Exams are very tough because of its low passing percentage and vast subject. But it’s a big challenge to clear the CA exams. It can be possible with discipline, determination, and dedication. Nothing is tough or easy, it depends on the student also. One has to be really serious about the studies , as after foundation course the level gets tough. It is important to focus on the quality of study.

Clearing all the levels of CA exams require intelligency along with immense hardwork. Cracking CA exams is not a cake walk , it can be possible with the right strategy and proper plan. Difficult subjects require coaching and guidance from seniors. To clear CA exams one should set a proper guidelines for studies and proper plan should maintained well in advance.

To pass the exams one must believe in himself that he can fulfill his dream to be CA. If you can dream, you can achieve it.

The things you need to remember while clearing CA exams are –

  • Hard Work.
  • Less social life.
  • Understanding the fundamental concepts.
  • Practical training and internship.
  • Self confidence.

 

 

 

 

 

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5 Tips to Help you Clear CA intermediate exams in first attempt.

 

 

It’s the dream of every CA student to clear the intermediate exams in the first attempt. It’s not tough to crack the intermediate exams if studies are planned in a proper manner. Here the few tips for you to crack the exam in the first attempt.

  1. Regular studies – To crack intermediate exams its advisable to study regularly at least 2 to 3 hours daily. It will not overburden you at the last hour. Cover both theory and practical and keep the concepts clear. Plan your studies and keep the electronic gadgets away from you.

 

  1. Solve previous question papers – Previous question paper gives you an understanding of the subject.

 

  1. Revision – Always remember to study the previous day things and make a proper schedule for the next day. You will not get confused and can focus better .

 

  1. Make notes – While studying the important sections and laws make a sticky notes so you can learn it and remember it for a longer time.

 

  1. Don’t give up – Practice and practice makes the man perfect. So for CA studies also you need to be determined to clear in first attempt. If you find any difficulty in understanding the subject go through some good reference books or join any coaching classes.

 

Remember, Nothing is impossible it’s all about your hard work and determination

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Can A Chartered Accountant Get A Stable Government Job?

 

Yes, there is a good scope for government jobs for chartered accountant. CA helps with the formulation of policies in several government agencies like RBI, CAG, IRDA, SEBI, etc. CA is needed in government agencies to examine economic policy formulation, give suggestions on tax rules, accounting, financial decisions, and advise of companies bills and notifications, etc.

CA are also required in preparation is a fiscal plan which one of the most vital job in government.

The government also looks forward from suggestions from ICAI as expert advice and take decisions accordingly.

Government job for CA is available in various Bank across the country in government-owned financial institutions. Bank also takes experienced CA at senior roles of AGM or DGM as per the requirement.

  • Treasury Manager in Regional Rural Banks.
  • Chartered Accountant in Public Sector Banks.
  • Chief Manager in finance and accounts
  • Assistant administrative officer
  • Specialist Officers in banks.

CA expertise are immensely helpful in government policy formulation and in preparation of a fiscal plan which are one of the most important Job in government functioning. CA’s are offered more refined jobs in PSU which match with their requirement and acumen.

ICAI also run campus placements under special programs of respective PSUs.

 

 

 

 

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Article ship requirements

 

 

Commerce students usually dream of clearing Chartered Accountancy exam which is treated as the epitome of accounting studies. However, gaining this degree is not as easy as the normal B. Com course. Here students also need to undergo rigorous industrial training which is popularised by the name of articleship. This mandatory training of three years prepares the young minds for becoming the company watchdogs of tomorrow. Today we are going to take you through the entire process of articleship in brief so that you get well acknowledged with the same:

 

  • Normal route students can start with the articleship training once they qualify any of the CA Intermediate group. Direct Entry Route students on the other hand can start immediately with articleship once they register themselves with the course.
  • CA students need to undergo two years of articleship training under a practicing CA while the last year can be optionally served under a CA in service.
  • A registration fee of 2000 INR has to be paid for enrolling into the articleship training. This fee can be paid either in the form of a Bankers Cheque or Demand Draft issued to the “Secretary, The Institute of Chartered Accountants of India.”
  • The facility of flexible work hours has been withdrawn by ICAI.

 

 

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How to avoid silly mistakes while writing paper

 

 

When was the last time you failed to score a complete A+ in your exam just because you wrote 6 instead of 9? If this is the story of your life, then you have come to the correct place. One of the biggest problems plaguing students across the globe is silly mistakes. Today we are going to discuss this issue in detail and share tips so that you can score better marks in exams:

  • Improving your level of concentration can be of great help in diminishing the level of silly mistakes. This can be achieved by engaging in cardiovascular exercises which tends to hike up our heart rate. You can thus participate in exercises like cycling, running, skipping and stair-climbing four to five times a week.
  • Your concentration muscles can also be strengthened by participating in mock tests which run for more time than usual. This is a trick which is followed by most students who come out with flying colours in their exams.
  • Food items having low glycaemic index can avoid energy crash by releasing energy gradually over a long-time span. Crash in energy is otherwise guilty for causing concentration loss and fatigue. You can munch on low-sugar energy bars, low-sugar muesli, oats, wholegrain sandwiches, egg with wholegrain bread, soups, fruits, salads etc.

 

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How to complete 100% Audit paper in 3 hours

 

 

The audit is an extremely important subject that never fails to give sleepless nights to CA aspirants. But today we are going to share some easy tips which will help you in nailing this subject with top marks.

  • Primarily, students need to understand that it is impossible to complete the entire paper with top-notch quality. Finishing the whole paper while doing justice to all the questions is nothing but a utopian reality. This is exactly where the 60-40 rule can come to your aid. You need to target the first 60 marks with complete precision. The answers need to be written in such a manner that the examiner gets impressed with you. However, you should try and complete the first 60 marks within two hours so that the last one hour can be left for answering the remaining 40 marks.
  • On getting the answer sheet, you need to navigate straight to its last page for jotting down all the tax audit clause numbers, SA numbers, professional ethics clause number, CARO clause numbers, etc. CA Inter students should also write down the various companies’ act sections so that they can recall the same easily when required.
  • You can enjoy a smoother writing flow while opting for a used pen as they tend to glide faster than the new ones.

 

 

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How to dedicate yourself to intermediate study

 

 

Clearing the intermediate level of CA course in first attempt is anything but easy. You need to be highly focussed for passing this exam with flying colours. To make things a bit easy, we have come up with a guide which can propel you towards the path of success:

 

  • Primarily, you need to prepare a time table which shall lay out a plan of your study schedule. It is impossible to proceed in the correct direction unless you have a solid plan in place.
  • Now that you have prepared the study plan, it is time to bid adieu to your smartphone. They can be disastrous during your study period as mobile phones are extremely addictive in nature. This also holds true for computers which you might be using for accessing your social media accounts. Rather you can spend your off time with family and catch up on the latest news from around the globe.
  • Once you manage to remove the mobile phone element from your life, the next move should be towards television. We understand how hard it is to stay away from TV, but you are bound to get a hang of it over time.
  • You can also make lifestyle changes like getting up early for brushing up your theoretical papers.

 

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How to Prepare for CA Foundation in 4 months study period

 

 

After registering with the CA foundation course, students receive a study period of four months. Today we are going to guide aspiring students about how they can make the most out of this time by being a smart worker rather than being just a hard worker:

 

  • If you wish to study in a systematic manner, then you need to primarily prepare a time table. This can bring in massive time savings as you won’t have to ponder over which subject to study and from where to start. You need to allocate time to every single subject depending on your level of preparation. Having a time table in place can help you become more organized while making it possible to analyse your performance in the way.
  • Proper coaching is an absolute must if you wish to succeed in the CA exam. Instances are not rare where students manage to get passing marks by joining a coaching centre in time. With teachers to guide you, you can easily get your doubts solved and concepts cleared.
  • Both logical reasoning and statistics are two extremely crucial topics of CA Foundation exam. This holds especially true for non-maths students who tend to avoid this part. But they are extremely scoring and can drive up your entire percentage.