Contents. Editorial Board. Editor: Advisors: Members: Ex-Officio Members: CA Ankit Agarwal. CA Raginee Goyal CA Pankaj Jain

Save this PDF as:

Size: px
Start display at page:

Download "Contents. Editorial Board. Editor: Advisors: Members: Ex-Officio Members: CA Ankit Agarwal. CA Raginee Goyal CA Pankaj Jain"


1 Contents My Dear Students, I am delighted to communicate to you as the Chairman, Guwahati Branch of EICASA of EIRC. At the outset, I put on record my gratitude to Chairman of Guwahati Branch CA. Rakesh Agarwala and all the Managing Committee Members for reposing faith in me and entrusting me with the responsibility of chairing Guwahati Branch of EICASA. I am confident that with the active cooperation of my enthusiastic Chairman of EICASA, EIRC CA. Manish Goyal and all the members of the Managing Committee of Guwahati Branch of EIRC of ICAI we will take new Initiatives in the interest of the students and take EICASA Guwahati Branch to new heights. EICASA, as you know is the academic wing of our Branch for the Students and it carries out wide array of activities for the benefit of Students. Besides conducting Study Circle Meets, Career Counselling Sessions, Educational Tours, Industrial Visits, One Day Seminars etc., it also organizes National Convention in which contemporary topics relevant to the profession are deliberated upon. EICASA also organizes Youth Festival, Quiz & Elocution contest and various other programs for the benefit of students. You will agree with me that in today's professional world, effective communication skills are keys to unlock the doors of success. Being well aware of this, the Institute launched General Management and Communication Skills Course (GMCS) few years back. This was augmented with Residential Programme on Professional Development and Communication Skills. I am sure with the present system of GMCS-I & GMCS-II designed by ICAI, our students would get an opportunity to enhance their presentation & communication Skills. I am well aware that many of you would be gearing yourselves to prepare for the forthcoming May examinations. The key to success in examinations are not only academics, hard work and sincerity but also positive attitude, enthusiasm and self-confidence. In order to assist students in their preparation for the examination, the Board of Studies holds Mock Tests for all levels of students. Two sets of Mock Tests are being prepared by the BOS and soon they will be conducted by the Branch. I suggest you to take both of these Tests as they will help you not only in revising your syllabus but point out your weak areas also, which you can work upon to improve. Before, I conclude my message, I wish to emphasize that our profession is very dynamic, demanding and rewarding. If offers you to lead a professional life of honour and prestige. To excel in your endeavours, even as students, imbibe and follow the mantras of honesty, integrity and ethics in your outlook, conduct and deeds, which will keep you in good stead throughout your career. Accept the Challenges so that you can feel the exhilaration of Victory. George S. Patton Wishing you most & more CA. Kamal Mour 1 Chairman s Message 2 Editor s Desk 3 Vice Chairperson s Message 4-8 Men at the Helm 9-10 Students Articles Announcements 12 FAQ for CA Examination 13 QUIZ Wizard EICASA Guwahati Activities. 16 EICASA Guwahati Managing Committee Editorial Board Editor: CA Ankit Agarwal Advisors: CA Raginee Goyal CA Pankaj Jain Members: CA Kamal Mour CA Gaurab Garodia Ms. Ekta Garodia Mr.Prabhaw Agarwal Ms. Neha Beriya Mr. Sagar Nath Ex-Officio Members: CA (Dr.) Debashis Mitra CA Rakesh Agarwala CA Rohit Agarwala

2 Editor s Desk... If your can t fly, then run, If you can t run, then walk, If you can t walk, then crawl, But whatever you do, You have to keep moving forward Martin Luther King Jr I welcome all my professional colleagues and my dear CA Students to the Year The year 2015 had witnessed series of developments in the country. The Make In India Initiative was launched by the Government of India besides various schemes like Pradhan Mantri Jan Dhan Yojna, Gold Monetisation Scheme. The easing of FDI norms coupled with the various other initiatives of the Government have led to plethora of Investment being proposed/ undertaken by various foreign governments/ organizations. Though India is widely claimed as the only Bright Spot in the otherwise dwindling world economy, the domestic investment continues to be bleak led largely by spending from the Central Government. As on date the longest export slow down in the Indian economy continues with the Rupee still correcting against the Dollar. There is no denying the fact that Indian economy continues to grow at a healthy rate but is yet to achieve its full potential. The policy measures by the Central & State Governments are expected to bear fruit in the short to medium term and this expected upheaval in the economy are bound to inundate us with varied professional opportunities. It would not be out of line to mention the famous quote of Sir Socrates, The secret to change is to focus all of your energy, not on fighting the old, but on building the new. If year 2015 was good then the year 2016 is with no lesser expectations. The year 2016 has witnessed the beginning of startup revolution with the program Start Up India being launched on January 16, a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing innovations and startups in the country that will drive sustainable economic growth and large scale employment opportunities. With the budget session knocking on the doors and the Union Budget scheduled to be presented in the Parliament on February 29, several expectations are on the cards of the Aam Aadmi with their eyes glued to the fiscal policies set to be rolled out by Hon. Finance Minister Arun Jaitley. With inflation largely under control, it seems efforts would be made to push consumption by increasing the disposable income of the people. On tax reforms, hopefully the GST (Goods and Services Tax) legislation can be enacted sooner than later. We the Chartered Accountant Fraternity are indispensable to the country with all aspects of the economy be it business laws, taxation, fiscal controls etc. lying on our strong shoulders. Every year gone by has presented us with new opportunities and this year would be no different. We just need to keep moving with changing times, keep abreast with all developments and have our eyes open. To conclude, I would like to urge all my dear CA Students to plunge onto the opportunities that every dawn brings to fore and make the best out of it. If you start now you ll start seeing results one day earlier than if you wait until tomorrow. CA Ankit Agarwal 2 The only way of finding the limits of the possible is by going beyond them into the impossible. Arthur C. Clarke

3 Vice Chairperson s Message... Dear Friends, Being bestowed with eminent position of the Vice Chairperson EICASA Guwahati, I feel honoured and express my gratitude to our Branch Managing Committee members for imparting this responsibility. I would try to maintain the dignity of the position given to me by the Branch and would take all possible efforts to take the Guwahati Branch of EICASA to new heights. As a Vice Chairperson of EICASA Guwahati, I assure you to provide a distinctive platform to showcase your creativity and talent and we shall together create a benchmark for the posterities to come. In this era of knowledge upheaval it is not only important for us to expand our horizon in education but also it is significant to explore the world around us. In the coming year we would be organising various programs and this would be an opportunity for you to showcase your hidden talents. And I feel glad to welcome you all to participate in these events to be organised by EICASA Guwahati. Any effort is incomplete without active participation, so I expect the same from you all for the forthcoming EICASA Guwahati activities. We feel contended being conferred the 3 rd Best Branch all over India for the year It further gives me immense pleasure to inform you all that our Guwahati Branch of EICASA has been awarded the Best Branch of the Eastern Region jointly with Siliguri Branch for the year "We are made wise not by the recollection of our past, but by the responsibility of our future." With these words of George Bernard Shaw I wish all my fellow mates to propel with success and happiness. Good Luck! -Ekta Garodia 3 Take calculated risks. That is quite different from being rash. George S. Patton

4 MEN AT THE HELM OUR NEW PRESIDENT CA. M. Devaraja Reddy President ICAI A man of great vision, strong integrity and hard discipline with a firm belief in the inclusive growth of acountancy profession, CA. M. Devaraja Reddy has taken over as the supreme torch-bearer of Indian accountancy profession. He has been elected President of The Institute of Chartered Accountants of India (ICAI), for the year by the 23rd Council of the Institute on 12th February Being a fellow ICAI member with a prudent professional foresight and more than 28 years of immaculate professional standing, CA. Reddy has served the Indian accountancy profession as Vice President of ICAI for the Council Year CA. M. Devaraja Reddy always has a way to dazzle his fellow members with his down-to-earth approach towards profession, his brilliance to observe and his humility towards people around him. With an ingrained interest in academic matters of accountancy profession, CA. Reddy is widely commended and credited for his prominent and distinguished contribution in the conceptualization and formulation of a futuristic CA Curriculum during his tenure as the Chairman of ICAI Board of Studies in A resident of Hyderabad, CA. Reddy has been elected by his member colleagues for a straight third term of the Central Council of ICAI ( ). As President of the ICAI, he is now the Chairman of all Standing Committees of the ICAI, viz. Examination Committee, Finance Committee and Executive Committee besides being Presiding Officer of the Board of Discipline (Under Section 21-A), Disciplinary Committee (Under Section 21-B) and Chairman Disciplinary Committee (under section 21D). He will also be the exofficio Member of all Non-Standing Committees of the ICAI and Editor of The Chartered Accountant journal. Earlier, as the Vice President of the ICAI, he was the Vice-Chairman of all the Standing Committees of the ICAI, the Member ex-officio in all Non-Standing Committees of the ICAI and Joint Editor of The Chartered Accountant journal. He is also Director on the Board of ICAI-ARF as well as XBRL India. In XBRL India, he is also holding membership in important committees namely Taxonomy Development & Review Committee; and Audit Committee. On the international front, he is holding positions of Chairman, Small and Medium Practices Committee of SAFA, and Technical Advisor to Small and Medium Practices (SMP) of IFAC. He is also the technical adviser to the ICAI immediate past President at the CAPA Board. CAPA Board has appointed him as member of the Professional Accounting Organisation Development Committee (PAODC) of CAPA for the term Widely known for his pleasant nature and beneficent attitude, CA. Reddy graduated in Commerce from Pragati Mahavidyalaya Abids, Hyderabad (affiliated to Osmania University, Hyderabad). He started his professional journey in November 1987 when he became a Chartered Accountant. He started an independent professional practice in Hyderabad after that. Later, he got elected to the Managing Committee of Hyderabad Branch of SIRC (Southern India Regional Council), and became its Secretary in 1994, Vice- Chairman in 1995 and Chairman in Cont d... 4 We are what we repeatedly do. Excellence, therefore, is not an act but a habit. Aristotle

5 MEN AT THE HELM CA. M. Devaraja Reddy President ICAI Cont d CA. Reddy s stint at SIRC started in the year He served as SICASA Chairman in 2004, Secretary, SIRC Vice- Chairman in 2008 and SIRC Chairman in the year In 2010, he got elected to the Central Council of ICAI and since then, he has recorded a dynamic professional presence at ICAI while actively functioning in various capacities, viz. as Chairman, Vice-Chairman, etc., at various Committees of the Institute. CA. Reddy has shown his professional acumen at all assigned tasks and responsibilities at national as well as international levels. During , he was a Member of the Executive Committee and Vice-Chairman of Direct Taxes Committee. During , he served as Member on the Examination Committee and Board of Disciplinary Committee, as Vice- Chairman of International Taxation Committee and Committee for Members in Entrepreneurship & Public Services. In , CA. Reddy was the Chairman of Continuing Professional Education Committee, Vice-Chairman of Committee for Members in Entrepreneurship and Public Services and Member of Disciplinary Committee. During , he was the Chairman of Committee for Members in Entrepreneurship and Public Services and Peer Review Board, and a member on many other important Committees of the Institute. During , he significantly contributed as Chairman of the Board of Studies and member on the Audit Committee, Continuing Professional Education Committee, Committee on Economic, Commercial Laws and WTO, Editorial Board, Ind AS (IFRS) Implementation Committee, International Affairs Committee, Committee for Members in Industry, Public Relations Committee and Young Members Empowerment Committee. Being an outstanding facilitator of ICAI as an ardent partner in nation-building, CA. Reddy has been nominated on various Government bodies/ regulators, including on the High Level Steering Committee for Implementation of XBRL-based Data Submission by Banks of RBI, XBRL Technical Advisory Committee of SEBI, Task force at Ministry of Corporate Affairs with regard to Ministry s Plan Budget for 12th Five Year Plan, Advisory Group of National Foundation for Corporate Social Responsibility of IICA (Indian Institute of Corporate Affairs), and Committee on Accounting Issues constituted by IRDA. An ardent devotee of Lord Sri Venkateswara Balaji, CA. M Devaraja Reddy has been actively involved in a number of ocial activities. He has also been an active member in the Federation of Andhra Pradesh Chamber of Commerce & Industry. Being an ardent academic, CA. M. Devaraja Reddy has attended and contributed at numerous national and international professional platforms including seminars, workshops and conferences, where the professional fraternity has had the advantage of attending to his treasured insight on many core issues including networking, investment strategies, e-learning, initiatives on education for accountancy. Having the privilege of representing Indian accountancy at many international professional platforms on a number of occasions, CA. Reddy vows to put the Indian accountancy profession globally on a very high pedestal. 5 To be a champ you have to believe in yourself when nobody else will Sugar Ray Robinson

6 MEN AT THE HELM OUR NEW VICE-PRESIDENT CA. Nilesh Shivji Vikamsey Vice-President ICAI A person of professional vigour, dynamism, high integrity and expertise, CA. Nilesh Vikamsey is the new Vice President of The Institute of Chartered Accountants of India for the term He was elected as the Vice President of the Institute of Chartered Accountants of India (ICAI) by the 23rd Council of the Institute on February 12, Having gained deep insights into the profession as a fellow member of the ICAI with more than 30 years of impeccable professional standing, he has served the ICAI and the profession as a Central Council Member since He has been a member of the ICAI since He is widely commended and credited for his key role in conceptualisation and devising of a new futuristic CA Curriculum. A selfless hard-worker and down-to-earth personality bestowed with exceptional organisational, administrative and leadership skills, he has been elected to the Central Council for three consecutive terms ( , , ). In the capacity of the Council Member, he has served the ICAI and the accountancy profession as Chairman of Board of Studies, Financial Reporting Review Board, Research Committee and Expert Advisory committee. He has also been Vice Chairman of Committee on Information Technology and Corporate Laws and Corporate Governance Committee in the past. He has also effectively contributed to the cause of the profession as a member of the Executive Committee, Finance Committee, Committee on Accounting Standards for Local Bodies and Committee on Banking, Insurance and Pension. He has also served as a member of Accounting Standards Board, Auditing and Assurance Standards Board, Committee for Coperatives and NPO sectors, Corporate Laws and Corporate Governance Committee, Committee on Economic, Commercial Laws and WTO, Expert Advisory Committee, Financial Reporting Review Board, Committee on International Taxation, Committee for Members in Industry, Professional Development Committee and Management Committee among many other committees in the past. He has always dazzled his fellow members with his humble down-to-earth approach to connect with people, and brilliant and uninterrupted service to the profession. A resident of Mumbai, he has actively partnered in the growth of the nation and the profession as member and first Chairman of the Qualified Audit Report Committee (QARC) of SEBI, Committee on Disclosures and Accounting Standards (SCODA) of SEBI, LLP Committee of Ministry of Corporate Affairs (MCA), Committee Constituted by Ministry of Corporate Affairs pertaining to certain issues raised regarding applicability of foreign investment in the LLPs, Committee for Digitization of Balance Sheet & Annual Reports filed with MCA through MCA-21, Working Group for developing Indian Specific ACORD Standards for the Indian Insurance Market of IRDA, Committee on Road Map for Risk Based Solvency Approach in Insurance of IRDA, First Chairman of the then newly formed Corporate Members Committee of The Chamber of Tax Consultants (CTC) and also on the Managing Council of CTC in , Project Implementation Committee to pursue the implementation of Accrual Accounting in the Ministry of Road Transport & Highways constituted by Ministry of Road Transport & Highways and Ministry of Shipping, Merger & Acquisition (M & A) Council constituted by ASSOCHAM and Chairman of Audit Committee & member of Taxonomy Development & Review & Membership Development Committee of XBRL India. A proponent of putting Indian accountancy profession on global map, he has also passionately represented the profession on the international front at a number of global meetings and conferences. A man with a global outlook and vision, CA. Nilesh Vikamsey is noted for his work as Chairman of Education & CPD Committee of South Asian Federation of Accountants (SAFA) and as Representative of ICAI on the Committee for Improvement in Transparency, Accountability and Governance (ITAG) of SAFA. As the Vice President of the ICAI, he is now the Vice-Chairman of all the Standing Committees of the ICAI, the Member ex-officio in all Non-Standing Committees of the ICAI and Joint Editor of The Chartered Accountant journal. Liked for his benign behaviour and beneficent attitude, he holds Diploma in Information System Audit (DISA) of the ICAI besides having done Business Consultancy Studies Course of Bombay Chartered Accountants Society jointly with Jamnalal Bajaj Institute of Management Studies (JBIMS). As an avid academic, CA. Nilesh Vikamsey has attended and contributed to numerous national and international seminars and conferences on the issues of professional interest. He has addressed at length on various issues including networking, Companies Act, 2013, Accounting Standards, Practice Development, Bank Audit, e-learning, initiatives on education for accountancy showing his passion for the profession and its core concerns. 6 Without inspiration the best powers of the mind remain dormant. There is a fuel in us which needs to be ignited with sparks. Johann Gottfried Von Herder

7 MEN AT THE HELM OUR NEW EIRC CHAIRMAN CA Anirban Datta EIRC Chairman ( ) CA Anirban Datta has a strong Industry exposure of more than 10 years in World s best MNCs and top private sector banks in India. Currently he is working in a leading Private Sector Bank as the Zonal Credit Head - East. He has been Guest speakers & deliberated on seminars for the members of ICAI, organized by EIRC and other study circles, on various aspects of Risk Management, Internal Controls in Banks, Financial Frauds, Banking Frauds, XBRL, Carbon Credit etc. He has authored multiple articles on financial domain such as Risk Management, Financial Inclusion, Bank Audit, Carbon Credit, CIBIL etc, published in EIRC. He was a Co-opted member of Committee for Banking, Insurance and Pension of EIRC of ICAI , co-opted member of Committee for Members in Industries of EIRC of ICAI & co-opted member of Committee for Banking, Insurance and Pension of EIRC of ICAI He was Treasurer of EIRC for He was Secretary of EIRC for He was the Vice Chairman of EIRC for Presently he is the Chairman of EIRC. He had been the Chairman of the Committees for Members in Industry, Branch Co-ordination Committee, Members Grievance Committee and Committee on Accounting Standards for Local Bodies. He had been the Vice Chairman of Students Committee, Continuing Professional Education Committee, Library Committee, Direct Taxation Committee & Committee on Public Finance & Government Accounting. He had been also the member of other Standing & Non - Standing Committees of the EIRC of The ICAI. Erstwhile he was associated as a lecturer in S.A. Jaipuria College, Kolkata. He graduated from Goenka College of Commerce and Business Administration and completed his Post Graduation from University of Calcutta. 7 Men's best successes come after their disappointments. Henry Ward Beecher

8 MEN AT THE HELM OUR NEW EIRC VICE-CHAIRMAN CA Manish Goyal EIRC Vice-Chairman & Chairman EICASA ( ) CA.Manish Goyal is a Chartered Accountant in practice since January,2002. He is a partner in M/s R.N.Goyal & Co a partnership firm established by his father Late CA.R.N.Goyal and is a B.COM, F.C.A, D.I.S.A (ICAI). Born on 26th January,1978, CA.Manish Goyal completed his schooling from Don Bosco School, Siliguri and graduation from Siliguri College of Commerce in the year He was awarded the President of India Medal as a member of Bharat Scouts & Guides. He has served in various capacities at Siliguri Branch and been the Youngest Chairman of the Branch in the Year , when the branch was adjudged with Highly Commendable Branch in Small Category by ICAI, New Delhi and as the Best Branch of EIRC. He was also a Co-opted member in the CPE Committee and the Branch Co-ordination committee of EIRC. He was the Secretary of EIRC. Presently he is the Vice Chairman of EIRC and the Chairman EICASA. CA.Manish Goyal has been a faculty for the GMCS, IPCC orientation. He has been on the panel discussion of Union budget. He has also been a faculty & speaker on various topics of interest. The core areas of his professional practice are Taxation and Loan syndication. He is socially active in Lions Club of Siliguri magnum. He is also the Chairman of the Service Tax Study group of Siliguri Tax Bar Association. 8 No star is lost once we have seen,we always may be what we might have been. Adelaide Proctor

9 IFRS & INDIA A BRIEF OVERVIEW INTRODUCTION Globalisation has changed the close economy into open economy. Now a day s national economy is integrating in international market with other countries by spreading their trade and business outside their own country. For the integrity of different country s business together in the world market it was necessary for the business to adopt a common set of accounting standard, since accounting is the language of business. Therefore, in 1973 International professionals from different countries established the international accounting committee. In 2001, IASC, are superseded as international accounting standard board. Now, the board issued the international financing reporting standard formerly known as international accounting standard. The use of common set of accounting standards throughout the world provides an easy way of comparability and transparency of financial information. WHAT IS IFRS? IFRS is a single set of high quality, understandable and enforceable global accounting standards that require high quality, transparent and comparable information in financial statements and other financial reporting to help participants in the world s capital markets and other users make economic decisions. WHY IFRS? Due to the variation in different country's GAAP of an individual country, a threat is to always sustain on the harmonization of accounting standards. IFRS is one of the best financial reporting systems, which does not include any country with variation of accounting policies. Now a single set of financial reporting is final statement to present across the world at a reduced cost and more reliable, transparent and fair reporting of an entity. These benefits are attracting each country to set mandatory for adopting IFRS in their country, India being one of the key global players, migration to IFRS will enable Indian entities to have access to international capital markets without having to go through the cumbersome conversion and filing process. It will lower the cost of raising funds, reduce accountant s fees and enable faster access to all major capital markets. Furthermore, it will facilitate companies to set targets and milestones based on a global business environment rather than an inward perspective. INDIA AND IFRS Indian Government has recently issued new Indian accounting standards (Ind- AS) which are converged with IFRS. In phased manner, the companies registered in India will be required to present their annual accounts according to norms with effect from April In India, IFRS will be implemented in phases on public and private companies in two phases: Phase I: From April 2016, companies worth INR 5 billion ( USD 83 million approx..) Phase II: From April 2017, all listed companies and non- listed net worth above INR 2.5 billion ( USD 42 million approx..) There are conceptual differences between existing Accounting Standards (AS) and IFRS. Keeping in view the extent of gap between these two, conversion process Adopting IFRS in India has become a vital issue of discussion and debate in the different country. IFRS is one of the best financial reporting systems, which does not include any country with variation in different country. Nothing will ever be attempted if all possible objections must first be overcome. 9 Samuel Johnson

10 would need careful handling. These wound involve Impact Assessment, Revisiting Accounting Policies and changes in operating systems ( including ERP) KEY CHALLENGES TO IMPLEMENTATION There are also some key challenges to implementation of IFRS i.e. financial reports will experience a lot of changes. Like treatment of depreciation differs. Hence, the value of assets as well the profitability of the organisation may swing, which, in turn, may impact the net worth and many people are not aware of IFRS, their complexities and impact. A change in the reporting format will require awareness of these new norms and systems, training and education, both for the professional as well as the user. CONCLUSION Although, IFRS will face many difficulties but at the same time looking at the advantages that this adoption will confer, the convergence with IFRS is strongly recommended because the measures taken by ICAI and the other regulatory bodies to facilitate the smooth convergence to IFRS are creditable and give the positive idea that the country is ready for convergence. Keeping in mind the fact that IFRS is more a principle based approach with limited implementation and application guidance all accountants whether practicing or non-practicing have to participate and contribute effectively to the convergence process so the need is to have a systematic approach to make the organization and the investors ready for the change and the standards ready for renovation. Moreover, corporates need to gear themselves for constant updating and not only for the first time adoption. This would lead to subsequent revisions from time to time arising from its global implementation and would help in formulation of future international accounting standards. Rimpi Lahkar Reg No. ERO Extension of date to complete GMCS-I Course by the students registered for articleship training on or after 1st May, 2012 ( ) 31st December, 2015 It has been decided to grant extension to students, who were registered for practical training on or after 1st May, 2012 and completed one year of their practical training but not completed the GMCS-I course, are required to complete GMCS-I Course latest by 31st December, The above students are advised to register at the online portal or contact the nearest Regional Council/Branch for registration in GMCS-I Course and complete the same at the earliest but not later than 31st December, Write to Editor: Announcement GMCS-I Additional Secretary Board of Studies Information is Power and our ever evolving profession needs more and more of that today than ever before. Do you have any relevant points to make, experiences to share and views to spread among the CA students fraternity, please us at 10 Knowing is not enough; we must apply. Willing is not enough; we must do. Johann Wolfgang Von Goethe

11 Announcement Scholarships for CA Students Board of Studies, ICAI invites applications for the award of Scholarships to the selected candidates to be paid from April 1, 2016 onwards under following categories: Sr. No. Scholarship Category No. of Scholars hips Amount (p.m.) Eligibility Criteria 1. Merit-cum-Need 15 Rs.1500/- Rank holders (other than covered under Merit category) of Intermediate (IPC) Nov Exam provided their parents/guardians total annual income does not exceed Rs.1,50,000/- 2. Need Based and Weaker Sections 100 Rs.1250/- Students of Intermediate (IPC) Course provided their parents/guardians total annual income does not exceed Rs. 1,00,000/- 150 Rs.1250/- Students of Final Course provided their parents/guardians total annual income does not exceed Rs. 1,00,000/- As per eligibility criteria Rs.1250/- The children undergoing Intermediate (IPC) or Final Course of the deceased members of ICAI where financial assistance is provided to spouses of the deceased members from the Chartered Accountants Benevolent Fund (CABF) shall also be eligible for scholarship. 3. Sri Dhanraj Kanhaiyalal Dudheria Scholarships 4. R.K. Khanna Memorial Scholarships 5. J.S. Lodha Memorial Scholarships 6. J.M. Sethia Charitable Trust Scholarships 7. BCCO Foundation Scholarships 8. Out of Joint Corpus formed by Donors 6 Rs.1250/- Students of Intermediate (IPC)/Final from Karnataka State under Need Based & Weaker Sections criteria 3 Rs.1250/- Students of Intermediate (IPC)/Final under Need Based & Weaker Sections criteria 3 Rs.1250/- Students of Intermediate (IPC)/Final under Need Based & Weaker Sections criteria 2 Rs.1250/- Students of Intermediate (IPC)/Final under Need Based & Weaker Sections criteria 1 Rs.1250/- Students of Intermediate (IPC)/Final under Need Based & Weaker Sections criteria 5 Rs.1250/- Students of Intermediate (IPC)/Final under Need Based & Weaker Sections criteria Board of Studies, ICAI also awards Merit Scholarships to the Meritorious Students as a token of appreciation. Students whose names are appearing at Sl. No of Merit lists of Intermediate (IPC) of November 2015 Exam, in case the Rank at Sl. No.10 continues to Sl. No. 11 or 12 or so on, then all such rank holders shall be Rs. 2000/- p.m. Such students are not required to apply. The detailed guidelines along with the requisite application forms are available on the Institute s Website ( (link: ). Terms for award of Scholarships: Applicants shall be the registered students of Intermediate (IPC) or Final Course. In the case of Intermediate (IPC) Students, Scholarship shall be paid for a maximum period of 18 months. In the case of Final students, Scholarship shall be paid for a maximum period of 30 months or balance period of their articleship, whichever is less. An additional amount of Rs. 100/- p.m. shall be paid to SC/ ST/ OBC students, under Need-based and Weaker Section Category. They shall have to enclose a certificate/ documentary proof duly attested by a gazetted officer or a member of the Institute. One scholarship under the Need-Based and Weaker Section Category is reserved for a Physically Challenged student. Duly completed and signed Application Forms in the prescribed formats (Form No. 3 & Form No. 4) should reach the Director, Board of Studies, The Institute of Chartered Accountants of India, ICAI Bhawan, A-29, Sector-62, NOIDA latest by 31st March, In case of any clarification, please contact the Board of Studies, Telephone Nos /914; Director, Board of Studies Dream big and dare to fail. Norman Vaughan 11

12 FAQ ON CA EXAMINATION Q.1 Should we learn all sections, subsections and clauses in CA Final Law? Ans. In the paper No. 4 of CA Final i.e. Corporate and Allied Laws, it is desirable to support answers with relevant sections, sub-sections and clauses on the matter wherever necessary. Extra efforts are to be made at least on learning the Section numbers. If by any chance, students do not remember the Section numbers, sub-sections and clauses while answering any question in the examination paper on the subject, they may not lose heart on this score. They may otherwise strengthen their answer by appropriate reasoning and examples. However, they may desist from citing wrong Section numbers, sub-sections and clauses. Q.2 Presentation and handwriting count. But, do they play a substantial role in exam? Ans. If your answer is correct and it is presented nicely and in good hand-writing, it is surely going to fetch you good marks than an answer which is correct but which is not presented nicely. But if your answer is conceptually wrong, howsoever good the presentation may be, you are not going to get marks. Q.3 Can you please explain what is the exact method of paper marking, I mean whether there is step by step marking or not? Ans. Yes, step by step marking is there while checking the papers. Q.4 Whether the Institute rechecks or revalues answer papers? Ans. There is process of verification of marks covers only. Q.6 Please explain if a student gets exemption in one subject in 1st attempt and also gets exemption in another subject in the next attempt, why is not considered? Ans. This is as per the CA Regulation, 1988; please read the FAQs on Exemptions given under the FAQs relating to Examination on the Institute s website. Q.7 What things are required in answer sheet so that it should be considered as a good paper? Ans. Please refer to Booklet How to Face CA examinations? for have a better understanding of dealing different papers of CA course. Q.8 How important is it to quote case laws in subjects like law and tax. Will we lose marks by not quoting unless demanded by the question? Ans. Try to quote relevant section number s/case laws, wherever possible. However, it is better not to quote than to misquote a section number/case law. Q.9 If the question carries 16 marks, if I answer it in a precise manner, in a single page, will the examiner give full marks? Does the weight of paper matter? Ans. Answer should be correct and comprehensive. All steps, assumptions and working notes should form a part of the answer. Besides, answers presented in a good manner carry better marks. Q.10 Is criteria for 1st attempt student and a 3rd attempt in checking exam copies different? Ans. No, the criteria are same for all the papers. Q.5 What is the criteria for negative marking for CPT? Ans. For every wrong question, 0.25 marks are deducted. 12 Nothing great was ever achieved without enthusiasm. Ralph Waldo Emerson

13 QUIZ WIZARD 1. What is the name of the scheme in India under which each MP would take out some part of their funds for the development of their constituencies? 2. What is the name of the scheme under which a space is provided by Government of India where you can upload all your important documents in digital format and use them whenever you have to furnish it anywhere to government authorities. 3. Bengalauru based online cab aggregator Ola Cab had acquired which company in the year 2015? 4. was acquired by which company in the year 2015? 5. When was the convention between the Government of the Republic of India and the Government of the Republic of Armenia for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was passed? 6. What is the Cricket Terminology for a shot which involves swing across the line of the ball (resembling a scything motion) played without much technique, often one that result in a chunk of the pitch being dug up by the bat, a type of a slog. 7. What is the percentage of foreign investment allowed under automatic route in the defence sector in India? 8. Who is the Chairman of Tata Group? 9. India ranks at which place of the list of nations with the most number of think tanks? 10. Identify all the persons in the Photo below : Please mail in your answers at Prizes for the Top 3 Scorers. 13 Hard work beats talent, when talent doesn t work hard Tim Notke

14 EICASA Guwahati Activities Eastern Premier League Guwahati Branch of EIRC & EICASA of ICAI organised the much awaited event of the year Eastern Premier League (Two Day & Night Deuce Ball Cricket Tournament) for CA Students at Latasil Field under Guwahati Town Club on January 9 th & 10 th, Total 6 teams from different branches of Eastern Region i.e. Bhubaneswar, Siliguri, Tinsukia, Kolkata & 2 teams of Guwahati participated in the event. Sri Mukul Saikia was the Guest of Honour of the mega event. The event registered presence of around 100 Students & CA Members enjoying the mega event and making the event a grand success. Guwahati Team B under the Captaincy of Mr. Aashish Agarwal became the Champion of Eastern Premier League Mr. Pratik Binani of Guwahati Team B was honoured the Man of Match prize in the Final Match. The Program was inaugurated by CA Vikash Jain (Chairman, ICAI Guwahati Branch), Ms. Ekta Garodia (EICASA Vice-Chairperson), and Sri Mukul Saikia (Anti Corruption & Vigilance Officer, Assam) along with many others CA Members of the Guwahati Branch by releasing the air balloons. Mr. Gopal Bhaiya of Kolkata Team was declared as Man of the Series of the League. Mr. Vikash Choudhary of Guwahati Team A was conferred Best Batsman of the League. The Closing Presentation Ceremony was conducted by EICASA Secretary Mr. Prabhaw Agarwalla & EICASA Treasurer Ms. Neha Beriya. The event was coordinated by Mr. Vikash Choudhary, Mr. Himanshu Agarwal, Mr. Ravi Kothari & Mr. Ankur Deorah. 14 Just believe in yourself. even if you don t, pretend that you do and, at some point, you will Venus Williams

15 EICASA Guwahati Activities Republic Day Celebration Republic Day was celebrated by the Guwahati Branch of EIRC of ICAI on the 26 th January 2016 at the Guwahati Branch Premises at Manik Nagar. The day was celebrated with the hoisting of National Flag of India followed by Swatch Bharat Programme in which all the members of the Guwahati Branch had participated actively. The Programme registered presence of several CA Students who were actively involved in the said event. 15 When you want to succeed as bad as you want to breath, then you will be successful Eric Thomas