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Evaluation of ICAI qualification by UK NARIC

Studybytech / November 4, 2019

The Institute of Chartered Accountants of India (ICAI) has always strived for academic and professional excellence for its key stakeholders, i.e., students and members. With the aim of expanding the opportunities for Professionals in foreign jurisdictions, the Institute had engaged UK NARIC (The National Recognition Information Centre for the United Kingdom) a renowned UK national agency responsible for providing information and expert opinion on qualifications and skills worldwide, to conduct an independent benchmarking study, evaluating the comparability of the ICAI Intermediate and Final level in the context of the UK education systems. Pursuant to the same, UK NARIC has announced that ICAI qualification is comparable to RFQ Level 7, Master’s degree standard. The agency has also benchmarked ICAI Intermediate course and final course separately as being comparable to an RQF Level 6, Bachelor degree standard and RQF Level 7, Master’s degree standard respectively. Speaking on the UK NARIC benchmarking, President ICAI, CA. Prafulla P. Chhajed remarked that the benchmarking of the CA qualification comparable to RQF Level 7, Master’s degree standard not only would strengthen the position of ICAI members but would also, help aspiring Chartered Accountants and even corporates gain a better understanding of the standing and relevance of the CA qualification.” He added, “ICAI members abroad are facing difficulty in settling abroad. This evaluation would help them in deciding the stage of a professional qualification for ICAI members because they now know that they not only possess a professional qualification of relevance, but it is also a qualification that is comparable to RQF Level 7, Master’s degree standard.” ICAI’s Vice President, CA. Atul Kumar Gupta, remarked,“As India is increasingly focusing on facilitating the export of accountancy services, the promotion of global mobility of accountancy services in the digital world are one of the important Champion Sector initiatives of the Government of India; this evaluation would increase the professional avenues for our members by facilitating recognition of Indian accountancy qualification”. ICAI Kuwait Chapter Chairman CA Sai Devata applauded the efforts of ICAI President and Vice President for this remarkable recognition which will enhance the footprint of ICAI globally. ICAI Kuwait chapter is working closely to sign MOU with Kuwait Accounting and Auditing Association (KAAA) which will mutually benefit both the associations and exchange the training, subject related in the areas of accounting and finance domain.

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CAs play vital role in nation-building

Studybytech / September 23, 2019

Blogs, ICAI

ICAI to open new office in Srinagar

Studybytech / September 17, 2019

Blogs, ICAI

CA Course Fees

Studybytech / September 12, 2019

How much is the CA Course Fees? Chartered Accountant is India’s most prestigious job today. Being a chartered accountant opens the golden doors of your career, and you continue on the path of success. After passing 12th from any subject, students can register for CA Foundation. By becoming a CA, not only do you get a promising position, but you also get a chance to work with big companies at a good salary. CA course fees are not very expensive, and its fees have been kept very normal so that even the poorest of the poor can fulfill their dreams of becoming a CA. In this article today, we will tell you about what fees are charged in the course of Chartered Accountant, so let’s know. The CA course fees are divided into 3 phases. CA Foundation CA Intermediate CA Final CA Foundation – CA Course Fees The CA Foundation Course is the first stage of becoming a CA. This is the entry-level course for admission to the CA course fees. Students can apply in CA Foundation Course after passing 12th from any recognized board. For admission to CA, students can apply for CA Foundation through any medium of Hindi or English. Number Fee Information Fee (Indian Student) Usd Fee (Foreign Student) S.NO Course Fees Information Fees for India Fees for USD 1. Foundation Prospectscost 200 20$ 2. CA Foundation Registration Fees 9000 700$ 3. CA Foundation Form Fees 200 20$ 4. Subscription Fees for Member’s Journal 200 20$ Total 9600 760$ CA Intermediate- CA Course Fees The next stage in the CA course is the CA Intermediate. After passing the CA entrance exam, students can apply for the second stage of the CA, i.e., Intermediate. There are 8 papers in this exam. and its examination takes place in May and November every year. Sr. No. Fee Information Fees of ca course 2 Group (Indian Student) Fees of ca course 1 Group (Heavy Student) USD Fees of ca course 2 Group (Foreign Student) Fees of ca course 1 Group 1 CA Intermediate Registration Fees 15000 11000 2 Student’s Activity Fees for CA Intermediate 2000 2000 3 CA Intermediate Registration Fee as an article assistant 1000 Total 18000 13000 1000 600 There are two routes to apply for CA Intermediate. One is the common way in which students can bypass the CA Foundation exam. Students coming through the common route can apply to one group or both groups. Apart from this, students who have passed graduation or its equivalent from a recognized university can apply for CA Intermediate under direct entry without passing the CA Foundation Examination. Such students can apply to one group or both groups by depositing the fees for the prospectus at the time of registration for intermediate. To Know more about CA Foundation registration Click Here CA Final Course Fees The CA Final Course is the final stage of the CA Course. After passing this stage exam, you become a CA and can start your work as a CA. To apply for the CA Final Course, it is necessary to pass the CA Foundation and the CA Intermediate exams. Sr. No. Fee Information Indian Student (INR) Foreign Student ($) 1 CA Final Registration Fee 22000 Rs. 1100 $ Articleship Training Fees To apply for the CA final, along with passing the CA Foundation and CA Intermediate, it is also necessary to do 3 years of articleship training. Students can apply for the training of articles after passing 2 groups of intermediate or 1 group. The ICAI has fixed 2,000 fees for three years of articles. ICITSS Fees in India After registration in CA Intermediate and before the artistry training, one has to go through the ICITSS program, in which many types of technical and other information are given. Information Technology Program – Rs 6500 Orientation Program – Rs 7000 ACCESS Fees in India Click here to check to ca final books Students have to complete advanced information training programs and management and communication practice programs in the last 2 years of their internship training. The details of what the fees are for both of these courses are given below. Advanced Information Technology Program – Rs. 7500 Management and communication skills – Rs 7000 We hope that you have got complete information about the fees incurred in all the three phases of the CA course and other training. Also, we hope that this information will work for your CA course. ICAI has kept CA course fees normal so that even a student from a normal family can do CA.

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Lok Sabha Speaker Om Birla asks young CAs to boost the economy

Studybytech / September 11, 2019

Blogs, CA

Indirect Tax

Studybytech / September 5, 2019

In this article, you’ll learn about Indirect tax, the types of Indirect tax, and the advantages of Indirect tax. Indirect Tax in India Indirect Tax: Charge levied by the State on consumption, expenditure, privilege, or right, but not on financial gain or property. Customs duties levied on imports, excise duties on production, excise tax, or value-added tax (VAT) at some stage in the production-distribution method, are samples of indirect taxes in India. As a result, Indirect taxes are not levied directly on the financial gain of the patron or job holder. Since they are less obvious than taxation (because they do not show abreast of the wage slip) politicians are tempted to extend them to come up with additional state revenue, conjointly referred to as consumption taxes, their regressive measures as a result of not supporting the power to pay principle. Indirect totally differs from Direct tax. Types of Indirect Taxes Below are some types of Indirect Taxes : Advantages of Indirect Tax Below mentioned are some advantages of Indirect tax Check Our Course – Check Now

Blogs, CA

Direct Tax in India

Studybytech / September 4, 2019

Direct Tax in India In this article you”ll learn what is Direct Tax and Advantages of Direct Tax A Direct Tax wherever the impact and therefore the incidence been equivalent class is outlined as a right away Tax. The direct tax is paid directly by the organization or a person to the entity that has obligatory the payment. The tax should be paid on to the govt and can’t be paid to anyone else.The Central Board of Direct Taxes (C.B.D.T) oversees direct taxation in Bharat. The CBDT was shaped as a result of the Central Board of Revenue Act, 1924. The department is accountable for overseeing the revenue enhancement laws and could be aa part of the Department of Revenue within the Ministry of Finance. The Central Board of Direct Taxes conjointly provides suggestions and inputs for the design and handling of all direct taxes in India. What are the types of Direct Taxes? The various types of direct taxes that are obligatory in India mentioned below:Income Tax: betting associate in Nursing individual’s age and earnings, revenue enhancement should be paid. numerous tax slabs are determined by the govt of India that determines the number of revenue enhancement that has got to be paid. The payer should file revenue enhancement Returns (I.T.R) on a yearly basis. people might receive a refund or might need to pay a tax betting on their I.T.R. vast penalties are levied just in case people don’t file their I.T.R. Wealth Tax: The tax should be paid on a yearly basis and depends on the possession of properties and therefore the value of the property. just in case personal owns a property, wealth tax should be paid Associate in Nursing doesn’t rely upon whether or not the property generates a financial gain or not. Corporate taxpayers: Hindu Undivided Families (HUFs), and people should pay wealth tax betting on their residential standing. Payment of wealth tax is exempt for assets like gold deposit bonds, stock holdings, house property, business property that are rented for quite three hundred days, and if the house property is owned for business and skilled use. Estate Tax: it’s conjointly referred to as death tax and is paid supported the worth of the estate or the cash that a person has left once his/her death. Corporate Tax: Domestic corporations, except for shareholders, caught to pay company tax. Foreign companies would Health Organization build Associate in Nursing financial gain in Bharat also will pay company tax. financial gain attained via commerce assets, technical service fees, dividends, royalties, or interest that primarily based in India are nonexempt. The below-mentioned taxes also are enclosed below company Tax: Securities group action Tax (S.T.T): The tax should be got any financial gain that attained via security transactions that are nonexempt. Dividend Distribution Tax (DDT): just in case any domestic corporations declare, distribute, or are paid any amounts as dividends by shareholders, insect powder is levied on them. However, insect powder isn’t levied on foreign corporations. Fringe advantages Tax: corporations that offer fringe advantages for maids, drivers, etc., Fringe advantages Tax is levied on them. Minimum Alternate Tax (MAT): For zero-tax corporations that have accounts ready in keeping with the businesses, MAT is levied on them. Capital Gains Tax: it’s a style of revenue enhancement that’s paid because of the financial gain that attained from the sale of assets or investments. Investments in farms, bonds, shares, businesses, art, and residential return below capital assets supported its holding amount, tax is classified into long-run and short. Any assets, except for securities, that sold-out at intervals thirty-six months from the time they were non-heritable return below short gains. long-run assets are levied if any financial gain is generated from the sale of properties that are command for a length of quite thirty-six months. Advantages of Direct Tax What are the advantages of Direct Taxes in India?The main blessings of Direct Taxes in the Asian nation are mentioned below: Economic associated Social balance: the govt. of Asian nation has launched well-balanced tax slabs looking on an individual’s earnings and age. The tax slabs also are determined to support the economic scenario of the country. Exemptions are also place in situation order that all financial gain inequalities are balanced out. Productivity: As there’s a growth within the range of individuals agency work and community, the returns from direct taxes additionally will increase. Therefore, direct taxes are thought-about to be terribly productive.Inflation is curbed: Tax is exaggerated by the govt. throughout inflation. the rise in taxes reduces the need for product and services, that results in inflation to compress. Certainty: thanks to the presence of direct taxes, there’s a way of certainty from the govt.and also the payer the quantity, the number} that has got to be paid and also the amount that has got to be collected is thought by the payer and also the government, severally. Distribution of wealth is equal: Higher taxes are charged by the govt. to the people or organizations that may afford them. This more money is employed to assist the poor and lower societies in the Asian nation.Even though there are some disadvantages, direct taxes play an awfully necessary role in India’s economy. If these taxes are brought into impact suitably, they may play a large role in sustaining value levels and to forestall inflation. To know more about Direct Tax read more: CA. Satish Mangal

Blogs, CA

Articleship in CA and It’s Importance in the Course

Studybytech / August 28, 2019

This article will make you aware of the importance of articleship and why you should avoid dummy articleship. You must be aware that articleship is a mandatory part of the Chartered Accountancy course, and if you are reading this article, it’s probable that you are going to start your articleship soon but are confused a lot. Are you confused about whether to join an articleship in the CA course or go for dummy training? Have you been guided by any of your seniors in joining your articleship? whether you are afraid of joining the workstation at such a young age when your other friends are going to college and chilling their life with friends? Or are you getting scared from working at late nights, or handling a huge workload? Or you might be thinking that articleship won’t allow you to score well in your CA Final Exam or you can gain such 3 years of Experience after becoming a Chartered Accountant by joining some CA firm for 3-4 months. Do you really feel that articleship in California is burdensome? Or it can spoil your young age? But have you ever thought that you are pursuing chartered accounting, the most respected profession in the commerce stream? Only a few students get a chance to commence articles after qualifying its Intermediate level and you have been selected from among such few students. TOP 4 Best CA Companies in India Out of these, the best CA companies in India, or we can say, the top 4 CA companies, have the highest reputation and are where every CA student dreams of working. The best CA companies in India are E&Y, PWC, Deloitte, and KPMG. Most students dream of getting a 3-year articleship from top CA companies in India and then becoming a CA to get a job in these companies. Every year after the CA result, a large number of companies hire fresh CAs. If you are looking for a place where you will get to learn and where your knowledge and experience will increase, then this is the best place for you. In these companies, CA salary in India ranges between 7 to 6 lakhs on an average. And after a few years of experience, this firm offers you up to Rs. 25 lakh, but it all depends on your ability and your performance in the company. Importance of Articleship in CA Turn Into a True Professional – Three years are more than enough to mold you into a true professional. The moment you become a chartered accountant, you will be a young CA with 3 years of experience. You not only possess the bookish knowledge but you possess a lot of practical experience. Experience to Handle the Clients – Generally, the students who pass out of the other courses are very unaware of the practical world. They know how to do the client’s work, but they don’t know how to retain them or how to deal with them. This has the benefit that, as soon as you become a CA, you can start your own practice and make clients. Help to Answer Case Studies in your Final Paper – At the CA Final Level, ICAI demands a full-fledged Chartered Accountant who possesses theoretical as well as practical knowledge. Hence, some of your papers are based on practical, life-based case studies such as auditing, taxation, etc. Candidates who have taken their articleship very seriously get it’s a benefit in their CA Final Papers also. Develops a Professional Attitude – Our posture, our way of talking with people, our presence of mind when a client asks some query but we are not aware of it, the way we are representing our team in front of the Board of Directors, the way we are handling the deadlines, the way we are handling the multiple tasks, and also the patience level we maintain while handling the tough situations—all of these things judge our behavior, our attitude and our personality. Articleship taught us all such things. Learn to Manage Time – It has been said that if you can manage your time during articleship, you can manage anything. The schedule of a CA student during their articleship is actually beyond words. A general CA student leaves his home at 6.00 in the morning for coaching, reach sharp 10.00 AM at the office and after working all the day in the office again join the class at 6.00 in the evening as well as spend some time for self-study thereafter. They have to manage their self-study, coaching, office, audit, meetings, deadlines, work pressure, family time, and so many other things, and all of this at an early age. Hence, if you can manage such things properly, I believe that you have learned management. I hope this article reduced your confusion about joining the practical training program in chartered accounting. According to the top CA faculties, “articleship is a golden period” in the CA curriculum. Definitely, you have to handle the stress, but more than that, you will get to learn an infinite number of things. If you like the above content, kindly share your comments and share this to the maximum people so that not even a single student go for dummy articleship and spoil his career even after becoming Chartered Accountant. Also Read:-

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Audit and Assurance

Studybytech / August 23, 2019

Audit and Assurance An Audit and Assurance could be a systematic review and assessment of knowledge or documents. Their area unit some different types of audit however, within the specific context of skilled services, associate in standard audit is typically monetary. it’s supposed to produce affordable assurance, however not absolute Audit and Assurance, that the monetary statements provide a true and truthful read in accordance with the monetary news framework and also there are various types of audit and assurance. Not all corporations area unit needed by law to own audit and assurance. Several corporations who don’t need audits by law value more highly to have their monetary data assured severally, sometimes by accounting companies. Audit and Assurance could be a skilled service with the aim of up the standard and transparency of knowledge, to cut back the prospect of issues occurring from misinformation. An associate in the standard audit could be a style of assurance service. Audit and Assurance services may be regulative or compliance-based. They work to confirm that a corporation or organization is following tips, rules, and policy, and supply each internal and external confidence for monetary statements. What types of Audits are Available? In addition to financial audits, there are also two more types of audit operational audits and compliance audits. Financial Audit – the foremost ordinarily conducted sort of audit, an attestation service is a politician retrospective scrutiny of associate organization’s monetary accounts, generally by the associate freelance body. It’ll supply an associate opinion on whether or not the accounts are properly ready and whether or not they show a real and truthful read of the corporate or organization’s monetary position. Compliance Audit – A compliance audit is to make sure that the business or organization is acting in compliance with regulative or internal standards, and is often allotted in regulated industries. Operational Audit – this is often a close analysis of the procedure, planning, processes, goals, and results of the operations of a business, with recommendations for improvement. All audits will of two types of audit either be internal or external: Internal Audit – a corporation typically desires to take care of a high customary of management within the organization and needs to cut back the quantity of labor done by external auditors. An internal audit is commonly associated with an operational audit. an indoor audit might even be a monetary or compliance audit allotted in preparation for associate external audit. External Audit – associate external audit is once associate freelance firm comes into a business and performs audit work on behalf of the corporation or its shareholders in top CA companies like Price Waterhouse Coopers (PwC), Deloitte, KPMG and painter & Young (EY) samples of external auditors. External auditors typically perform monetary audits or compliance audits. How is an Audit conducted? An audit and assurance is typically dispensed by a registered auditor and should suit sure standards. In preparation for an audit, the corporate or organization’s money report is ready in accordance with the suitable legal and monetary necessities. The report is then approved internally. The auditors can like an outline and understanding of the corporate and therefore the company’s activities and to think about outside factors that can have affected any business throughout the reportage amount. The auditors can establish, take into account and assess any risks regarding the money performance or position, and any internal controls the organization has deemed acceptable to mitigate those risks. The auditor can then take into account what has been done to confirm the money report is correct and examine supporting proof supported the risks and controls known. Each individual line during a set of printed accounts must be tested. Auditors don’t take a look a teach dealings that diode to it figure. Rather they perform 2 styles of testing; Substantive Testing: Here Associate in Nursing auditor can choose a sample of transactions that visit manufacturer definite figure. as an example, if Associate in Nursing auditor is testing the sales figure, they may choose a variety of sales and raise to ascertain proof of those sales. This may well be copies of cheques, purchase orders or correspondence/contracts with customers. Auditors can take a look at enough of those till they feel comfy that the sales figure is correct. Control Testing: A method during a company that is intended to cut back the danger of error or fraud. an honest example is that the demand for 2 signatories on payments, one person fills within the cheque and therefore the person signs it. Incorporations wherever smart controls exist, auditors will take a look at the management instead of a sample of transactions. If they’re happy that the management works effectively they’ll be comfy with the ultimate figure as an example, if customers purchase through a web site then the sales figure is also generated by a laptop and, therefore, the auditors are also comfy with this. At the tip of the audit, associate in standard audit opinion is created during a commonplace report enclosed with the money statements. The auditor also will communicate any internal weaknesses to the corporate or organization’s management. Checkout Our Courses:- Check Now

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STANDARD COSTING

Studybytech / August 20, 2019

Standard Costing The Standard cost accounting or Standard costing system isn’t a definite system of accounting however it’s the way that is applicable altogether forms of standard accounting like method cost accounting or job cost accounting. Normally the quality cost accounting technique consists in- (a) component-wise commonplace prices are predetermined; (b) standard prices are compared with actual costs; & (c) with relevance causes & points of incidence, variances are measured. Thus, the commonplace price could be a pre-determined price, the calculation of that is finished when taking into thought, on the idea management’s standards of economical operation, the relevant necessary expenditure. the quality cost accounting technique was evolved for the aim of eliminating the shortcomings of historical cost accounting. Techniques of Standard Costing The techniques of ordinary Standard Costing square measure the following: There is a pre-determination of knowledge that square measure associated with production. so pre-determination of materials & labor operations in details that are important for every product; pre-determination of losses that square measure inescapable, level of expected potency, level of activity, etc square measure concerned in commonplace standard costing. For each part i.e., material, labor & overhead, commonplace prices square measure set up very well. Ascertainment of variances, that arises as a result of variations between the particular prices & corresponding commonplace price very well wise; is finished by the comparison the particular prices & performance with corresponding standards. For the aim of decisive the causes for the variations between the particular prices, analysis of variances square measure done. Presentation is formed in an exceedingly most fitting manner to the acceptable management, of the data that is offered from the higher than analysis so it becomes doable to require remedial measures or the redaction the standards if it’s necessary. Within the issues that manufacture commonplace product repeatedly, commonplace standard cost accounting or standard costing is most befittingly applied, as a result of in those issues, the standards that square measure realistic is set simply. This doesn’t mean that they have the benefit of the quality cost accounting technique can’t be obtainable to the industries that will jobs of non-repetitive nature e.g., manufacture of vehicles, ships, etc, as a result, of several operations & processes square measure there that is undertaken by these industries that it becomes doable to line commonplace & apply commonplace cost accounting technique. For more information, click CA Classes