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Disclaimer: The views expressed here are personal in nature. The author shall not be responsible, in any manner, for any damage suffered due to any action taken on the basis of such opinion.

Monday, June 9, 2014

After CA

This post is more for the people who have already completed first two stages of CA examination, but it won't harm even those people who are yet to start. I'm writing this article because this topic has been making me restless for a long time.

Chartered accountants, undisputedly, are one of the most hard working species on earth. They learn accounting, taxation, law and what not during those 4-5 years of their life when most other people in their age group are having time of their life. How can i forget about articleship! The only connection for the CA students to external world for those 3 years (apart from tuition classes, more or less true for everyone!). So far so good. But what after this? After completing her CA, the student goes on to join some auditing firm or cost centre of some industrial firm. Is their anything wrong with this? Not really. But like all 'Not wrong' things in the world, it has a lot of scope for improvement.

Tuesday, February 21, 2012

Curse or a disguised blessing ?

Let me ask a very simple question, what is the biggest boon and curse which ICAI can give to its students ? Surprisingly, we have two answers for both of these questions, and even more surprisingly, both the answers are exactly the same. No, the answer is not a difficult accountancy paper or easy paper checking. Nor it is the other surprises in examination hall.

Tuesday, October 4, 2011

CA Speaks - Part 1

Hi friends,

Hope everyone would be filled with positivity after the super good result for May 2011 attempt. I hope the same trend continues. Now let me be back to the agenda; many a times articles, write-ups and theories do not achieve what an example or short stories do. With this feeling in mind, I am looking to start a new thread – CA speaks – where I will share the experience of past rank holders and how they did it. And best part is, I’ll try to coordinate with them and get addressed any query you should have. This time let us begin with Ms Ankita Agrawal from Surat, who had a dream run with a 6th rank in CPT, then a rough patch with JUST first attempt pass in IPCC (I know first attempt pass is much, much more than JUST first attempt pass) and finally a cloud nine finish with 35th rank in CA-Final. Here we have her experience of, and views on, CA examination:

Friday, August 12, 2011

Decoding the bare acts and litigation (Part3)

This time around we will see the importance of a written constituition in a sovereign, republic nation like India; and how this importance is ensured to every citizen of the country.

Our constitution entrusted the parliament with the power to make various laws, and bureaucracy with the power of enforcement and administration of these laws. Also every act passed by our parliament is subject to judicial review by the courts. This judicial review by the courts is through various case laws. Every act passed by parliament should confirm with the provisions and spirit of the constitution of India. 

The right to appeal against the provisions of any act is given by the provisions of that particular act only. But even if any act does not provide this right, then constitution of India gives every individual right to file WRIT petition or SLP with the court to obtain the relief. The courts in respect of appeals made to them would judiciously review the appeal and would grant appropriate relief to the applicant (i.e. plaintiff). The courts would judiciously review the provisions of the act, and if such provisions (or the whole of the act for that matter) is not found in conformity with the constitution of India, the court will strike down those provisions or the whole act altogether.

Courts, through the case laws, do not legislate; they just clarify how the provisions of the acts should be construed. In the overall scheme of laws and acts, every act should confirm to the constitution of India, and also to the other act to the extent possible; at the same time every provision of an act should confirm to the overall scheme of that act.

Till next time

Wednesday, April 27, 2011

Quandary of groups

Before we start discussing the point in hand, let’s be clear about “How one can become a chartered accountant in India”.

Chronology of events for becoming a chartered accountant in India:

1. Clear your CPT exams (In which all the 4 subjects of curriculum are covered in 2 papers of 100 marks each, and both the papers are to be appeared on the same day)

2. Clear 2 groups of IPCC (comprising of 3 and 4 subjects respectively. For every subject a separate paper is to be appeared. 1 paper on a day with 1 day off between two papers. This means 13 days of exam tension)

3. Clear 2 groups of CA-Final (comprising of 4 subjects each. For every subject a separate paper is to be appeared. 1 paper on a day with 1 day off between two papers. This means 15 days of exam tension).

Now to add to this confusion, both the groups in IPCC and CA-final can be cleared either individually or simultaneously.

After reading all this, the precise question that arises in the mind of an aspirant is whether to appear for both the groups simultaneously or individually. Let’s analyze the pros and cons of the two approaches:

Wednesday, January 5, 2011

Book - My companion

Dear Friends,
This time i am going talk about the way the reference books should be chosen by an aspirant. Obviously this discussion will be without reference to name of any publication. Here we go with some guidelines for choosing a book:

Sunday, December 19, 2010

Decoding the bare acts and case laws (Part 2)

Dear friends,
While reading any law we come across various case laws, some important ones and some even more important ones. But most of the times our understanding of those cases is not beyond the name of cases. This time we will look to go beyond just the name of the case laws.

The right to appeal against the provisions of any act is given by the provisions of that particular act only. But even if any act does not provide this right, then Constitution of India gives every individual right, to file WRIT petition or SLP with the court, to obtain the relief. The courts in respect of appeals made to them would judiciously review the appeal and would grant appropriate relief to the plaintiff (i.e.applicant ). Courts through the case laws, do not legislate, they just clarify how the provisions of the acts should be construed.

Saturday, December 4, 2010

Cardinal sins by CA students - Diagnose and cure

Hello friend, it feels good to see you back after a long time. This time I'm here with something unusual. So far we have seen what to do to become a CA, this time around we will see what not to do to become a CA. Lets have a look at some cardinal sins that a CA student generally makes, and how to avoid them:

Saturday, September 18, 2010

Decoding the bare acts

Dear Friends,
This time we will solve the mystery of law and bare acts. Before I start, if you want a soft copy of any Bare act then go to the links provided in the 'Related Links' section at the bottom left of this blog.
Most of us believe an act and a law to be synonymous, but two differ in a sense that Law is a stem and Act is its branch. For Income tax LAW would include, The Income tax Act as well as Income tax rules and any notification or circular issued by any authority under this act. Judgments by various courts help us interpret the law. (Note: For the purpose of CA exams what is covered is Income tax law and not just Income tax act.)
Now arise the most important question that if a student is studying the Income tax law (or any other law) from the books of some well known authors then what is the need for understanding the bare act?
Friends what you are studying is just a commentary of the income tax law (or any other law) by the authors. The books you read are interpretation of provisions of the law and an opinion thereon by these authors. The Act is an essential element from which comes, the interpretation and then the detailing of the legal requirement. Disagreements in interpretations take the form of case laws. So these commentaries are not the final text or a binding one, but the bare acts are.
At the same time, bare acts, by nature, are the most complex ones to comprehend and are often misapprehended. The primary reason is the use of legal language and legal terms/words having definite meanings. The language is used to ensure that the law is unambiguous to read and apply. So it is always better to assist your bare act reading with these commentaries.

How to read bareact:

Saturday, July 3, 2010

Note about the Notes

Hello everyone. One more month, no comments but plenty of SMSes. Everyone having their own questions but no one is ready to discuss them in public domain, but i request you people to open up and pen out your thoughts.
Now let me answer one of the most asked questions, Whether One should prepare notes for the exams or not?
This is a very fundamental question, and it's answer would definitely take more than just a YES or NO. I would say it depends on a number of factors, and we will discuss them in the coming part.

#1 Should I prepare notes for everything or for nothing?

Friday, June 4, 2010

Compilation & Suggested (C & S)

Hello Friends. Good to see you after a long time, very long indeed. So lets straight away come to the point i.e. How to use your Compilations and Suggested (In short, C & S).
Let's start with the myths:
#1. It is not at all important to use C & S, because CA being a professional course The ICAI will never repeat the same question.
Fact: To an extent it is true. Although ICAI will not repeat the same question, but at the same time it is not possible to create totally new and different question every time. So it is always that they may get INSPIRED by some of those already asked things. Secondly, If ICAI has asked some questions over the years then it is because they were worth asking. So practicing such question would definitely help you open your mind. So never ever ignore the C & S.

#2 It is sufficient if I only do the C & S.

Sunday, May 2, 2010

THE 15 days of exam

Random thoughts about The 15 days of exams:
These days are about:
* Being at your best.
* Not even remembering that still 14 more days are to go.
* Doing what you did in last 2 years in just 2 days.
* Just being yourself during those 180 minutes.
* Keeping your cool even after knowing that you've messed up with your very first paper.

Thursday, April 22, 2010

I love my most important subject

So friends we are onto our 4th post, and i must thank all of you for your wonderful SMSes. But i believe more communication should come from the blog platform. You can write in your comments, and become a follower also. This would help me write more specifically towards the doubts of the readers. I believe you'll make this blog a both-way interaction platform.

Moving ahead we'll discuss which is the most important subject in CA-Final?

Well, CAs are given the specific job of being the auditors, so auditing should be the answer. But, it is not possible to audit the books unless you are an accounting expert, so Accounting should be the subject. At the same time Audit without computers-not possible, so Information system should be the in-thing. But most of the times we are busy handling income-tax related issues, so it is the obvious choice. But even Indirect-taxes require various reports and compliance by a CA, so even that is also not wrong.

That means 8 subjects, and 8 sub-subjects for all the 8 subjects. Then does it mean none of these subject is important or All of these are equally important. The answer is second option, all of these are equally important.

Thursday, April 15, 2010

Golden Rule of 1000

Most difficult questions for a student: How much should I study? Lots of researches, discussions, articles still no satisfactory answer to this question.
Before I move ahead I recall one famous quotes, it says “Life is simple, do not unnecessarily complicate it”, I agree. But Just agreeing was not enough so I devised a formula (Don’t worry, it’ll be the easiest you would have ever seen) to calculate the number of hours you should study before exams.
Let’s see how it works:
Number of hours to be studied during a particular month = 1000 / Number of moths left before exam
When you’ll apply this formula you’ll get these results:

Sunday, April 11, 2010

Dilemma of Auspicious time to start.

Well friends this brings me to my first reply. And before starting i make it very clear, that whatever i write here is my personal opinion, and the same may not be suitable in all the cases. Moreover at times it may take me some time to post reply for some queries.

As far as question of starting your studies is concerned, Ideally you should start

Friday, February 26, 2010

A warm welcome

A warm welcome to all my CA friends, students and other academic and non-academic users. Chartered accountancy is among the most talked and discussed professions, sometimes for the right reasons and other times for the reasons that are not so right. But the fact remains that no one can ignore us.
Equally important is the fact that it's a tough nut to crack, after all best of the things are not the easiest to achieve.I, myself completed my CA-Final examination in November-2009, and know the pains people suffer while preparing for the exams. Abundance of resources, abundance of guidance, still least of the results. Something is going drastically wrong, because even after coming miles in terms of resources and information during the past 60 years, we are still there at having 5-7% results and even less than that.
I feel the reason for such a performance is lack of inputs at the moment when they are required the most. So i have decided to dedicate this blog to particularly help the CA-Final, PCC & IPCC students. If you are preparing for any of these examinations and are facing problems in preparation, put in your queries in the comments sections along with your Name, Exam for which you are preparing, and Registration number. I would try to respond to it as quickly as possible. But please pardon me, If at times a little delay is caused in replying you.

Nikhil Jalan