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sarjeevvarshney43 · 23 days

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The Top CA Coaching Classes in Delhi by Sanjeev Varshney Classes

In the dynamic landscape of professional education, aspiring Chartered Accountants (CAs) seek the best guidance to navigate the intricate pathways of their career. Amidst the bustling metropolis of Delhi, where opportunities abound, selecting the right coaching institute becomes paramount. In this quest for excellence, Sanjeev Varshney Classes emerge as the beacon of success, offering unparalleled coaching experiences tailored for CA aspirants.

Unmatched Pedagogy by Sanjeev Varshney Sir

At the helm of Sanjeev Varshney Classes stands Sanjeev Varshney Sir, acclaimed as India's No.1 teacher in the realm of CA education. With years of expertise and a profound understanding of the CA curriculum, his pedagogical approach transcends traditional boundaries, fostering a culture of holistic learning. Whether through online platforms or face-to-face interactions, Sanjeev Varshney Sir's guidance epitomizes excellence, shaping the future of countless CA aspirants.

Comprehensive Course Offerings

Sanjeev Varshney Classes cater to the diverse needs of CA aspirants, offering comprehensive coaching for both CA Foundation and CA Inter levels. Each course is meticulously crafted to instill conceptual clarity, technical proficiency, and strategic acumen essential for success in the challenging CA examinations.

Course

CA Foundation

Features

- Structured curriculum focusing on core concepts

- Interactive sessions for better understanding

- Regular assessments to track progress

CA Inter

Features

- In-depth coverage of advanced topics

- Practice sessions for exam-oriented preparation

- Mock tests for realistic exam simulations

Online and Face-to-Face Coaching

Recognizing the diverse learning preferences of students, Sanjeev Varshney Classes offer flexible coaching options, including both online and face-to-face sessions. Through state-of-the-art virtual platforms, students gain access to live lectures, recorded sessions, and interactive study materials, enabling them to study at their own pace and convenience. Similarly, face-to-face coaching provides a conducive learning environment where students engage in direct interactions with faculty members, fostering a collaborative and enriching educational experience.

Emphasis on Conceptual Clarity

In the pursuit of academic excellence, Sanjeev Varshney Classes prioritize conceptual clarity as the cornerstone of learning. Through lucid explanations, real-life examples, and problem-solving techniques, students develop a deep understanding of complex topics, empowering them to tackle any challenge with confidence. Whether it's understanding the intricacies of accounting principles or mastering taxation laws, the emphasis on conceptual clarity ensures that students not only excel in examinations but also thrive in their professional endeavors.

Personalized Attention and Mentorship

In a competitive educational landscape, personalized attention can make all the difference in a student's journey towards success. Sanjeev Varshney Classes understand this imperative, offering individualized mentorship and support to every student. Faculty members, including Sanjeev Varshney Sir himself, are accessible to students for guidance, clarification, and motivation, ensuring that no query goes unanswered and no challenge remains insurmountable.

Track Record of Excellence

The hallmark of any reputable coaching institute lies in its track record of producing top-tier professionals. In this regard, Sanjeev Varshney Classes boast a legacy of excellence, with a multitude of students achieving remarkable success in CA examinations year after year. The institute's commitment to quality education, coupled with the dedication of its faculty members, has propelled countless students towards their aspirations, earning Sanjeev Varshney Classes a distinguished reputation in the field of CA coaching.

Elevate Your CA Journey with Sanjeev Varshney Classes

Aspiring Chartered Accountants in Delhi need not look further than Sanjeev Varshney Classes for their educational pursuits. With unparalleled pedagogy, comprehensive course offerings, flexible coaching options, and a track record of excellence, the institute stands as the epitome of CA coaching in the capital city. Under the guidance of Sanjeev Varshney Sir, India's No.1 teacher, students embark on a transformative journey towards success, equipped with the knowledge, skills, and confidence to conquer the challenges of the CA examinations and beyond. Join Sanjeev Varshney Classes today and unlock the doors to a bright and prosperous future in the realm of Chartered Accountancy.

#ca #ca online classes #icai #ca foundation #education #ca inter #ca inter taxation #ca exam

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anytimeclass · 3 months

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Best CA Inter Classes online SM-FM, AUDIT, COSTING,Accounts, Law

Discover the finest CA Inter classes online in India, specializing in SM-FM, Audit, Costing, Accounts, and Law. Access comprehensive study materials, live sessions, and expert guidance for a thorough and successful exam preparation experience.

#Best CA Inter Classes online SM-FM #AUDIT #COSTING #Accounts #Law

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chetanmalikclasses-blog · 5 years

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CA INTER LAW PEN DRIVE CLASSES IN DELHI -CHETAN MALIK CLASSES

CA SHIVALI AGARWAL ( LAW & AUDIT EXPERT )

CA SHIVALI AGARWAL has made LAW AND AUDIT very easy with her conceptual and memory techniques. She brings in vast practical experience from his past stints to the classroom, helping students to understand the idea rather than mugging up the provisions. She makes sure that each student understands the material well.

· She is a member of ICAI.

· She has a teaching experience of more than six years.

· She is well versed in Law & Audit.

· Her result oriented approach and art of explaining has been always praised.

· Her unique style of teaching has made student learn concepts very easily.

· Her student honored her by scoring highest marks in Law and Audit.

Visit @ https://chetanmalikclasses.com/our-faculty· Visit @ https://chetanmalikclasses.com/· Call@:8010-152-153 , 9910497171 /

#CA CLASSES #CA INTER LAW CLASSES IN DELHI #BEST CA INTER LAW CLASSES IN DELHI #TOP CA INTER LAW CLASSES IN DELHI #CA LAW PENDRIVE CLASSES #CHETAN MALIK CLASSES #ONLINE CA INTER LAW CLASSES

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waytopinnacle · 3 years

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Are you looking for the best CA Coaching Classes in India? We are from Way To Pinnacle Institute. Can provide you India's Top Faculties like IT-SM Classes, EIS-SM Classes, FM ECO Classes, Costing Classes, Audit Classes, Law Classes, CA Inter, and Final Face to Face CA Classes in Delhi and Virtual CA Classes Available at 50+ Branches in India. Buy Online CA Intermediate Pendrive Classes.

#CaClasses #CaCourse #CaCoaching #cainstitute

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vidyaknowledgepark21 · 2 years

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Best Commerce Field after 12th

The most popular field in India is Commerce. After studying Commerce in 11th-12th, you get various courses fields. Studying Commerce is very advantageous for students with different fields.

List Courses of Commerce field:

There are various courses for which you can apply after 12th. You have Various career opportunities here. The major benefit you get here is any specialized field candidate can look forward to enroll in Commerce field. You also get course selection here.

In, best college for commerce you get three years bachelor course with Mathematics and Without Mathematics. Here you can choose a professional course with you interest and know about its eligibility. Here you get knowledge with best trained teachers. Best Commerce college is approved by All India council for Technical Education, New Delhi. You can look forward to know more information about commerce college.

What Course Should I Choose After 12th?

Listed Courses are professional courses you can Choose:

• B. Com

• BBA

• BCA

• BA

• BMS

• BBS

• BA LLB

• CA

About B. Com \ B. Com (honors):

Bachelor of Commerce or B. Com is an Undergraduate degree. It is three-year course can be pursued by any categorized field. Students must have cleared 12th max 40 % with nay recognized board. It is a regular full-time program. Best B com Colleges help students with specialized skills set, Innovative knowledge, Critical Thinking Skills, Value Added Courses, Activities, etc. This course is offered in top Colleges helping students with Accounting, Banking, Taxation, and other. It is divided into three semesters. With B Com degree you have various career opportunities in fields like Accountant, Tax Consultant, Financial Consultant, Business Executive, Accounts Manager, etc. Here you are going to learn about:

B Com is divided into six semesters, about B Com course:

• Business Communication

• Business Statics

• Financial Accounting

• Business Economics

• Business Environment

• Company Law

• Fundamentals of Entrepreneurship

• Cost Accounting

• Corporate Accounting

• E- Commerce

• Money & Financial System

• Management Accounting

• Data Analytics

• Digital Marketing

• Insurance

• Business Laws

About BBA:

Bachelor of Business Administration or BBA is a full time Undergraduate degree. It is a three years course can be pursued by any specialized category. Students of any field like Science, Commerce and Arts can look forward to make career in this field after 12th. This course help students with knowledge of Leadership, Management. Candidates with Max 40% in any recognized field can look forward for the criteria. Best colleges for BBA in Meerut help students with High Quality Education, Techniques, Programming, Computer Applications, Presentations, Group Activities and Class Discussion. Here you get best career opportunities like Hr Executive, Marketing Manager, Financial Advisor, Sales Executive, Public Relation Manager, Entrepreneur. Top BBA colleges in Uttar Pradesh also provides Value Added Courses.

About BBA Course:

• Fundamentals of Management

• Organizational Behavior

• Managerial Economics

• Accounting & Financial Analysis

• Business Law

• Business Organizational Ethics

• Environmental Studies

• Business Techniques

• Business Communication

• Human Resource Management

• Marketing Management

• Business Environment

• Fundamentals of Computer

• Advertising Management

• Indian Banking System

• Financial Management

• Research Methodology

• Business Management

• Entrepreneurship

• Project Work

About BCA:

Bachelor of Computer Applications or BCA is a full time Undergraduate degree. A three years full time program. Candidates of any categorized field can look forward for the criteria. Streams like Science, Commerce and Arts students can look forward for BCA course after 12th. Best BCA college in Meerut offers a professional program help students with Computer Languages. Students with max 40% can look forward for the course. The IT industry is growing rapidly and students are taking more interest in Programming. Here you get best career opportunities in fields like IT Technologies, Management Information System, Music & Video Processing, Network Systems, System Analysis.

About BCA Course:

• Hardware Lab

• Foundational Mathematics

• Operating Systems

• C Programming

• Unix Programming

• Computer Laboratory & Practical Work of Office Automation

• Business Communication

• Computer Laboratory and Practical Work of C Programming

• Object Oriented Programming Using C++

• Operating System

• Software Engineering

• Elements of Statistics

• Business Economics

• Computer Graphics & Multimedia Application

• JAVA Programming and Dynamic Webpage Design

• Computer Network Security

• Data Structure Using C and C++

• Web Technology Lab

• Python Programming Lab

• Graphics And Animation

• Design And Analysis of Algorithms

Other than these courses you can also look for more Bachelor, Diploma and Master courses in Meerut best college.

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qulokitiq · 3 years

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Law handbook munish bhandari pdf

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loyallogic · 4 years

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Commerce and Law: A successful love marriage- A Webinar Brief

This article is written by Aditya Singh, from Symbiosis Law School, Noida.

The guest for this seminar was Sumit Kansal, who is a Corporate and Commercial lawyer based in New Delhi and his office name is Kansal Law Chambers, before practicing as an advocate in the Supreme Court he was a practicing Charted Accountant for an almost a decade. He got 96% in his 12th boards and was the State topper after which he completed his Graduation in the year 2010 from Shri Ram College of Commerce pursuing his CA degree along with his graduation in the very first year and completed his CA in 2011 in his first attempt, he is also a gold medalist in his law.

The host for this seminar was Ankit Vaid, who is a Senior Growth Consultant and Startup Growth Hacker at LawSikho which is a leading online company in India providing education through specialized courses and offering specialized and practical training in law. They bridge the gap in legal education between theory and practice through their custom training methods.

Q1. What was his first experience after completing Graduation and Charted Accountancy?

A1. After completing his Graduation, he was preparing for his CA attempt. At the time of his Completion of graduation he had completed his CA-Inter by then, which was known as Professional Competence Course (PCC), his final course was still remaining and his Article ship training was about to end. Once he completed his CA degree, he gave interviews and was campus placed with ICI with EY and he joined Ernst & Young.

He was in the Statutory Audit division of EY in Gurgaon and he worked with them for 1 year. He soon realized that auditing was not his Cup of Tea and since the very beginning he had more inclination towards E-Taxation and Company Law part of CA. It was then when he decided to go for studying full-fledged law. Since he was a young CA therefore, he did his CA practice accordingly, and, in the evening he attended his law classes. Though he had gotten into Delhi University and also got a very good rank in CLC but he later decided to complete his law from Punjab University in Chandigarh only and was a part of the 2013-16 batch there.

Q2. One of the most interesting cases he has encountered to date?

A2. One of his most interesting cases was that he was recently in NCLAT and he was appearing for the insolvency professional and IP of Ahmedabad. His side of the case was very strong and the other Counsel was representing the suspended directors of an insolvent company and the opposite Counsel was begging to the court, he was folding hands, so Justice Mukhopadhyay was there and he said that please don’t beg before the court. he said that you should win with a lot of self-esteem and courage and also to lose with courage. this is important because sometimes we feel that failure is there and we are not able to achieve this but all this is a part of life as at least from this you learn. this is always true especially for Chartered Accountancy and law also. CA study and law profession are both tough, when one group is left many people, he himself thought in the final year that it is a tough and difficult course.

But once you become a chartered accountant it becomes a little comfortable, but the life of a lawyer is very hectic, one might lose certain cases you win certain cases, ups and downs are there in the career, situations like Covid-19 are there which is proving to be very difficult for them and even some are losing courage, but these are all phases of life.

Click Above

Q3. Is it necessary for litigation to have a CA degree?

A3. If somebody is going for becoming a corporate or a commercial lawyer, the CA course per se is not mandatory but it is recommended as it is useful and CA delves into the hard-core subjects of finance, of Commerce, of Corporate laws, of auditing or of forensics which is very useful. However, if somebody is not a CA it is not a precondition. A student from a science or medical background will obviously have difficulty in reading a balance sheet but if you are a bachelor in commerce or perhaps you are a CS inter that’s why are you can easily go in such kind of practice.

Q4. The most prominent tax lawyers of India such as Mr. Nani Palikhivala or Mr. Arvind P. Datar were not CA’s, so if a lawyer is not a CA how can he take up his taxation or corporate law practice? What is the importance of the commerce stream and Can a student of science or arts stream practice tax law?

A4. A degree which is in CA CS or CMA or any diploma which even LawSikho provides taxation courses contract law drafting courses these are important. but law is a field that includes both procedural as well as substantive law the lawyers are very well versed with the procedural laws but for substantive laws they definitely have to read. Taxation law is not an easy subject you have to delve deep, you have to put into certain years of practice, you have to find your niche, then only you can make a for the difference between a lawyer who is a CA and one who is not.

Tax Law is a difficult kind of law difficult in the sense because you deal with numbers you deal with calculations and at the same time, you deal with an interpretation of the law which in itself is humongous and a very complex law so a student who does not have a Commerce background therefore suggested and will feel difficult to go into tax practice and a student who is a Commerce graduate he will understand much better as to what is a balance sheet, what is a P&L, what are the financial statements, what is the basic procedure or system of audit at least he will have certain idea understand what is the difference between a cash system and an accrual system in this way he gets a good grip and can read some Income Tax also in his graduation.

Q5. What is the importance of an internship, if one wants to pursue tax law or corporate law, as all they do is not litigation part but mostly the compliance or the bookkeeping part?

A5. Compliance part of an internship is the basic groundwork part, for example, if we take criminal law you will be a good lawyer if you know about the trials in the Civil Courts, another example is if you want to do NCLT litigation and if you know how a company is incorporated, what is MOA, what is articles of association, if you know the board minutes then you get a good grasp over NCLT matters. Similarly, tax compliance filing of Returns if it is done or a senior gives you it is a very good kind of thing it should be taken in the right stride and the interns need to have a little patience as they need to learn the nuances of the taxation practice they need to know what are salaries, what are capital gains, what are PGBP, how is a charitable trust functioning, how are the different returns for a Charitable Trust or a company or a salary filed, because the case moves from the assessing officer level which is the income tax officer and then it elevates towards the Commissioner of Income Tax appeals which are the fact-finding authorities wherein the CS go and then it goes to the ITAT and from there to the High Court and Supreme Court so unless they have that base it is very useful which is why the seniors knowingly give these kinds of work to the juniors.

Q6. Where does the role of a Chartered Accountant and a Lawyer differ and which practice is more rewarding?

A6. A Chartered Accountant can go to the Income Tax Appellate Tribunal and the CSTAT now which is the GST Tribunal we cannot go to the High Court for which there is a license which is the license of Bar Council of India and CA has the certificate of practice (CA-COP). So, a CA would be having very good knowledge about return filing about assessment procedures what is Section 142 its working and all the ground level part and he can argue in its favor and if he has a good knowledge about the law part then it is effective. As far as the lawyers are concerned, he knows well about the laws what is the Indian Evidence act, what is the limitation act, how to peruse the judgments so he can be instrumental there.

As regards to the question as to what is more rewarding according to the guest speaker none of the practices are good none of the practice is bad both are very esteemed professions you can gain a lot of money and lot of ethical work you can do it solely depends upon your competency and upon your skillset.

Q7. Is the company secretary also a good option for law students to pursue?

A7. As far as CS is concerned, we can do the compliance part well he can do the filings on the MCA, formation of company, preparation of memorandum, articles, registration din which is the director identification number. it is again not mandatory but only recommendatory but if you have an inclination towards the company law side of the corporate practice then go for CS if you have an inclination towards taxation side then CA would be preferable because in CA both the direct and the indirect taxes are dealt with at vast and the SEBI regulations, FEMA guidelines and the matters related to shareholders are dealt by CS.

Q8. Tax and crimes relating to black money and money laundering.

A8. For white-collar crimes we have the Benami law we have PMLA we have black money, in these laws if you have a good base with taxation then only you can very well function in the black money act. money laundering is something which is earned through some illegal activity and then that money is Routed into something which is shown as legal for example in a Hawala transaction there is some illegal activity going on and tomorrow that money is invested in a plot or a residential house and rent is earned out of it would seem as if it is a legal kind of thing. Here the knowledge of Income Tax, knowledge of legalities, knowledge of the prevention of money laundering act, all culminates into one which is why taxation and legal knowledge go hand in hand here.

Q9. What is the importance of drafting in tax matters?

A9. It is very instrumental and important many CA struggle at this as there are notices coming from income tax officers to which they are not able to reply in a good manner, as they are good with numbers they know the technical skills well but to write it on paper in a simplified language which is in consonance with the question put up by the AO gets difficult for them and here lawyers can play a good role. drafting is a thing which is learned over time and with practice and this is not the case with just taxation drafting but with any kind of law, for example, the matter on hand is about Professional misconduct of Chartered Accountants, lots of CAs these days are getting notices from the Institute of Chartered Accountants of India. So, in these kinds of matters the drafting is done in a different manner because it is not a court as such it is an administrative body. Therefore, knowledge of what is professional misconduct, what is merely a negligence whether it amounts to professional misconduct or not all this comes into play and is necessary to have knowledge about drafting.

Q10. If a lawyer has to give an opinion to a client on tax-related matters what should be the basics of those drafts?

A10. First, understand what is the matter, for example, a client of the guest speaker had a matter relating to the merger of two entities and he wanted to know about the MAT applicability which is the Minimum Alternate Tax as given under the Income Tax Act so it’s such a matter is in hand start reading the bare act and see where it falls further read the rules connected to it and the commentaries explaining them and then make your opinion it can be for one page or half page. then read some good articles on that opinion compare that article with your opinion see what is the difference in the opinion see if your opinion is legally correct and if it is legally correct and your belief system says that it is good for your client to go with that opinion.

Q11. How a can lawyer without any CA or CS qualification can understand finance as most of the lawyers do not have such qualifications?

A11. It will become difficult if you don’t have any kind of background and if you don’t know what is the difference between cash and accrual system web between profit and loss account what is authorized capital what is issued capital, subscribed capital, paid-up capital. In this situation, a lawyer can do some courses on these subjects of 2-3months course.

At LawSikho for example in their corporate taxation course, they are very comprehensive from basic to advanced level and they have included all the parts like compliance, drafting and litigation related to both indirect and direct taxes so a student will have an interlinked study between the direct and the indirect taxes as they have designed their corporate taxation course in that way.

Q12. If a law student wants to get into a law firm what are the various areas in Corporate law in which he/she can practice?

A.12 There is corporate advisory, mergers, and acquisitions which also includes restructuring, then there are matters relating to IPR which is broadly covered under corporate practice only and under Intellectual property rights also there are several fields such as trademarks, copyrights, and patents and then there is Banking Law under which Banking and Insurance matters relating to IRDA then there is capital markets advisory these are matters relating to the SEBI regulations which are the Securities Tribunal Act matters this can be the different practice areas as far as Corporate law is concerned.

LawSikho has created a telegram group for exchanging legal knowledge, referrals and various opportunities. You can click on this link and join:

https://t.me/joinchat/J_0YrBa4IBSHdpuTfQO_sA

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firsteducation · 5 years

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Career in Chartered Accountancy

Chartered accountancy is the essence of all business, large or small. The job of a chartered accountant includes auditing, taxation, accounting and financial planning etc. It can be a very demanding and rewarding task. Career opportunities after Chartered Accountancy are interesting. Chartered accountancy can be the first step towards other rewarding professions in finance, investment consultancy and fund management. The Chartered Accountancy course is conducted by the Institute of Chartered Accountants of India, which has its headquarters in New Delhi, 5 regional offices (Calcutta, Kanpur, Chennai, Mumbai and New Delhi) and 81 branches under these regional centers.

QUALIFICATION REQUIRED FOR CHARTERED ACCOUNTANCY

Over the years, the qualifications for becoming a CA have changed. one could believe of becoming a CA only after graduation, and a candidate had to undergo five years of articleship training.

The chartered accountancy’s distinctive feature is its curriculum, which is theoretical education with complementary practical training. A student would undergo theoretical education and practical training concurrently from the very beginning. This balanced approach helps the students to appreciate the underlying practical applications of the theoretical education scheme.

Common Proficiency Test (CPT) CPT is an entry level test of four subjects i.e. Accounting, Mercantile Laws, General Economics and Quantitative Aptitude.

Integrated Professional Competence Course (IPCC) This is the first phase of the CA curriculum in which only working knowledge of the core and related topics of the accounting profession is addressed. IPCC topics are categorized into two groups that a student can study and appear in group-wise examination or both groups together. IPCC is designed to improve knowledge of accountancy linked to accounting standards to build strong foundation for developing knowledge of financial reporting at the final stage. The students update their knowledge of business communication, business strategies, taxes, information technology and audit.

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

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

WHERE TO START ?

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

WHAT WOULD IT COST ?

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

JOB PROSPECTS

On completion of the training, the candidates need to gain membership to the ICAI before they can start practicing as a CA.

A member wishing to practice in India or abroad needs to obtain a Certificate of Practice from the ICAI, the yearly fee of which is Rs. 400. Once the membership is taken, the practicing member cannot work in any other business or occupation without taking permission from the council; they are only permitted to work in areas as specified in the CA regulations.

JOLE ROLES:

A Chartered Accountant’s work area has become so wide and involves so many activities that sometimes a CA is perceived as almost an enigma. A CA can start career with auditing activities, which is the basic work area of a CA. From here a more fulfilling career in finance can be pursed after getting enough exposure of intricacies of finance. As an investment consultant and as a fund manager a CA can play the role of a top decision maker. CAs also work in project management and consultancy services.

SALARY FOR CHARTERED ACCOUNTANT :

For CA Inter: Generally candidates holding CA inter-qualification are paid somewhere between Rs 7,500 and 15,000 depending on the type of firm.

Payments can be higher for candidates possessing other qualifications such as M.Com or an MBA.

On the other hand starting salaries can be as little as Rs 4,500 to 5,000 in some small towns of the country.

For CA Final (FCA): Starting salaries range between Rs 12,000 to 30,000 depending on the type of firm and nature of the economy.

A fully fledged CA can expect a salary between Rs 30,000 to 75,000 after serving a stint of more than 5 years at a top firm.

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legalseat · 6 years

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Resolving IL&FS: IBC vs Schemes of Arrangement

[Aayush Mitruka and Manaswi Agarwal graduated from ILS Law College, Pune and are currently working with law firms in Delhi and Mumbai respectively. They can be reached at [email protected] and [email protected].]

Since August 2018 Infrastructure Leasing and Financial Services Limited (IL&FS) has been in headlines for having missed several debt payments deadlines. The rapid deteriorating financial health of IL&FS begs the question as to what legal framework is available to resolve large complex insolvency cases like that of IL&FS. As of now, India does not have a special resolution regime or comprehensive policy or law on bankruptcy exclusively for financial institutions. However, there are some provisions contained in various statutes which empower the respective regulator or the Central Government to resolve various problems faced by the financial institutions in India. In this regard, it may be worthwhile to mention that in order to address the gap, the Financial Resolution and Deposit Insurance Bill, 2017 (the Bill) was introduced in Lok Sabha in August 2017. The Bill sought to establish a resolution corporation to monitor financial firms, anticipate their risk of failure, take corrective action, and resolve them in case of such failure. However, the Bill faced strong opposition and criticism from various quarters and was withdrawn inter aliadue to certain controversial provisions like the bail-in clause among others.

In the current legal framework there are primarily two routes which can be adopted by IL&FS to nurse itself back to good health – the Insolvency and Bankruptcy Code, 2016 (IBC) route and the schemes of arrangements route under the Companies Act, 2013. Although IL&FS has chosen the schemes route to bring itself back on track, this article aims to discuss these two mechanisms and a comparative analysis of their efficacy as a tool for debt restructuring of a financial institution like IL&FS.

Background

IL&FS is one of India’s leading infrastructure development and finance company and is registered with the Reserve Bank of India (RBI) as a systemically important non-deposit accepting core investment company (SI-ND-CIC). As per the RBI CIC framework, IL&FS invests in and provides loans to its group companies. IL&FS has very complex corporate structure and sits atop a web of 24 direct subsidiaries, 135 indirect subsidiaries, 6 joint ventures and 4 associate companies. Usually, such financial institutions are closely interconnected and once a problem develops in one entity or company, they quickly spread to other sound entities. This is exactly what has happened in the case of IL&FS and its group companies and resolution of such companies is no doubt going to be a very complex task.

The IBC route

The IBC was enacted to address the lacunae in the bankruptcy laws relating to companies, partnerships as well as individuals. However, financial service providers like banks, insurance companies, stock exchanges and non-banking financial companies are excluded from the application of the IBC.[1] While the Central Government has the power under section 227 of the IBC to formulate rules and notify a financial service provider, on an ad-hoc basis, to be referred for resolution of insolvency under the IBC, this recourse has not been invoked for IL&FS thus far. In the absence of such a notification, though IL&FS being a financial service provider cannot resort to the IBC, its subsidiaries which are not financial service providers (like power and infrastructure projects entities/companies) can avail of the mechanism provided under the IBC on an individual basis. Admittedly, the IBC route provides various advantages such as time bound resolution and a calm period among others, this route also poses several challenges and hurdles and some of the important ones have been set out below.

In the context of financial companies with several subsidiaries it would not be easy to adopt the IBC route because of the complex mesh of relations among the group companies. Given that IBC is still emerging and is in its formative years it is not very clear how group insolvencies are to be dealt with. The fact that the ultimate holding company (i.e. IL&FS) cannot be brought within the purview of IBC will pose a serious hurdle to the resolution process. Secondly, given that this process is largely creditor-driven and the promoters would lose control and management, IBC would naturally not be the ideal choice for IL&FS.

Further, some press reports suggest that IL&FS is only facing a liquidity issue (which is temporary in nature) as opposed to an insolvency situation. In such a situation, recourse to IBC will lead to a panic situation which would be unwarranted and therefore for this reason as well the IBC may not be a desirable route.

It would be useful to point out that some of the lenders of a subsidiary power company of IL&FS have instituted insolvency proceedings against such subsidiary company.[2] While the fate of the application is yet to be decided by the National Company Law Tribunal (NCLT), one interesting question which would arise here is whether an insolvency application can be admitted during the pendency of proceedings under the provisions of schemes of arrangements under the Companies Act, 2013. In view of the non-obstante clause under section 238 of the IBC and the decision of the Bombay High Court in the case of PSL Limitedv. Jotun India Private Limited,[3] the balance may tilt towards the IBC proceedings. However, such an interpretation is bound to throw open a pandora’s box. This case could potentially be the first to deal with such a question and it remains to be seen what view is ultimately taken.

The schemes of arrangement route

Sections 230 to 232 of the Companies Act, 2013 provides for schemes of arrangements and compromises between a company and its creditors and shareholders. Historically these provisions are rarely employed in India as a tool for debt restructuring and are mostly used for the purposes of corporate restructuring (viz. mergers, demergers, amalgamations, etc.). Companies like Essar Oil Limited and BPL Limited are the few exceptions which have used the schemes of arrangements route for debt restructuring in the past. Unlike in the UK and Singapore, the schemes of arrangements mechanism did not find many takers in India primarily due to the onerous procedural requirements, long delays and hold out by creditors[4]. However, this route is seemingly more attractive than the IBC for a company like IL&FS for reasons discussed below.

The wide scope and the liberty to customize the revival plan in accordance with the needs of the company is the obvious reason which prompts the company to choose this route. The courts have defined the terms “arrangements” and “compromises” very broadly to entail transactions including corporate restructuring and credit restructuring. Another benefit of walking down this road is that the promoters do not have to surrender their control over the company during the implementation of the scheme. Thirdly, a condition precedent to trigger the IBC is that the corporate debtor must have committed a ‘default’, while such a condition is not required under section 230 of the Companies Act, 2013. This would allow IL&FS to include healthy companies also as a part of the scheme, if need be.

However, unlike Section 14 of the IBC, the Companies Act, 2013 does not provide for a moratorium during the pendency of a scheme Petition before the NCLT or during the implementation of a sanctioned scheme. Interestingly though, under the provisions of the Companies Act of 1956, the High Court / NCLT had the power to issue a moratorium.[5] It is unknown if the omission is deliberate or just a case of omissus casus. As of today, the law is far from clear and the approach of the NCLT unknown. Notably, a moratorium can be provisioned for in the scheme itself which would be ultimately binding upon the creditors subject to the sanction of the NCLT.

Moreover, unlike IBC, this route does not provide for a time bound resolution. Thirdly the “cram down” is applicable to only a class of creditors and not to all the creditors of the company as provided under the IBC. Finally, it is unclear as to what would happen if during the pendency of the scheme for approval by the NCLT a creditor initiates a proceeding under the IBC. As mentioned earlier, in view of the non-obstante clause contained in section 238 of IBC, chances are that the IBC proceedings will be given a go ahead.

Concluding remarks

IL&FS along with 40 of its subsidiaries have filed a petition before the NCLT for “certain reliefs in connection with filing of a scheme of arrangement under section 230 of the Companies Act”. However, it is just the beginning and it is going to be a long journey before the company can arrive at any resolution as the scheme will require the prescribed approval of the creditors and shareholders of the companies and the sanction of the NCLT. Going forward, we expect this case to throw up a new set of challenges and nuanced questions of law. While the larger ramifications of this case will be known in due course, significantly, IL&FS has been successful in triggering fresh discussions on an urgent need for a comprehensive bankruptcy law for financial service providers.

– Aayush Mitruka & Manaswi Agarwal

[1] Section 2 of the Insolvency and Bankruptcy Code, 2016.

[2] “In a first, IL&FS group’s Tamil Nadu thermal power unit taken to NCLT”, Business Standard (21 September 2018).

[3] CA No. 572 of 2017 in C.P. No. 434 of 2015.

[4] Varottil, Umakanth, The Scheme of Arrangement as a Debt Restructuring Tool in India: Problems and Prospects (March 30, 2017). NUS Law Working Paper No. 2017/005.

[5] Section 391(6) of the Companies Act, 1956.

The post Resolving IL&FS: IBC vs Schemes of Arrangement appeared first on IndiaCorpLaw.

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agrawalclasses-blog · 7 years

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The next level after having cleared the CPT Exams is Intermediate Professional Course and students have to apply for Intermediate Registration to be eligible to undergo the IPCC Level. Out of all the Students who appear for CPT, only 30% Students (approx.) clear the CPT Examination in the CPT Results as declared by ICAI. Graduates with more than 55% marks have been exempted from appearing for CPT and can directly appear for Intermediate Exams by registering for the same. Refer: CPT Exemption for Graduates Thus, the basic eligibility requirement for applying for IPCC Registration is:- Either the Student should have cleared CPT, or The Student should be a Graduate with more than the minimum prescribed marks 1. IPCC Registration after Clearing CPT After having cleared the CPT Exams, the CA Student has to apply for IPCC Registration. The IPCC Registration is not automatic and students interested in appearing for the next level after clearing CPT have to submit the IPCC Registration Form. The Fees for IPCC Registration is payable by way of a Demand Draft/Pay Order drawn in favor of “The Secretary, Institute of Chartered Accountants of India” payable at Mumbai/Chennai/New Delhi/Kolkatta/Kanpur in accordance with the address of the Student. The Fee Structure for IPCC Registration is as follows:- Documents to be submitted Demand Draft/Pay Order towards IPCC Registration Fees Attested Copies of 12th Class Pass Certificate Attested Copy of CPT Pass Marks Statement Last Date of Submission of IPCC Registration Form A Student can appear for CA IPCC Exams after 8 Months of having submitted the IPCC Registration Form (earlier the duration was 9 Months but was reduced to 8 Months on 30th Jan 2012 by ICAI) Although the IPCC Registration Forms are accepted by ICAI throughout the year – the IPCC Exams are held only twice every year – i.e. in the month of May and November every year. A reverse calculation reveals that to be eligible to appear for November Exams – a student has to submit the IPCC Registration Form on or before as per the table below

Attempt Due the Last Date for IPCC Registration May Attempt 1st September of the previous year November Attempt 1st March of the same year 2. IPCC Registration after Completing Graduation Students joining the CA Curriculum after Graduation have been exempted from appearing for CPT and can directly enroll for IPCC. Students who’ve joined the CA Curriculum after Graduation through the Direct Entry Scheme can start their Articleship immediately without appearing for CA Inter Exams. Such Candidates would who have joined CA after Graduation first have to complete 9 months of articleship and then only would they be eligible to appear for CA Inter Exams. The Fee payable for Students enrolling for IPCC after Graduation is as follows:- Particulars Fee Registration Fee for both Groups 9000 Articleship Registration Fees 2000 ATC (Optional) Fee 1000 Documents to be enclosed Demand Draft/Pay Order towards IPCC Registration Fees Attested Copies of Marksheet of Graduation/Post Graduation/ CS Executive/ CWA Inter SSC/10th Class Certificate as a Proof of SSC IPCC Syllabus The CA IPCC Syllabus consists of 7 Papers which are divided into 2 groups as under Group I Paper 1: Accounting (100 Marks) Paper 2: Law, Ethics, and Communication Part I: Law (60 Marks) Business Law (30 Marks) Company Law (30 Marks) Part II: Business Ethics (20 Marks) Part III: Business Communication (20 Marks) Paper 3: Cost Accounting and Financial Management Part I: Cost Accounting (50 Marks) Part II: Financial Management (50 Marks) Paper 4: Taxation Part I: Income Tax (50 Marks) Part II: Service Tax (25 Marks) & VAT (25 Marks) Group II Paper 5: Advanced Accounting (100 Marks) Paper 6: Auditing & Assurance (100 Marks) Paper 7: Information Technology and Strategic Management Part I: Information Technology (50 Marks) Part II: Strategic Management (50 Marks) A Student can appear for IPCC Examinations either group wise or appear for both the groups at the same time. To clear the IPCC Level, a Student has to secure a minimum of 40% marks in each individual paper of a group in one sitting and a minimum of 50% Marks in Aggregate of a Group to be declared as Passed. Refer Diagram below for a clear understanding of the same

CA IPCC Classes in Pune :- In case a Student secures more than 60% marks in any individual paper of a group but fails to clear that group, the Student can avail exemption from appearing in that paper for the next 3 Consecutive Attempts. However, there are some norms for availing exemption and exemption is granted only when a student has complied with all these norms. You can read these norms here – Exemption above 60 Marks in IPCC The IPCC Syllabus framed by ICAI has been formulated in such a way that students appearing for this level gain working knowledge of various subjects and detailed knowledge are expected from the students of CA.

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