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Everything about ARTICLESHIP...

INTRODUCTION The Chartered Accountancy course in India entails three years of articleship which is to be pursued after clearing Group 1 of Intermediate and completing both ICITSS-ITT and ICITSS-OC. However, there are certain information that is not normally available. So, the not so common rules and information that I have found through my struggles during articleship.  One has to also  complete his/her MCS-advance IT and MCS-orientation course during articleship before appearing for CA final exams. IMPORTANCE OF ARTICLESHIP IN YOUR CAREER The Chartered Accountancy course in India is amongst the best of its kind in comparison to the courses offered in other countries. Also, it is rated as one of the most difficult professional courses among all other streams of education in the country. The reason for the above is the quality and values that the profession of  Chartered Accountancy  has, and which it wishes to retain. The vast curriculum, along with the rigorous prac...
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PF withdrawl provisions

  Withdrawal from Provident Fund (PF) : ·          PF withdrawal within the 5 years of account opening attracts tax. ·          It is not mandatory to withdraw the PF account when an employee changes the employer as the PF can be easily transferred to the new account. ·          EPF also provides employees with an option of loan. An individual can apply for a loan against PF. ·          Employees are provided with an option of withdrawing 90% of the PF account after the age of 54 years. ·          If an individual is unemployed for 1 month, he can withdraw 75% of the  provident fund balance  and the remaining 25% after the second month of unemployment.   ·          Withdrawal of Provident Fund may attract Income Tax. ...
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Simple steps to make Statutory Audit Effective.

  Introduction: 1. What is a Statutory Audit? Statutory Audit  is a type of  audit  which is mandated by a Law or a  Statute  to ensure the          books of accounts presented to the regulators and public are true and fair. 2. Is Statutory Audit Mandatory for Every Company? Statutory Audit as the name suggests is a compulsory audit for all companies. Every entity which is registered under the Companies Act, as a Private Limited or a Public Limited company has to get its books of accounts audited every year.   3. What is the requirement of Statutory Audit? It is important that we understand the need for a statutory audit to be carried out. In case of a company, the owners of the company are the shareholders. However, they do not run or manage the day to day affairs of the company. This is done by the board of directors and the management of the company.                     ...
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CA vs CMA

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  WHAT IS THE ROLE OF CHARTERED ACCOUNTANT CA COURSE VS CMA COURSE           CA and CMA both are considered as top finance and accounting professional courses with good statutory back up and good industry recognition. Majority of subjects in both the course are very similar but the depth of few topics are different. Like CA course focus more on Tax, Accounts and Auditing whereas CMA course focus more on Costing, Management accounting and Financial management.  CMA course duration is 2 to 3 years where as CA course duration is 3 to 4 years. The number of people opt for CA is more than CMA due to its popularity. CA is in generally is tougher and lengthier curriculum than CMA. However, when it comes to Job opportunities many cases Industry considered both of these courses as same. Like job is opened to both CA and CMA. However when it comes to practice CA people has upper hand than CMA. The practice scope for CMA is much lesser th...
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