Contents

My Dear Students,
I wish all of you a very happy end of Spring Season after the end of mighty
month of March. In words of Pablo Neruda- You can cut all the flowers but
you cannot keep Spring from coming.
A great opportunity available to you to hone up your skills and gain knowledge
is Practical Training. A complete devotion to training is essential for success in
Examinations as Papers are going to be more and more Case Study based and oriented on practical
knowledge and experience. As a distinct and unique feature of Chartered Accountancy Course, Practical
training helps you in learning the professional work. It is necessary for enriching your insights and
sharpens your approach to tackle the actual situations in an appropriate and professional manner. At the
same time it also helps in assimilating deeper knowledge required for performing better in the
examinations. Rank-holders and other students who pass examinations with flying colours have always
emphasized the benefit of the practical training. Chartered Accountancy being professional course
cannot be easily passed with the mere knowledge acquired from the text books. It is our sincere advice
to all our students that along with the theoretical knowledge, you should acquire real practical skills. To
keep a balance in theoretical and practical skills, the students are expected to pursue their Articleship
with complete dedication, and utmost care. You should attach greater importance to the practical
learning during your Articleship training.
The month of March had been eventful for the Guwahati Branch of EICASA. Immediately after the
Finance Bill 2016 was presented in the Parliament on 29 th Day of February, 2016, we organised a Study
Circle Meet on 5th of March on Analysis of Union Budget, 2016. We also celebrated the International
Womens Day on 8th of March. Recognising the need of the hour we also organised Half Yearly Indoor
Sports Meet for the overall benefit of CA Students with new games like Arm Wrestling, Bulls Eye & Blind
Hit apart from Table Tennis, Carom and Chess. We had the opportunity to organise the Educational Tour
for CA Students at Central Institute of Plastic Engineering & Technology (CIPET). To benefit the Students
appearing in May 2016 Examinations, Mock Test Series was organised for IPCC & Final Students. I
personally conducted a Special Counselling Session for the students and provided the necessary
guidance to the students on various subjects for removing their doubts and motivating them so as to
give them impetus in moving ahead and gaining success in their examinations. The Second Series of
Mock Test has been planned in the month of April. I would once again advise the examinees to
participate in the Mock Test to have a hand on experience of the Exam situation before you appear in
the real Examination.
Before I conclude, I quote Steve Jobs"You can't connect the dots looking forward; you can only connect them looking backwards. So you have
to trust that the dots will somehow connect in your future. You have to trust in something--your gut,
destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in
my life."

Wishing you most & more

CA. Kamal Mour

| Chairmans Message

| Editors Desk

| Vice Chairpersons
Message & Readers Write

4-7

| Students Articles

8-11 | Announcements
12-14 | FAQ on Correspondence
Course
15-16 | ICAI Regulations
17

| QUIZ Wizard

18-20 | EICASA Guwahati

Activities
21

| EICASA Guwahati
Managing Committee

Editorial Board
Editor:
CA. Ankit Agarwal

Advisors:
CA. Raginee Goyal
CA. Pankaj Jain

Members:
CA. Kamal Mour
CA. Gaurab Garodia
Ms. Ekta Garodia
Mr. Prabhaw Agarwal
Ms. Neha Beriya
Mr. Sagar Nath

Ex-Officio Members:
CA. (Dr.) Debashis Mitra
CA. Rakesh Agarwala
CA. Rohit Agarwala

Editors Desk...
Dear Students,

With immense pleasure we come up with the 3rd issue of E-Newsletter EICASA@Guwahati for the year
2016.
March16 was a pressure month and given the way things are; March 17 and every other March in the
foreseeable future would be the same. Over the years, we Chartered Accountants have become
accustomed to the fact that the major chunk of Income Tax Returns will be filed in this month. No matter how much we
follow up with our clients there does not seem to be any change in the situation. Primarily this delay is on account of
non-submission of requirements on the part of clients. It will be assuming for you to know that many assessees still

understand that the returns are to be filed in March only.

But we professionals should take the onus on us to educate our clients regarding timely submission of returns. Filing of
returns after due date not only takes away the opportunity to revise the returns but also more often results in mistakes in
computation of income thus putting the assessees at risk of unfavorable scrutiny of returns.
The end of March witnesses the beginning of April aligned with Bank Audits. The Banking Sector is one of the pillars on
which the economy of our country works. Being an integral part, of the economy, its transparent and effective functioning is
imperative. We, the Chartered Accountants fraternity, are entrusted with the onerous responsibility of auditing the banking
sector in various forms whether it be concurrent audit, revenue audit, stock audit, risk based audit and many more. Statutory
audit is one such responsibility which we, as auditors, are required to execute immediately on the completion of March.
Every bank has its own Guidelines for Audit which we as professionals should go through to be acquainted with the
management requirements for audit. These requirements are over and above the requirements required to be statutorily
executed under laws. Further, special care should be taken by the auditors to learn the various codes for handling of banking
software. Again, bank audit being a time bound assignment, we professionals should program the audit in such a way that we
do not compromise with compliance of Accounting Standard & Standards of Auditing and wherever necessary Management
Representation should be taken from the management.
The month of March as well as April are challenging months for we professionals both mentally as well as physically. Besides
being professionally abreast with matters concerning our work, we should be physically & mentally fit for these challenges.
We should regularly engage in exercise and yoga to keep ourselves fit to deliver our responsibilities.
Wishing you all the best & more
CA. Ankit Agarwal.

SUCCESS IS NO ACCIDENT.
It is hard work, perseverance, learning, studying, sacrifice
and most of all, love of what you are doing.

Vice Chairpersons Message...

Dear friends,
Hope you all had a colourful Holi. So, we are here with the 3rd edition of e-newsletter for the year 2016.
Being an integral part of institute, we all know that the month of March is one of the most crucial periods for all CA members and students, a challenge to surmount all Income Tax Returns by prescribed
time.
However, despite this busy schedule, we had organised few activities such as well set group discussion platform for
female participants on 8th March 2016 on the occasion of International Women's Day; honouring, empowering and
celebrating womanhood. An indoor sports meet was also organised by The Guwahati branch of EICASA for its students to

showcase their talents in leisure and enhance interpersonal relationship between each other. The education tour to
Central Institute of Plastic Engineering & Technology had also been a great experience to the students as we were
imbibed by various facts and information.
Further more the study meet and mock revision exams for upcoming IPCC & Final CA Examination, May 2016 have helped
in building confidence of the students and have proved to be beneficial in many ways.
There is a quote:
"A

dream

doesn't

become

reality

through

magic,

it

takes

sweat,

determination

and

hard

work"

Thus, with this quoted text, I wish all my fellow mates a very good luck for their upcoming exams and hope that the hard
work bestows beautiful colours of fortune & content in your lives.
-Ekta Garodia

Readers Write
The FAQ and Syllabus (compiled) for May exam is very useful.
------ CA. M. P. Vijay Kumar, Central Council Member
Well Done. Second Issue is good one and helpful to students.
------- CA. Anil Jain, Silchar

Congratulations on the successful release of an informative and impressive newsletter. I convey heartful appreciation
to the editorial team and the contributors.
-------- CA. Raginee Goyal, Guwahati
Congrats to you for hard work and great effort.
-------- CA. Pankaj Kumar Jain, Guwahati

You don't always need a plan. Sometimes you just need to

breathe, trust, let go and see what happens.

Goods and Services Tax (GST)

What is the Goods and Services Tax?

As the name suggests, it is a tax levied when a consumer

buys a good or service. It is meant to be a single,
comprehensive tax that will subsume all the other smaller
indirect taxes on consumption like service tax, etc. This is
how it is done in most developed countries.

Ten things you should know about the GST

Bill

Officially, the Constitution (One Hundred and

Twenty-Second Amendment) Bill 2014.
It was introduced in the Lok Sabha on December 19,
2014 by Finance Minister Arun Jaitley.
The Bill seeks to amend the Constitution to
introduce a goods and services tax (GST) which will
subsume various Central indirect taxes, including
the Central Excise Duty, Countervailing Duty,
Service Tax, etc. It also subsumes State value added
tax (VAT), octroi and entry tax, luxury tax, etc.
The Bill inserts a new Article in the Constitution
make legislation on the taxation of goods and
services a concurrent power of the Centre and the
States.
The Bill seeks to shift the restriction on States for
taxing the sale or purchase of goods to the supply
of goods or services.
Parliament can decide on compensating States for
up to a five-year period if States incur losses by
implementation of GST.

The Bill seeks to establish a GST Council tasked with

optimising tax collection for goods and services by
the State and Centre. The Council will consist of the
Union Finance Minister (as Chairman), the Union
Minister of State in charge of revenue or Finance,
and the Minister in charge of Finance or Taxation or
any other, nominated by each State government.
The GST Council will be the body that decides which
taxes levied by the Centre, States and local bodies
will go into the GST; which goods and services will be
subjected to GST; and the basis and the rates at
which GST will be applied.
Under the Bill, alcoholic liquor for human
consumption is exempted from GST. Also, it will be
up to the GST Council to decide when GST would be
levied on various categories of fuel, including crude
oil and petrol.
The Centre will levy an additional one per cent tax
on the supply of goods in the course of inter-State
trade, which will go to the States for two years or till
when the GST Council decides.

By: Rohit Agarwalla

Regn No.: ERO 0195879

Congratulations...
CA. Ravi Kumar Patwa, Past Chairman of Guwahati Branch
of EIRC of ICAI has been co-opted in the Professional
Development Committee of ICAI for the year 2016-2017.
Congratulations to CA. Ravi Kumar Patwa.

CA. Bikash Agarwala, Past Chairman, Guwahati Branch of

EIRC of ICAI has been co-opted in the Continuing Professional Education Committee of ICAI for the year 20162017. Congratulations to CA. Bikash Agarwala.

In the end, we only regret the chances we didnt take.

Taxability of Aggregators Services

Prologue:
The aggregators who were till now not specifically covered
under the Service Tax and could not catch the attention
of revenue authorities came under the radar of one and all
in Indian regulatory world once the app based cab services
received the attention after Uber fiasco.
In case of aggregator model of services, it was a dispute as
to who the service-provider is and who service receiver is.
The defence of the aggregator has been that they do not
provide any service so as to be liable to Service Tax. While
there was no specific definition of aggregator or tax
liability (or exemption) for such services, Government has
now specifically provided that such services shall be liable
to Service Tax.

Background of the issue:

Uber has an Indian entity, named Uber India Systems Pvt.

Ltd., but it does not in any way deal directly with customers
or the taxi drivers. The Indian company only provides
systems support to the parent company.

Dispute which prevailed before the budget:

Cab services attract service tax in India at the rate of 14.5%
as it is neither in the negative list nor specifically exempted.

Uber passes tax liability to buyer:

Under fire from the authorities for not paying service tax,
online cab service Uber has passed the buck on to drivers
or owners registered with it as members. They have
submitted that liability to pay service tax lay with cab
drivers because these cab drivers or owners were providing
the services.

Uber is a San Francisco-based information technology

company which provides a market-place to connect taxi
drivers and customers who seek taxi rides. In India, it is
present in more than ten cities, including Delhi and
Mumbai, making India its largest market outside the US.

Uber is making it abundantly clear that they are not

providing taxi services. Uber only provides link between the
taxi operator and the customer. Mere fact that Uber
receives 100% payment does not mean that Uber is itself
providing the taxi service. It is only a manner of entering
into a transaction.

Uber is not a taxi service. Uber itself does not provide taxi
services and Uber is not a transportation carrier. Uber calls
itself an information provider. Uber offers information and
a means to obtain transportation services offered by
third-party transportation providers.

We have sent a tax enquiry to Uber Inc. So far, they have

not paid us a single penny in taxes. We are not sure who is
liable to pay the tax Uber or cabbies. But someone has to
pay. S. K. Solanki (Service Tax Commissioner, Mumbai)

Uber signs up drivers and taxi users separately and

connects them through a smartphone or a tablet-based
app. Uber only acts as an intermediary between the
customer and the service provider, but it controls the most
crucial part of the relationship - the payment.
Every Uber customer is required to download the app on
his device. As a part of the registration process, Uber
requires the customer to give his credit card details
including the CVV (card verification value) number [really
risky for customers, since if by chance, data of Uber is
stolen by hackers, there will be havoc].

Amendments made by The Finance Minister:

Rule 2(aa) of Service Tax Rules as inserted by the Service
Tax (Amendment) Rules, 2015 vide Notification No. 5/2015ST dated 1.3.2015 and the term aggregator and brand name
has been defined.
The term aggregator in ST Rules at Rule 2(1)(aa)- means a
person,
Who owns and manages a web based software
application,
And by means of the application and a communication
device,

As I look back on my life, I realise that every time I thought I was being rejected from
something good, I was actually being re-directed to something better.

Taxability of Aggregators Services

Enables a potential customer to connect with persons

providing service of a,

Particular kind under the brand name or trade name of

the aggregator;

For this definition, brand name or trade name as

defined in Rule 2(bca) of Service Tax Rules shall
mean as under:
Brand name or trade name (like ola, uber, taxi for sure and
so on) can be a name or a mark such as
i.

Invented word or writing,

ii.

a symbol,

iii.

monogram,

iv.

logo,

v.

label or

vi.

signature

Which is
i.

registered or otherwise

ii.

used for the purpose of indicating or indicate a

connection

iii.

a connection between service and person using

name or mark in course of trade and such
connection is with or without indication of identify
of that person

Taxability of Aggregator Service:Example:

Suppose Mr A avails services of Meru cab via mobile based
application and charges Rs 100 out of which 20% is to be

Who is liable to pay Service Tax?

As per the provision where the taxable services liable for
service tax are provided under aggregator model, service
tax payment has to be made by the aggregator as follows:
- If aggregator is located in India, aggregator
himself has to pay;
- If aggregator is not located in India but has a
representative office located in India, then such
representative office located in India has to pay;
- If an aggregator does not have any presence,
including that by way of a representative, in such a
case any agent appointed by the aggregator shall
pay the tax on behalf of the aggregator.

Tax under reverse charge:Under Notification No. 30/2012-ST as amended by

Notification 7/2015-ST dated 1.3.2015, Service Tax for
services provided or agreed to be provided by a person
involving an aggregator in any manner shall be payable
under reverse charge mechanism. 100 percent of Service
Tax shall be payable by the aggregator

Issues and Challenges:In the changed legal position some of the issues and
challenges can be listed out as follows:
a. How do the aggregators determine the taxability of each
transaction considering the place of provision of service?

kept by Meru cabs and rest 80% will be paid to drivers. In

such cases

b. How do the aggregator ascertain the applicable

exemptions and abatements in each transactions?

Solution:

c. The service provider has to segregate the services

provided directly (without using aggregators app) and
services provided through aggregators. The first one will be
liable for service tax (if not exempted elsewhere) and the
second one is not liable for service tax (as the tax will be
paid under reverse charge mechanism by aggregators).

ST Chargeable is Rs 100 x 14.5% = Rs14.5 and the fare i.e.

Rs 100 to be apportioned between Meru and drivers
respectively as per the agreement i.e. Meru will get Rs 20
while Drivers will get Rs 80 The ST charged shall be paid by
Meru cabs i.e. the aggregator

You never cross the Ocean unless you have the courage to lose sight of the shore.

Taxability of Aggregators Services

d.

For the service provider the services provided

involving aggregator will become exempted
services as defined in CENVAT Credit Rules, 2004,
whereby the service provider is not eligible for
CENVAT Credit relatable to that and if other
services are there the provisions of Rule 6 will
become applicable.

e.

sector, the latest development may force taxi service

aggregators to stay in the red a bit longer.
By: Prabhaw Agarwalla
Regn No.: ERO0205104

e. If the aggregator who do not have presence in

India and also does not appoint agent, then what
happens and how does the administration happens
to make such aggregator liable to pay the tax.

Conclusion:This amendment has brought all such cab operating

services via a mobile based application under the ambit of
taxable service liable to service tax at a rate of 14.5%. Not
only cab operating services but many other major e
commerce units of country like Flipkart, Snapdeal,
Amazon, Expedia, Groupon, Tripda etc have also come
under the target of Government.
The service tax will be levied on the total fare and not just
the commission being earned by the aggregators for every
ride and as a result of which booking a cab via web based
aggregators such as Meru, Uber and others is likely to cost
consumers more
There are 19 radio taxi operators in the country, including
Mega Cabs, Easy Cabs, Meru Cabs, and Tab Cabs,
according to the Association of Radio Taxis. These
operators run over 25,000 cabs across India. Of late,
Indias taxi services market, despite the financial stress,
has received increased attention from global investors,
primarily because the radio taxi model has emerged as the
fastest- growing and most reliable form of public
transport. There are about 6,00,000 taxis in India,
generating a combined annual revenue of about Rs. 11,000
crore. While global investors, including Japans Softbank
Corporation, have infused big money into the growing

With the throbbing heart

I listened to the words of others.
Perpetually preparing my own.
Every time the content seemed to change.
With the dilemma of choosing the right context
I prepared again.
No sooner did my turn came
Than I rose from my comfortable space.
Approaching the podium only
Accelerated the beats within.
As I faced the audience
The throb even ignited the pace
But I tried to ignore everything.
And with a confident smile
I said

By : Ananya Kashyap
Regn No. : ERO0209288

"Choice" "Chance" "Change"

You must make a "Choice" to take a "Chance" or your life will never "Change".

Announcement

Scholarship from S.Vaidyanath Aiyar Memorial Fund (SVAMF), ICAI for 2015-2016
7th March, 2016
The Managing Committee of the S. Vaidyanath Aiyar Memorial Fund have decided to award scholarships to 100 students
(who are currently undergoing articled training in accordance with The Chartered Accountants Regulations, 1988 who are
poor, needy but meritorious) requiring scholarship to pursue the Chartered Accountancy course @ Rs. 1000/- p.m. for one
year with effect from 1st April, 2015 to 31st March, 2016 to be paid in lump sum, subject to filing of application for the
same.
The eligibility criteria for obtaining scholarship from SVAMF are as under:
i) Passed 10 + 2 examination with a minimum of 70 percent marks and also have Passed Common Proficiency Test of ICAI in
the first attempt
or
Passed B. Com Examination of a recognized University with a minimum of 60% marks.
ii) Currently undergoing articled training as per CA Regulations.
iii) Annual income of parents from all sources must be less than Rs. 1.50 lakh.
Students who are needy, poor but meritorious and are fulfilling the above criteria may apply for scholarship from the S.
Vaidyanath Aiyar Memorial Fund. Students may send their request in the prescribed and duly filled in form to the Member
Secretary, S. Vaidyanath Aiyar Memorial Fund at the following address so as to reach on or before 15th May, 2016. The
form can be downloaded from website of the Institute www.icai.org.

The Managing Committee of the S.Vaidyanath Aiyar Memorial Fund will consider each of such cases on merit basis and
decide at their discretion the amount to be granted from S.Vaidyanath Aiyar Memorial Fund
Member Secretary, S.Vaidyanath Aiyar Memorial Fund
C/ O The Institute of Chartered Accountants of India, ICAI Bhawan,
A-29, Sector-62, Noida-201309, Dist. Gautam Budh Nagar (U.P.)

Notification for CPT Examination June, 2016

15th March, 2016
No. 13-CA (EXAM)/CPT/JUNE/2016: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the
Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test will be
held on Sunday, 19th June, 2016 in two sessions as below, at the following centres provided that sufficient number of
candidates offer themselves to appear from each centre.
[This Common Proficiency Test will be conducted as per provisions of Regulation 25 D (3) of the Chartered Accountants
Regulations, 1988.]
Fist Session
(i.e. Morning Session)

10.30 AM to 12.30 PM (IST)

SectionA Fundamentals of Accounting
SectionB Mercantile Laws

Second Session
(i.e. Afternoon Session)

2.00 PM to 4.00 PM (IST)

SectionC General Economics
SectionD Quantitative Aptitude

Failure is the opportunity to begin again more intelligently.

Announcement

E-mail and Telephonic Queries: An Advisory for Students

It has always been the endeavour of Board of Studies to facilitate the students, in every possible manner, in their studies as
also the preparation for examination. Answering queries of the students is one among the many services being provided
by the Board of Studies to its students. Students can seek the answers of their academic queries from the BoS Faculty
through emails and other general queries on preparation for examination, applicability of Finance Acts/Pronouncements/
Legislative Amendments etc. either by sending an e-mail or by making a telephone call.
It is being observed that many a time it becomes very difficult to give satisfactory replies to the queries for reasons like
incomplete information, lack of required clarity, generic nature of the query, queries beyond the scope of Board of Studies
etc. In order to ensure that queries raised by the students receive an appropriate response within a reasonable time
period, it has been decided to streamline the process and bring out a standardised format for raising queries. In this
context, students are advised to note the following:

i) Students should necessarily provide the following details in their mail:

Registration Number
Residential Address
Name and Address of the Principal and the firm (if undergoing practical training)
Level of CA Course (CPT/IIPCC/Final) Attempt Due
ii)

The query should be clearly worded and all the relevant information should be provided therein.

iii)

BoS Faculty answer academic queries requiring simple explanation of content contained in the latest edition of any
of its publications as well as queries relating to any specific question solved in the latest editions of its Study
Material, Practice Manual or any other publication of BoS. Accordingly, the students are advised to confine their
academic queries within the scope defined above.

iv)

Apart from academic queries, the Faculty also answer general queries like applicability of Accounting Standards,
Standards on Auditing, legislative amendments, Finance Act, Assessment Year etc. for any particular examination,
the manner of preparation for examination and presentation of answers etc.

v)

Mail should be marked to the Faculty of the respective subject. Where there are more than one Faculty in the
subject, mail should be marked to all of them.

vi)

The queries will generally be answered within three - five working days.

vii)

Queries can also be asked over telephone on all working days preferably, from 10.30 am to 11.30 am in the morning
and from 4 pm to 5 pm in the evening. While on the call, students may be asked to provide the details given in point
(i) above at any point in time.

viii)

Queries of general nature relating to applicability of Accounting Standards, Standards on Auditing, legislative
amendments, Finance Act, Assessment Year etc. for any particular examination, the manner of preparation for
examination etc may be raised over telephone or through e-mail. However, academic queries should be raised only
through e-mail.

ix)

Care should be taken to use an appropriate salutation while addressing the Faculty both in the mail and over
telephone.
Please note that only the mails raising questions within the scope of points (iii) and (iv) above and containing the
details specified in (i) above will be duly answered by the Faculty.

Spending today complaining about yesterday won't make tomorrow any better.

Announcement
Students are also welcome to meet the Faculty, in person, to seek their guidance. Personal meeting with the Faculty can
be scheduled on any working day at the Noida Office of the Board of Studies. In order to derive the optimum benefit out
of such meeting, students are advised to fix a prior appointment with the concerned Faculty.
The e-mail ids and telephone numbers of the Faculty of various subjects are given below for the reference of the students:

Sl.
No.

Subject

Faculty

e-mail id

1.

Accounting (CPT,
IIPCC and Final)

CA. Seema Gupta, Deputy

Director
CA. Shilpa Agrawal, Assistant
Secretary
CA. Asha Verma, Executive
Officer

seema@icai.in

CA. Karuna Bhansali, Assistant

Director
CA. Rajeev Sachdeva, Assistant
Director

karuna.bhansali@icai.in

Dr. P. T. Giridharan, Joint Director

Ms. Nisha Gupta, Sr. Executive
Officer
CA. Shraddha, Executive Officer

giridharan@icai.in

Dr. N.N. Sengupta, Deputy

Director
CA. Ashish Gupta, Senior
Assistant Director
CA. Deepak Kumar Gupta,
Assistant Director
CA. Sanjit Lal Sharma, Executive
Officer
CA. Ashish Gupta, Senior
Assistant Director

nnsengupta@icai.in

0120-3045919

ashish.gupta@icai.in

0120-3045956

ashish.gupta@icai.in

0120-3045937
0120-3045956

Dr. N.N. Sengupta, Deputy

Director

nnsengupta@icai.in

0120-3045919

CA. Deepak Kumar Gupta,

Assistant Director
CA. Sanjit Lal Sharma, Executive
Officer

deepak.gupta@icai.in

Ms. Sukriti Arora, Assistant

Secretary

sukriti.arora@icai.in

2.

3.

4.

Auditing (IIPCC and

Final)

Law (CPT, IIPCC and

Final)

Financial Management
(IIPCC)

Strategic Financial
Management (Final)
5.

6.

Management
Accounting /Cost Accounting (IIPCC and
Final)

Information
Technology (IIPCC and
Final)

Landline no.

0120-3045916
shilpa@icai.in
asha.verma@icai.in

0120-3045925
rajeev.sachdeva@icai.in

0120-3786881

nisha.gupta@icai.in
0120-3045939
shraddha.saxena@icai.in

deepak.gupta@icai.in
0120-3045937
sanjit.sharma@icai.in

0120-3045937
sanjit.sharma@icai.in
0120-3045937

Life is 10% what happens to us and 90% how we react to it.

0120-3045939

10

Announcement
7.

Direct Taxes (IIPCC and

Final)

CA. Priya
Subramanian, Deputy Director

priya@icai.in

8.

Indirect Taxes (IIPCC

and Final)

CA. Smita Mishra, Deputy Secretary

CA. Shefali Jain, Assistant Secretary
CA. Swati
Aggarwal, Executive
Officer

smita@icai.in

9.

Strategic
Management: (IPCC)

0120-3045913

shefali.jain@icai.in

0120-3045906
0120-3045906

swati.bos@icai.in

0120-3045906

Dr. T. Paramasivan, Joint Director

tparamasivan@icai.in

0120-3045917

Mr. Shaleen Suneja, Deputy Director

Dr. Ruchi Gupta, Sr. Executive
Officer

ssuneja@icai.in

011-30110490

ruchi.gupta@icai.in

0120-3045907

10.

Economics (CPT)

Ms. Prem Bhutani , Joint Director

prem@icai.in

0120-3045911

11.

Quantitative Aptitude
(CPT)

Dr. N. V. Ravi, Sr. Executive Officer

nvravi@icai.in

0120-3045949

Extra Questions attempted in CA Examinations

It is seen that in CA examinations, sometimes, candidates answer more questions or sub parts of a question, than are
required in terms of the instructions given in the question paper.
In this connection, it is hereby informed that candidates are required to answer the requisite number of questions as per
instructions printed on each question paper. In case any candidate answers extra questions/sub questions over and above
the required number, then the requisite number of questions first answered in the answer book shall be valued and
subsequent questions answered extra will be ignored.
Candidates are requested to take note of the above.
Examination Department
icai.org/new_post.html?post_id=12508&c_id=219

Advisory for the Students of CPT level for Section A: Fundamentals of Accounting
In the Updated Edition-Nov. 2015 of Section A: Fundamentals of Accounting Study Material at CPT level, certain printing
errors relating to years (which occurred at the end of Printer) given in various illustrations of Chapter 3 Bank Reconciliation
Statement and Chapter 4 Inventories, have been noticed. The errors relating to wrong mentioning of years (not resulting
in any conceptual or arithmetical incorrectness) have been rectified, wherever required and the revised chapters have been
uploaded on the BoS Knowledge Portal of the Institutes website at the below mentioned link:
http://icai.org/post.html?post_id=10054
Those students who have the Updated Edition Nov. 2015 of Section A: Fundamentals of Accounting Study Material at CPT
level, are advised to refer the revised chapters uploaded on the BoS Knowledge Portal of the Institutes website.

When life puts you in tough situations, don't say, "Why me?" just say "Try Me"

11

FAQ On Correspondence Courses

ICAI IGNOU Memorandum of Understanding
Frequently Asked Questions for Special B.Com (A&F) and M.Com (F&T) courses of IGNOU
Q1. What are the various Courses available?

Answer :
Undergraduate programme (B.Com(A&F)),
Post Graduate Programme (M.Com(F&T))
Q2. What are the Eligibility Norms for admission to B.Com (A&F) Course?
Answer :
Candidates who fulfill the following three conditions are eligible for admission to this programme.

1.

10+2 or its equivalence

2.

Common Proficiency Test (CPT) certificate from ICAI

3.

Registration in Professional Competence Course (First Stage of Chartered Accountancy) of ICAI

Q3. a. What is the course structure of specialized B.Com (A&F) Course of IGNOU?
Answer :
The programme comprises of 96 credits, out of which 32 credits are from IGNOU and 64 credits are part of Chartered
Accountancy Course (First Stage). Together with this, satisfactory completion of CPT, and of PCE as per part B under ICAI
Curriculum is considered sufficiently higher to meet the credit required for individual subject as well as in aggregate, under
the existing B. Com Programme.
The detailed course structure from IGNOU is as follows:
Sr. No.

Name of the Course

Credit Equivlence

Part A Courses Offered by IGNOU

1.

FEG-1 Foundation Course in English-1

4 Credits

FEG-2 Foundation Course in English-2

4 Credits

OR

2.

FHD-1 Foundation Course in Hindi-1

4 Credits

FHD-2 Foundation Course in Hindi-2

EEG 4 English for Practical Purposes

4 Credits
8 Credits

OR

3.

EHD-8 Prayojan Mulak Hindi

8 Credits

FHS-1 Foundation Course in Humanities and Social

Sciences

8 Credits

OR
FST-1 Foundation Course in Science and Technology

God won't help you, He already gave you the power to do that.

8 Credits

12

FAQ On Correspondence Courses

ICAI IGNOU Memorandum of Understanding
Frequently Asked Questions for Special B.Com (A&F) and M.Com (F&T) courses of IGNOU

4.

ECO-13 Business Environment

4 Credits

AED-1 Export Procedures and Documentation

4 Credits
Part B Courses offered by ICAI at the First Stage of Chartered Accountancy i.e. PCC/IPCC
5.
Advanced Accounting
6.

Auditing & Assurance

7.

Law, Ethics & Communication

8.

Cost Accounting and Management

9.

Taxation

10

Information Technology & Strategic Management

b. What would be the medium of the B.Com (A&F) course?

Answer :
English as well as Hindi medium.
c. What is the fee structure for this special B.Com (A&F) course?
Answer :
Rs. 4800/-.
d. Is this course available to a person who is not studying first stage of chartered accountancy?
Answer :
No. A student who is studying Integrated Professional Competence Course /Professional Competence Course / Professional
Education (Course II) or who has passed Professional Competence Examination / or Professional Education(Examination
II) / Intermediate Examination conducted by the ICAI can join this course.
e. When a student can appear in the examination for the B.Com (A&F) course?
Answer :
On completion of one academic session of study a student can appear in the examination.
f. What is the duration of the B.Com (A&F) course?
Answer :
The duration of this programme shall be the same as the existing B.Com. programme i.e. minimum 3 years and maximum 6
years with a provision for 2 years readmission after completing maximum period of study.
The student once admitted will be deemed to be registered for all 3 years. There will be no need to reregister in 2nd and 3rd
year as in case of other Bachelors Degree students.
4.a. What is the course structure of specialized M.Com (F&T) Course of IGNOU?
Answer :
In order to be eligible for the award of the Master of Commerce with specialization in Finance and Taxation, a student has to
complete the following Part A and Part B courses:

Set a goal that makes you want to jump out of bed in the morning.

13

FAQ On Correspondence Courses

ICAI IGNOU Memorandum of Understanding
Frequently Asked Questions for Special B.Com (A&F) and M.Com (F&T) courses of IGNOU
Part A Core courses offered by IGNOU
MCO-1 Organisation Theory and Behaviour
MCO-3 Research Methodology and Statistical Analysis
MCO-4 Business Environment
MCO-6 Marketing Management
IBO - 6 International Business Finance
Part B Specialization courses offered at Final Stage of Chartered Accountancy (i.e. CA Final ) by ICAI
Paper 1 Financial Reporting
Paper 2 Strategic Financial Management
Paper 3 Advanced Auditing and Professional Ethics
Paper 4 Corporate and Allied Laws
Paper 5 Advanced Management Accounting
Paper 6 Information Systems Control and Audit
Paper 7 Direct Tax Laws
Paper 8 Indirect Tax Laws
[Equivalents credits are awarded for passing Final (Old) Course]
b. What exemptions IGNOU will grant to the chartered accountancy students who will undergo M.Com (F&T) Course ?

Answer :
Out of 13 subjects to be studied in M.Com (F&T) course, a student will get exemption for passing 8 subjects of CA Final
Course.
c. Who are eligible to join this special programme to be announced by the IGNOU?
Answer :
Graduate in any discipline or equivalence from a recognized university and joined Final Stage of Chartered Accountancy of
ICAI.
d. What is the fee structure for this special M.Com (F&T) course?
Answer :
Rs.6000.
e. When a student can appear in the examination of M.Com (F&T) programme?
Answer :
On completion of one academic session a student can appear in the examination.
f. What is the medium of instruction?
Answer :
English medium.
g. What is the duration of the M.Com (F&T) programme?
Answer :
The student may complete this programme, just like the existing M.Com. programme, within a minimum period of 2 years
and a maximum period of 5 years, with provision for readmission as applicable for PG programmes of the University.
5. Who should I contact if I have a question about admission, general requirements?
Answer :
The Students can obtain such information from the website www.icai.org and/or www.ignou.ac.in and can further contact
on Phone: 011-29538427,6743/5266, E-mail: icaisoms@ignou.ac.in, or Ms. Srishti Gupta, Board of Studies, ICAI, Phone:
0120-3045949, E-mail: moubos@icai.org.

A comfort zone is a beautiful place, but nothing ever grows there.

14

ICAI Regulations
INDUSTRIAL TRAINING
Regulation 51 :
(1) An articled assistant who has passed the 10A
[Intermediate (Professional Competence) Examination] or
Professional Education (Examination-II) or Intermediate
examination under these regulations may, at his
discretion, serve as an industrial trainee for the period
specified in sub regulation (2) in any of the financial,
commercial, industrial undertakings with minimum fixed
assets or minimum total turnover or minimum paid-up
share capital as may be specified by the Council or such
other institution or organization as may be approved by
the Council from time to time: PROVIDED that the articled
assistant has intimated to his principal his intention to take
such industrial training at least three months before the
date on which such training is to commence.
(2) The period of industrial training may range between
nine months and twelve months during the last year of the
prescribed period of practical training.]
(3) The industrial training shall be received under a
member of the Institute. An Associate who has been a
member for a continuous period of at least three years
shall be entitled to train one industrial trainee at a time
and a fellow shall be entitled to train two industrial
trainees at a time, whether such trainees be articled
assistants or audit assistants.

FEE CONCESSIONS
There is a provision of fee concession/exemption for
different categories of students:
Fee Concession/Exemption for Differently abled student
Differently abled students are defined as:
a)
Blindness Blindness refers to a condition where a
person suffers from any of the following conditions,
namely:
total absence of sight;

visual acuity not exceeding 6/60 or 20/200 (snellen)

in the better eye with correcting lenses; or
limitation of the field of vision subtending an angle
of 20 degree or worse.
b)

Low vision Low vision means a person with

impairment of visual functioning even after
treatment or standard refractive correction but who
uses or is potentially capable of using vision for the
planning or execution of a tark with appropriate
assistive device.

c)

Leprosy cured Leprosy cured means any person

who has been cured of leprosy but is suffering from o
loss of sensation in hands or feet as well as loss of
sensation and paresis in the eye and eyelid but with
no manifest deformity;

(4) An agreement of training shall be entered into in the

form* approved by the Council.

manifest deformity and paresis but having

sufficient mobility in their hands and feet to enable
them to engage in normal economic activity;

(5) On satisfactory completion of the industrial training,

the member training the industrial trainee, shall forthwith
issue to the trainee a certificate in the form* approved by
the Council in respect of the training undergone under him
and forward a copy thereof to the Secretary.
(6) The period of industrial training referred to under this
regulation, shall be treated as service under articles for all
purposes of these Regulations, provided the certificate
referred to in sub-regulation (5) is produced.

extreme physical deformity as well as advanced

stage which prevents him from undertaking any
gainful occupation, and the expression leprosy
cured shall be constructed accordingly.
d)

Hearing impairment Hearing impairment means

loss of sixty decibels or more in the better ear in the
conversational range of frequencies.

Be the change that you wish to see in the world.

15

ICAI Regulations
e)

Locomotors disability Locomotors disability

means disability of the bones, joints or muscles
leading to substantial restriction of the movement of
the limbs or any form of cerebral palsy.

f)

Permanent and total loss of voice.

g)

Any other physical disability which is not covered

above, but permanently suffering from 50% or
above, as the case may be, submit an application for
consideration on case to case basis.

A differently abled student has to submit a certificate of

suffering from disability, certified by a physician/ surgeon/
oculist working in a Government hospital, as the case may
be.

This concession of fees will be made available on

production of necessary documents.
Fee Concession/Exemption for Meritorious Students
First three rank holders of CPT will be granted full
exemption from the payment of registration and tuition fees
at the time of registration for IPCC including registration fee
for 100 Hours Information Technology Training. Such fee
exemption will be continued at the time of registration for
Final Course provided the student passes both groups in
IPCE in the first attempt.
In other words the first three rank holders of CPT need not
pay the Final fee if they pass the IPCE in the first attempt.

Differently students, who are suffering from a disability as

stated above, are eligible for full exemption from payment
of registration and tuition fees at IPCC and Final levels.
Differently abled students are exempted from Orientation Programme
Differently abled Students, suffering from permanent
disability of 50% or above are exempted from attending
Orientation Programme. These students are also
exempted from payment of fee related to Orientation
Programme i.e. Orientation Programme registration fee of
Rs. 1,000/- and course fee of Rs. 3,000/- for undergoing
course.
Differently abled students are exempted from payment of
ITT fee

Differently abled students, suffering from permanent

disability of 50% or above are exempted from attending
ITT classes, but they are required to self-study and pass
two test papers specially designed for the purpose. These
students are also exempted from payment of fee related
to ITT i.e. registration fee of Rs. 2,000/- and course fee of
Rs. 4,000/- for undergoing course.
Fee Concession/Exemption for Children of Military and
Para military Forces
The children of military and para-military forces who are
studying chartered accountancy course and who have lost
either of their parents in action are exempted from
payment of tuition and registration fees.

Obituary
With profound grief and sorrow, this is to
inform that our beloved, CA. Jnanendra
Nath Saikia left for the heavenly abode on
20.03.2016. The Guwahati Branch of EIRC
of ICAI conveys its sincerest condolences
on the sudden loss of his life. He was born
on 13.02.1926.

For Your Information

ICAI Reading Room
Address :

House No.331, A.T. Road,

Machkhowa, Guwahati-781009

Contact :

The Chairman,
Guwahati Branch of EIRC.

Phone No :

0361-2207660

Email ID :

icai.guwahati@gmail.com

Visit our ICAI Guwahati Branch Webportal

www.guwahati-icai.org

Never stop doing your best just because someone doesn't give you credit.

16

QUIZ WIZARD
1

What is the short cut key for applying

the percentage format with no decimal
place in Excel 2013?

Mention what does the LEN formula used

for in Excel 2013?

What is the use of Not formula?

Is Compact a report available in Excel?

By
default,
Microsoft
Excel
automatically saves a copy of your
spreadsheet every 10 minutes?

Sparklines are tiny charts that fit into

one cell?

An Excel Worksheet is the entire spreadsheet file.

10

Most changes made to an Excel document

can be tracked in a separate worksheet?

Which orientation is best for displaying a

very wide chart?

What will be the result according to this

formula: =vlookup(B1;A4:B8;2) ?

Answers to February 2016 issue:

1.

Radio Mirchi.

2.

Assam.

3.

Assam.

4.

Indian Army Operation to flush out

Bodo Militants in Assam.

5.

Delhi Metro.

6.

Hyderabad.

7.

Muktesh Pardeshi.

8.

Qutub Minar.

9.

Swami Vivekananda.

10.

Bugatti-Veyron.

The winners of February2016 issue :

In view of large no. of

winners, prizes for the 1st,
2nd & 3rd position shall be
announced by lucky draw in
the upcoming events.

Hardships often prepare ordinary people for an extraordinary destiny.

17

EICASA Guwahati Activities

Study Circle Meet
A Study Circle Meet was organised on 05.03.2016 on the
Topic Analysis of Union Budget, 2016. The Program was
chaired by EICASA Guwahati Branch Chairman, CA. Kamal
Mour. The speaker of First Session was CA. Amit Patwari
who spoke on Direct Tax
Proposals proposed in
The Finance Bill, 2016.
CA. Prabesh Agarwal
spoke on the Indirect
Tax Proposals. The Program was attended by
25 Students.

CA. Ankit Agarwal, CA. Nikita Agarwal, CA. Adarsh

Agarwal, CA. Rahul Kabra, CA. Shatabdi Roy Choudhry
were also present in the Study Circle Meet. The Program
ended with a Formal Vote of Thanks from EICASA,
Treasurer, Mr. Prabhaw Agarwal.

International Womens Day

The Guwahati Branch of Eastern India Chartered
Accountants Students Association (EICASA) organised a
program on International Womens Day on 08.03.2016.
Ms. Ekta Garodia, Vice Chairperson of EICASA, Guwahati
initiated the event. Dr. (Ms.) Ranjita Choudhury, Asst.
Prof., Department of English, Guwahati Commerce
College & CA. Kaberi Bhuyan, Past Chairperson of
Guwahati Branch of EIRC of ICAI were felicitated in the
event. CA. Kamal Mour, Chairman of EICASA, Guwahati
Branch also addressed the participants and emphasized
on the importance of Women Empowerment. He also
appraised the house on different activities organised by
the Students body of the Guwahati Branch of ICAI.

Group Discussion were organised on the Topics

Behavioural Management at Work Place and Women
Empowerment in Global Scenario. Many female Chartered
Accountancy Students participated in the Group
Discussions.
Dr. Ranjita Choudhury moderated
the
Topic
Behavioural Management at
Work Place and expressed
her views on the performance of the participants.
CA. Kaberi Bhuyan moderated the Topic Women empowerment in Global Scenario and expressed her views.

Ms. Anushka Jain & Ms. Megha Khaitan were awarded as

the Best Speaker in the Group Discussions.
Ms. Saloni Bansal & Ms. Ayushi Agarwal were also
presented prizes for active participation in the Group
Discussion.
The Program ended with a formal Vote of Thanks from Mr.
Akshat Agarwal, Student of Guwahati Branch of EICASA of
ICAI.
The event was covered in the leading Dailies of the City.

Half Yearly Indoor Sports Meet

The Guwahati Branch of
Eastern India Chartered
Accountants Students
Association
(EICASA)
organised Indoor Sports
Meet for Chartered
Accountancy Students
on 13.03.2016

Stars can't shine without darkness.

18

EICASA Guwahati Activities

Mr. Biswajit Bharadwaj,
Secretary of Assam Chess
Association in presence of
CA. Kamal Mour, Chairman
of
EICASA,
Guwahati
Branch inaugurated the
Meet. He addressed the
participants and emphasized on the importance of Sports and workout amidst CA
Studies. CA. Kamal Mour appraised the students on different activities organised by the Students body of the Guwahati Branch of ICAI. Different Indoor Sports like Carrom, Chess, Table Tennis,
Arm Wrestling, Bulls Eye,
Blind Hit etc. were organised for CA Students. A
large number of students
participated in different
Indoor Sports.

The winners of major games were as under:

Table Tennis

(M)

: Akash Agarwal

Table Tennis

(F)

: Rekha Singh

Arm Wrestling (F)

: Rekha Singh

Arm Wrestling (M)

: Ankur Deora

Carrom (Singles)

: Yash Jain

Carrom (Doubles)

: Ankur Karundia & Yash Jain

Chess

: Rajesh Jain

Bulls Eye

: Tushar Bagaria

Blind Hit

: Kaushal Raj Kothari

Mr. Priyanush Lahkar, reputed Tennis Player & Coach was

present as Guest of Honour. He expressed his delight and
congratulated ICAI for the sports initiatives being taken for
the overall benefit of Students. Prizes and Certificates were
distributed to winners and participants. The Program
ended with a formal
Vote of Thanks from
Ms. Neha Beriya,
Treasurer of Guwahati Branch of
EICASA of ICAI.

Educational Tour to Central Institute of Plastic Engineering & Technology (CIPET), Changsari
The Guwahati Branch of EICASA organised an Educational
Tour for the overall benefit of Chartered Accountancy Students on 18.03.2016. CA. Prabesh Agarwal coordinated the
entire event on behalf of ICAI. Around 26 Students participated in the event.
The students were enlightened about the working of the
Plastic Engineering Institute. The Program ended with a
formal vote of thanks from EICASA Chairperson, Ms. Ekta
Garodia.

Your life is your message to the world. Make sure it's inspiring.

19

EICASA Guwahati Activities

Mock Test for Students of IPCC & Final Series I for May 2016 Examinations
Mock Test Series -1 for the Students of IPCC & Final Examination May 2016
was organised at Branch Premises on 27.03.2016. Students appearing for
May 2016 Examinations appeared in the test.
The Test was conducted under the overall supervision of CA. Shruti Agarwal,
member of the Branch.

Special Counselling Session for Students of IPCC & Final for May 2016 Examinations
A One to One Interactive Session for the benefit of students appearing in May 2016 examinations was organised at Branch
Premises on 27.03.2016. CA. Kamal Mour counselled the students and provided the necessary guidance to the students on
various subjects for removing their doubts and motivating them so as to give them impetus in moving ahead and gaining
success in their examinations.

Organising of GMCS-II Classes

A batch of GMCS-II Course comprising of 49 Students was organised at the
Branch from 08.02.2016 to 07.03.2016.
The batch of students had the opportunity of one to one interaction with
Central Council Member, CA. (Dr.) Debashish Mitra.

Write to Editor:
EICASA
Connect

Interested students may send

Hello EICASA with name on
Whatsapp to : 9435559587

Information is Power and our ever evolving profession needs more and more of that today than ever
before. Do you have any relevant points to make,
experiences to share and views to spread among
the CA students fraternity, please email us at
news.eicasaguwahati@gmail.com

Be somebody who makes everybody feel like a somebody.

20

Managing Committee of Guwahati Branch of EICASA

Session 2016-2017

CA. KAMAL MOUR

CA. GAURAB GARODIA

CHAIRMAN

MEMBER

MS. EKTA GARODIA

MR. PRABHAW AGARWALLA

MS. NEHA BERIYA

VICE-CHAIRPERSON

SECRETARY

TREASURER

MS. KRITIKA JAIN

MS. SIMRAN CHANCHAL

MR. HIMPAL SEN

MS.REKHA KUMARI SINGH

MEMBER

MEMBER

MEMBER

MEMBER

DISCLAIMER
The news and views expressed here are the personal views of the authors / editorial board and do not necessarily
reflect the views of The Institute of Chartered Accountants of India. This newsletter has been sent to you as a
member / well-wisher of ICAI.

When one door of happiness closes, another opens, but often we look so long at the closed door
that we do not see the one that has been opened for us.

21