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E-Newsletter

GAUTAM BUDH NAGAR BRANCH OF CIRC OF ICAI 1

The Institute of Chartered Accountants of India (Set up by an Act of Parliament)

Gautam Budh Nagar Branch of

July – 2020 | Pages - 35 Students’ e-Newsletter

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Index

From The Desk Of Branch Chairman ............................................................................... 3

From The Desk Of Branch Cicasa Chairman .................................................................. 4

From The Desk Of Branch Secretary ............................................................................... 5

From The Desk Of Circ Cicasa Chairman ....................................................................... 6

From The Desk Of Editors ................................................................................................ 6

Revised Code Of Ethics – 2019 (ICAI) ............................................................................. 9

Analysing The Itat Judgement ....................................................................................... 15

**म ैएक सीए स्टुडेंट ह ूं, सबसे हैवी टैक्स चकुाता ह ूं।** ................................................................... 17

Inhale Courage Exhale Fear ........................................................................................... 19

Important Announcement ............................................................................................... 20

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From the Desk of Branch Chairman

I am writing as a Chairman during the tough time of Covid 19. The whole of the world are suffering tough first time unforeseen challenges rising out of COVID-19 pandemic. I urge to all students, Please take care of you and your families. Our Government is doing his best efforts to come out from this tough time of corona virus and further has announced a India's Rs 20 lakh crore Covid relief package one among the largest in the world.

Our Prime Minister Shri Narendra Modi ji has encouraged the Indian People for Vocal to Local And they have announced and issued many economic packages for MSMEs. We all must educate and discussed with our clients for get the benefit of these packages and be a part of National building.

CIRC of ICAI has organised series of Educational webinars in the month of April which was hosted by Gautam Budh Nagar Branch with jointly association with 19 more branches of CIRC. And the branch has also organised many webinars and Virtual CPE meetings during April, May and June, 2020. These Programme was wonderful with the delightful virtual presence of all of you. Further, The Branch has celebrated 72nd CA Day on 1st July, 2020 by Flag Hosting with only committee members in our Gautam Budh Nagar Branch Premises. Thanks to all of you for your virtual presence there. Now our next programs in the series shall be in the month of July, 2020.

"You are the nation-builders. You are the movers of technology. You are the mediators of change." It is our fervent hope that the years that you spend in ICAI would enable you to equip with leadership and managerial skills. The knowledge that you will gain, the fine qualities that you will imbibe and the technical skills that you will learn to apply will be your major contribution to your parents, to society, and to the nation.

As the chairman of Gautam Budh Nagar branch, I, along with my entire team is in the process of planning calendar of events to be organized for member and students. I am looking forward for your kind support & suggestions, so that we as a team of Gautam Budh Nagar Branch can serve the profession and can hope for a better tomorrow.

At Last but not least….

In this difficult time, May God Bless you with good health. Wish you & your family safe &

healthy life.

Stay Home…Stay Safe…Stay Blessed..!

With Warm Regards CA Tanuj Kumar Garg Chairman Gautam Budh Nagar Branch Mobile No. +91 9899508755 Email: [email protected]

Dear Students…. I am very glad to keep in touch with all of you through this e-newsletter.

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From the Desk of Branch CICASA Chairman

I proudly take the opportunity to announce that CICASA Gautam Buddh Nagar is releasing its

SECOND EDITION of E-NEWSLETTER of this year.

I would like to wish all my dear students a very ‘’Happy CA Day’’. A s you all know, Chartered

Accountants Day is celebrated every year on 1st July. Our institute was set up 72 year ago on 1st

July 1949 through the act of parliament. It is important to note that the Chartered Accountant Act

was passed before the formation of the constitution of India and implies the importance given to

our profession at that time. Even today our institute has very strong position at the international

level and it has about one million plus students persuading the Chartered Accountancy course.

The Institute of Chartered Accountants of India ( ICAI ) has cancelled the CA Examinations May

2020 and merge the May 2020 attempt with November 2020 Examinations for the safety of

student due to covin19. CICASA GB Nagar is planning to conduct many seminar related to the

many topic that shall assist you in giving examination. In this time of COVID, safety of every

person is of utmost importance. So keeping it in mind, Activities shall be conducted on digital

platform.

The Team CICASA doing very hard work for our student.. This is our little effort to share some

knowledge content with you through articles written by students on various topics; to inform you

about the past events and upcoming events. Team requires your support and active

participation.

We would like to be a helping hand to all of you and any query faced by the student would be

solved by CICASA Gautam Budh Nagar Branch on a real time basis and you can reach any

committee members of branch as any point of time.

I would like to thanks CICASA Newsletter Committee heading by CA Girish Nagar ji whose hard

work and untiring effort make this event possible.

‘’If you hear a voice within you say ‘you cannot paint,’ then by all means paint, and that

voice will be silenced.’’

Thanks and regards

CA Dinesh Chandak

CICASA Chairman- Gautam Buddh Nagar

Email: [email protected]

9313410429

My Dear Students,

mailto:[email protected]

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From the Desk of Branch Secretary

I would like to convey my sincere gratitude to all the members of the Branch and the

Managing Committee for imposing faith in me and giving me an opportunity to serve the

Branch as Secretary. Well, keeping this lockdown influence over our professional life, I

believe that most of us have taken this period as an opportunity to enhance our

knowledge and skills.

Today, I am able to say it proudly that we are “online friendly ultra-efficient

professionals” by providing Bank audit Webinar series, Webinar on IRAC, Series of

Educational Webinars to our members and Live revision classes for students and more

are about to declared within few days. We appreciated many experts as speaker in

these Webinars.

I, along with my team of office carriers, look forward to taking the branch gaining and to

the highest level of competence by familiarizing new performances. I always believe

that action speak louder than words and we at Gautam Budh Nagar Branch of ICAI are

committed to put our best to serve the profession to the best of our acquaintance and

capabilities to exceed the expectations of members.

With best Wishes

CA Dilip Kumar Singh

Secretary GB Nagar Branch of CIRC of ICAI

Dear Students,

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From the Desk of CIRC CICASA Chairman

Every Year the 1st of July is celebrated as the CA Day or the Foundation Day as a tribute to one

of the oldest and most dignified profession of India. On this 72nd CA Day, It gives me immense

pleasure to celebrate the pride and glory to be a member of such a big and esteemed body.

The ICAI is the one and only licensed body which is founded for the regulation of financial audit

and accountancy profession. In the world, it is the second largest professional accounting &

finance body with total headcounts of around 2.7 lakhs members.

My dear students remember the golden rule I can think of is the fact that you must follow your

passion and do something that is close to your heart. The trust the society places on you is

beyond measurable terms. CA is not just a qualification; it is a dream for many, years of hard

work, persistence failures, a journey of life that teaches much more than just academics.

This 2020 has given you abundant of opportunity to conquer all obstacles and emerge as

fighters. With the pandemic round the corner ICAI has rightly decided to cancel the May’2020

exams and merge the same with Nov’ 2020. The step has been taken on account of several

hindrances posed by the pandemic-with exam centres being converted into COVID facilities or

being locked down into containment zones. The safety of the students has always been

foremost, it is thereby important to stay indoors, stay safe and healthy.

J.P Morgan once said “The first step towards getting somewhere is to decide you’re not going to

stay where you are.” Learn to grow, learn to conquer, gather knowledge from wherever you

can. There is always a new goal, there is always something more to achieve, something greater

and better. Determination, consistency, hard work and honesty are all you need to shine

brighter and create your own space in the midst of millions fighting every day.

ICAI is also striving its best to reach out to its students and members, with webinars being

conducted day in and day out. Most of the processes have been digitalized for ease of

correspondence. Several Online courses are being conducted to impart greater knowledge,

students are being supported by virtual classes and much more.

Last but not the least I hope for many for glorious years to come and Wish all my students a

successful journey ahead!

With best wishes

CA Atul Agrawal

Chairman CICASA of CIRC of ICAI

+91 9990057390

Dear Students

“I need MBA for running my business……but CA to teach them how to run the business!!!” -Ratan Tata

From the Desk of Editors

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Hope you all are safe and healthy! I pray to the almighty to keep all of us safe and healthy both

physically and mentally in this tough time.

We have celebrated 72nd CA Day on July 1 this year. As a proud member of the prestigious

institution, it gives me immense pleasure to wish you all a Very Happy CA Day.

I always feel privileged and happy to interact with young budding professionals. You are the

future torch bearers of the profession and the nation. I am reminded of a popular saying of

Swami Vivekanand ji

"A brave, frank, clean-hearted, courageous and aspiring youth is the only foundation on

which the future nation can be built."

We all are going through a phase of life wherein we feel surrounded by darkness and negative

forces. But when we look at this darkness, we can see a bright ray of hope and opportunity. It is

a single ray of sunlight that dispenses away the darkness of night. Lets explore ourselves to the

new world of opportunities. It is time to believe in ourselves and take leap forward.

We play various roles in our society. Lets be aware of our responsibilities in these roles like as a

citizen, family member, student, article, etc. and do our best to meet the expectations.

In these testing times, your Institute is aware of the problems and anxieties of the students and

members and has accordingly taken a number of steps. Keeping in view the safety of the

students and other practical problems in the pandemic situation, ICAI has decided to cancel the

May'20 exams and merge it with November'20. Board of Studies is also organising free 'Virtual

Coaching Classes' for students of Foundation, Intermediate and Final appearing in November

2020 examination. We have included the announcements by ICAI in the Announcements

Section for the benefit of all.

In this pandemic time, our Gautam Budh Nagar Branch team has been organising various

online/virtual programmes for the benefit of members and students. CICASA Gautam Budh

Nagar is also planning to organise number of virtual meets for students of the branch on topics

of their interest. The details of the programmes will be shared in the due course. I take this

opportunity to request the students to be in touch with the branch and take part in CICASA

activities.

Dear Budding Professionals,

Namaskar!

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I am pleased to present this month edition of CICASA newsletter for the benefit of students of

the branch. I once again request students to come forward and contribute their articles/write ups

and insertions for the newsletter. You suggestions for improvement of the newsletter and other

branch activities are always welcome.

“If you can’t fly then run, if you can’t run then walk, if you can’t walk then crawl, but

whatever you do you have to keep moving forward.”

- Martin Luther King Jr

So lets keep moving!

Jai Hind! Jai ICAI!

CA Girish Kumar Narang

Editor in chief

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REVISED CODE OF ETHICS – 2019 (ICAI) History of Code of Ethics of ICAI

The Chartered Accountants Act, 1949, as we know passed in 1949 to regulate the profession

of accountancy in India and also established the Code of Ethics in the same year with the

objectives for administration of the Act. Accounting, auditing and ethical standards are

formulated and monitored for compliance under the provisions of this Act.

Code of Ethics earlier known as Code of Conduct. In the year 2001 this change had accrued,

now we say Code of Ethics instead of Code of Conduct.

ICAI published first edition of the Code of Ethics in 1963 and also issued first edition in line

with IFAC in the year 2009, this was eleventh edition. And as we know that ICAI has done

some important changes known as ICAI Code of Ethics, 2019 based on IESBA (International

Ethics Standards Board for Accountants) Code of Ethics, 2018 issued at the annual

function of the Institute on 4th February, 2019.

It is come in to effect from 1st July 2020.

Why code of ethics should be maintained by Professionals?

The International Federation of Accountants (IFAC), in its guidelines on Professional

Ethics for the Accountancy Profession, has stated that “Persons who pursue a

vocation in which they offer their knowledge and skills in the service of the affairs

of others have responsibilities and obligations to those who rely on their work.

The accountancy profession’s public consists of clients, credit grantors,

governments, employers, employees, investors, the business and financial

community and others who rely on the objectivity and integrity of professional

accountants to maintain the orderly functioning of commerce. This reliance

imposes a public interest responsibility on the accountancy profession.

Major Changes in the New Code of Ethics – 2019 (Revised) Vol - I

The revised edition of the Code has been made compatible with Indian conditions so that it does not contradict with Indian domestic law.

Provisions of the revised Code have been aligned with the provisions of Companies Act, 2013.

New pattern of structuring of each Section.

Requirements - general and specific obligations to be complied by the members

Application material - provides context, explanations, suggestions or actions, illustrations and other guidance to assist in complying with the requirements.

Practical examples have been incorporated in the Code to illustrate different situations in which pressure might arise.

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The existing Independence sections (290 and 291) have been characterized as Independence Standards (Parts 4A and 4B) in the new Code.

While the revised Code retains the fundamental ethical principles from the earlier code

Some of the new requirements include:

Include some Additional terms - Public Interest Entity, Employment with an audit client, Long Association of personnel, Non-assurance services to Audit client, Key Audit Partner – Rotation, “Relative” as defined under the Companies Act, 2013 are reckoned if the client is a company while “immediate family” and “close family” are reckoned in case of other clients, Responding to Non-Compliance of Laws and Regulations (NOCLAR)

Section for Chartered Accountants in service considering the fundamental and crucial role played by such accountants in the financial reporting supply chain and facilitating effective governance in organisations.

Stronger independence provisions concerning long association of personnel (including partner rotation) with audit clients.

A more robust framework for addressing a breach of the requirements of the Code.

Section dealing with „Management Responsibilities‟. The Code contains a description of activities that would, and would not, be generally regarded as a management responsibility and provides enhanced guidance.

Requirements and applicable guidance addressing situations where, as a result of a merger or acquisition, an entity becomes a related entity of an audit client, to assist the Chartered Accountant in evaluating previous or current interests and relationships.

Provisions relating to threats that are created by certain tax services. (Sub Section 604) Deferred, Latest Announcement 1/7/20.

Requirement where the total gross annual professional fees from the audit client and its related entities exceed 15% of the total fees of the firm for two consecutive years. (PARAGRAPHS 410.3 TO R410.6) Deferred, Latest Announcement 1/7/20.

Auditor rotation requirements included under various local regulations. In particular, responding to Non-Compliance of Laws and Regulations (NOCLAR) is one of the new features in the revised Code. (Section 260 and 360) Deferred, Latest Announcement 1/7/20

Major Changes in the New Code of Ethics – 2019 (Revised) Vol – II

Twelfth Edition of Code of Ethics which has been revised and aligned with the International Ethics Standards Board for Accountants (IESBA) and tried to incorporate all domestic provisions relating to Code of Ethics, along with all Council/Committee decisions of last ten years.

Tender Guidelines

Corporate Form of Practice Guidelines

Logo Guidelines

UDIN Guidelines

Networking Guidelines

Revised Advertisement Guidelines and all relevant Council and Board decisions.

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Case Laws Referencer book related to Schedule 1st and 2nd of Code of Ethics - Vol – III

Overview of the New Code of Ethics – 2019 Part 1 – Complying with the Code, Fundamental Principles and Conceptual Framework

(All Professional Accountants, whether in practice or service) - Section (100 - 199)

Part 2 – Professional Accountants in Service

(For Professional Accountants in Service) - Section (200 – 299) (Part 2 is also applicable to Individual Professional Accountants in Public Practice when performing

Professional activities pursuant to their relationship with the firm)

Part 3 – Professional Accountants in Public Practice (For Professional Accountants in Practice) – Section (300-399)

Part 4 - Independence Standards Part 4A – Independence for Audit and Review Engagements Section (400 – 899) Part 4B - Independence for Assurance Engagements other Than Audit and Review Engagements

Section (900 – 999)

Glossary - For all the Professional Accountants, It includes technical and professional terms to understand and help of Professional Accountants

How to use code – 2019 Revised

The Code requires professional accountants to comply with the fundamental principles of ethics. The Code also requires them to apply the conceptual framework to identify, evaluate and address threats to compliance with the fundamental principles. Applying the conceptual framework requires exercising professional judgement, remaining alert for new information and to changes in facts and circumstances, and using the reasonable and informed third party test.

The conceptual framework recognizes that the existence of conditions, policies and procedures established by the profession, legislation, regulation, the firm, or the employing organization might impact the identification of threats. Those conditions, policies and procedures might also be a relevant factor in the professional accountant’s evaluation of whether a threat is at an acceptable level. When threats are not at an acceptable level, the conceptual framework requires the accountant to address those threats. Applying safeguards is one way that threats might be addressed. Safeguards are actions individually or in combination that the accountant takes that effectively reduce threats to an acceptable level.

In addition, the Code requires professional accountants to be independent when performing audit, review and other assurance engagements. The conceptual framework applies in the same way to identifying, evaluating and addressing threats to independence as to threats to compliance with fundamental principles.

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Requirements and Application Material

Requirements and application material are to be read and applied with the objective of

complying with the fundamental principles, applying the conceptual framework and when

performing audit, review and other assurance engagements, being independent.

Requirements The word “shall” in the Code imposes an obligation on a professional accountant or firm to

comply with the specific provision in which “shall” has been used,

In some situations, the Code provides a specific exception to a requirement. In such a situation,

the provision is designated with the letter “R” but uses “may” or conditional wording.

When the word “may” is used in the Code, it denotes permission to take particular action in certain circumstances, including as an exception to a requirement. It is not used to denote possibility.

When the word “might” is used in the Code, it denotes the possibility of matter arising, an event occurring or a course of action being taken. COMPLYING WITH THE CODE, FUNDAMENTAL PRINCIPLES AND CONCEPTUAL FRAMEWORK SECTION 100 COMLYING WITH THE CODE General A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act

in the public interest. A professional accountant’s responsibility is not exclusively to satisfy the

needs of an individual client or employing organization. Therefore, the Code contains

requirements and application material to enable professional accountants to meet their

responsibility to act in the public interest.

the application material is intended to help a professional accountant to understand how to

apply the conceptual framework to a particular set of circumstances and to understand and

comply with a specific requirement.

The principle of professional behavior requires a professional accountant to comply with

relevant laws and regulations. Accountants need to be aware of difference in local regulations

from the provisions as set out in the Code, and comply with the more stringent provisions unless

prohibited by law or regulation.

SECTION 120 THE CONCEPTUAL FRAMEWORK

The circumstances in which professional accountants operates might create threats to

compliance with the fundamental principles. Section 120 sets out requirements and application

material, including a conceptual framework, to assist accountants in complying with the

fundamental principles and meeting their responsibility to act in the public interest.

The conceptual framework specifies an approach for a professional accountant to:

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a) Identify threats to compliance with the fundamental principles; b) Evaluate the threats identified; and c) Address the threats by eliminating or reducing them to an acceptable level.

When applying the conceptual framework, the professional accountant shall:

a) Exercise professional judgement; b) Remain alert for new information and to changes in facts and circumstances; and c) Use the reasonable and informed third party test described

Exercise of Professional Judgement

Professional judgement involves the application of relevant training, professional knowledge, skill and experience commensurate with the facts and circumstances, including the nature and scope of the particular professional activities, and interests and relationships involved. In relation to undertaking professional activities, the exercise of professional judgement is required when the professional accountant applies the conceptual framework in order to make informed decisions about the courses of actions available, and to determine whether such decisions are appropriate in the circumstances. In exercising professional judgement to obtain this understanding, the professional accountant might consider, among other matter, whether:

There is reason to be concerned that potentially relevant information might be missing from the facts and circumstances known to the accountant.

There is an inconsistency between the known facts and circumstances and the accountant’s expectations.

The accountant’s expertise and experience are sufficient to reach a conclusion.

There is need to consult with others with relevant expertise or experience.

The information provides a reasonable basis on which to reach a conclusion.

The accountant’s own preconception or bias might be affecting the accountant’s exercise of professional judgement.

There might be other reasonable conclusions that could be reached from the available information.

COMPLYING WITH FUNDAMENTAL PRINCIPLES AND CONCEPTUAL FRAMEWORK

Identifying Threats The professional accountant shall identify threats to compliance with the fundamentals principles.

Evaluating Threats When the professional accountant identifies a threat to compliance with the fundamental principle, the accountant shall evaluate whether such a threat is at an acceptable level.

Acceptable level An acceptable level is level at which a professional accountant using the reasonable and informed third party test would likely conclude that the accountant complies with the fundamental principles.

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Addressing Threats

The professional accountant determines that the identified threats to compliance with fundamental principles are not at an acceptable level, the accountant shall address the threats by eliminating them or reducing them to an acceptable level.

Types of Threats Self Interest Threat The threat that a financial or other interest will inappropriately influence a professional accountants judgement or behaviour. Self- Review Threat The threat that a professional accountant will not appropriately evaluate the results of the accountant, or by another individual within the accountant’s firm or employing organization, on which the accountant will rely when forming a judgement as part of performing a current activity. Advocacy Threat The threat that a professional accountant will promote a clients or employing organization’s position to the point that the accountant’s objectivity is compromised.(commenting publicly on future events) Familiarity Threat The threat that due to a long or close relationship with a client or employing organization a professional accountant will be too sympathetic to their interests or too accepting of their work. Intimidation Threat The threat that a professional accountant will be deterred from acting objectively because of

actual or perceived pressures, including attempts to exercise undue influence over the

accountant. – Example Bank Audit in UP

Regards

CA Jagjeet Singh

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Analysing the ITAT Judgement

Smt. Ranjana S. Nargolkar Vs. The Income Tax Officer, 13/02/2020LD/68/148,

[ITAT Pune: ITA 1799/ Pun/2017]

Facts of the Case:

1. The assessee is a medical practitioner (Gynaecologist and Anaesthetist) and running a

maternity home under the name and style of "Indira Maternity Home"

2. The assessee filed the return of income declaring total income of Rs.9,19,804/-. At the

end of the assessment order u/s 147 read with section. 143(3) of the Act, the Assessing

Officer assessed the total income of the assessee at Rs.62,62,196/- after making

addition on account of long-term capital gain on transfer of development rights of the

property

3. Further, the Assessing Officer noted that the assessee's accounts are not audited

despite the eligible turnover of professional receipts. No audit report is submitted.

4. Therefore, the Assessing Officer initiated the penalty proceedings and issued the notice

u/s 271B of the Act. In the penalty proceedings u/s 271B of the Act, the Assessing

Officer invoked the provisions of section 44AB of the Act and imposed the penalty of

Rs.16,376/- which is equal to one half percent of the gross total receipts of the

assessee.

5. Against the said penalty order of the Assessing Officer, the assessee carried the matter

before the CIT(A). The CIT(A) without appreciating the facts of the case and rejecting

the written submission of the assessee, confirmed the penalty as levied by the

Assessing Officer u/s 271B of the Act. The contents of para 5 to 7 of the order of the

CIT(A) are relevant in this regard.

Aggrieved with the said decision of the CIT(A), the assessee appealed before the

Income Tax Appellate Tribunal with the ground extracted above.

Appellant’s Case

The Appellant submitted that the turnover of Rs.32,75,261/- included gross receipts of

the assessee. Appellant appealed that the books of accounts has not been maintained

which incapacitates her from segregating the professional receipts from the gross

receipts. It was also argued that the assessee is doing “Business” and not “Profession”.

The turnover of the assessee for the year is below the threshold limits prescribed for

business. Therefore, the audit requirement does not apply to the assessee.

Respondent’s Case

It was submitted that how can a “Professional” conduct business. It was also argued that

the assessee has failed to maintain books of account, which should be maintained by

the professional. The assessee is a professional and the provisions of section

44AA/44AB of the Act apply to the assessee. It is an admitted fact that the books of

accounts of the assessee were not audited u/s 44AA of the Act. And that assessee's

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turnover, being Rs.32,75,261/-, attracts the provisions of section 44AB read with section

271B of the Act.

ITAT’s Judgement

It was an undisputed fact that the assessee was a qualified doctor, a Gynaecologist and

Anaesthetist and was running a nursing home. The assessee attends to patients and

treats them. Therefore, mere running a nursing home/hospital does not convert a

medical doctor into a business woman. Running of nursing home by the assessee alone

is a part of the medical profession. It is a different way of conducting her medical

profession. Therefore, on this limited issue, ITAT was of the considered opinion that the

assessee be covered by provisions of section 44AA of the Act. Hence, ITAT ruled in the

favour of the Revenue

Analysis

The appellant is a Gynaecologist and also runs proprietary concern named as Indira

Maternity Home. There is no difference between the professional receipt of an individual

and professional receipt of her proprietary concern as basically she is a professional.

Therefore, it cannot be said that receipt of the appellant was in the nature of business

receipt. Thus, the decision of the ITAT was well justified and mere running of nursing

home is just a different way of medical profession and same should be confused with

business so as to enshroud yourself to the applicability of turnover limits for business as

per section 44AB of the Act.

Submitted By: -

Neha Jindal

SRN: CRO0583879

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मझुे सीए को टे्रन िंग देत ेदेत े10 साल से ज्यादा हो चकेु हैं उस फेकल्टी के ात,े और एक सीए स्टूडेंट की मािं हो े के ात ेम ैशिम्पी गेरा अप ी कलम से एक चाटेड एकाउिं टेंट के अन्तमम को

उसके सिंघर्म को बता ा चाहती हूिं,सभी चाटमडम अकाउिंटेंटस को शिम्पी गेरा का म

**मै एक सीए स्टुडेंट ह ूं, सबसे हैवी टैक्स चकुाता ह ूं।**

मेरा एक हैवी टैक्स जो मै े अप े ररश्तेदारों के ाम ददया था, यूिं तो उन्हों े मुझ ेकभी याद ा ककया था, लेकक ररजल्ट वाले दद इत ेव्यस्त हो े पर भी मेरा ररजल्ट जरूर पूछा था। आपके

बेटे को 3 साल हो गए 12वीिं पास ककए अभी तक पास हीिं हो पाया, मेरे चाचा का लड़का तो पहली बारी में ही पास हो गया था। पास हीिं हुआ इस गम से मैं बहुत टूटा था, लेकक मेरे

ररश्तेदारों के इ िब्दों से तो मैं टूट टूट कर बबखरा था।

मा ा मम्मी पापा का साथ भरपूर था शमला, मेरे हर जख्मों को उन्हों े ही तो था शसला, लेकक ररश्तेदारों के िब्दों की पीड़ा को जब मैं े उ की आिंखों में देखा, सच मान ए उस दद भीतर ही भीतर कुछ टूटा था, खदु से ही यह म बहुत रूठा था, बाहर से तो मैं जजिंदा था लेकक भीतर ही भीतर मर चकुा था।

दोस्तों यह मेरे सीए स्टूडेंट हो े का सबसे हैवी टैक्स था जो मैं े चकुाया था। मर तो चकुा था, लेकक अब मैं यह समझ भी चुका था, मैं मामूली इिंसा हीिं एक चाटमडम अकाउिंटेंट का स्टूडेंट हूिं। सीए सजृ का वो बीज है जो जाया हो हीिं सकता। कफर क्या था, वो जख्म पर जख्म ददल पर देते रहे, और हम उ जख्मों को रफू करके आगे बड़ते रहे।

बड़ते भी कैसे हीिं आखखर सीए जो थे, जो हमेिा हैवी टैक्स चकुाया करते हैं। मेरा अप े ररश्तेदारों से है कह ा जो सच में मेरी कफक्र है कर ा, तो शसफम मेरे ररज़ल्ट को ही पूछ ा। ककसी और के

ररज़ल्ट से कभी तुल ा ा कर ा। आप कभी समझ हीिं पाएिंगे, हर सीए की अप ी अलग अलग कहा ी है, पहले अटेम््ट में जक्लयर कर े वालो े भी कई अटेम््ट लग े वालों की पीड़ा कहािं जा ी है?

एक इिंजीन यर को पता है कक वह कब इिंजीन यर ब कर न कलेगा, एक एमबीए को पता है कक वह कब एमबीए ब कर न कलेगा, लेकक सीएको कभी हीिं पता कक वह कब सीए ब कर न कलेगा। जब मेरे दोस्त अप े कोसम को पूरा कर के ौकरी पाकर अप ी जजिंदगी में सेट हो रहे होते थे, और मेरा फाइ ल अटक गया था, तब म ैे अप े वो मािं बाप जजन्हों े मेरे हर कदम पर मेरा साथ ददया उ की आिंखो में एक चचिंता की पीड़ा को देखा था, ईश्वर से म ही म पुछते देखा था, मेरे माशलक मेरा बच्चा कब सेट होगा कब? कहीिं छोड़ तो हीिं देगा? उस दद उ की आिंखो में नघरे िक को अच्च ेसे देखा था,

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सच मान ए उस दद कफर शभतर ही भीतर कुछ टूटा था, यह ददल कफर खदु से ही बहुत बहुत रूठा था, बाहर से तो मैं जजिंदा था लेकक एक बार कफर भीतर ही भीतर मर चकुा था। सच मान ए दोस्तों यह मेरे सीए स्टूडेंट का एक और हैवी टैक्स था जो मै े चकुाया था।

कफर खदु को याद ददलाया, तू मामूली इिंसा हीिं हैं सीए है सजृ का वह बीज है जो कभी जाया हो हीिं सकता।

मेरे दोस्तों जब कालेज, हॉस्टल में जज़न्दगी भर ा भूल े वाली यादों को बटोर रहे थे, में एक कमरे में अकेले कैद हो कर आिंठ, ों घण्टे बेठ कर पढ़ता था, इसके बावजूद ककसी को यह हीिं समझा पाता था कक इिंजस्टट्यूट ररज़ल्ट ही कम न कालता है जरूरी हीिं हर बच्चा फेल होता है। खदु ही चगरता था खदु ही सिंभलता था, दोस्तों यह मेरा हैवी टैक्स हीिं था तो क्या था?

इसी शलए तो कहता हूिं एक चाटेड एकाउिंटेंट सबसे ज्यादा टैक्स चकुाता है।

मेरे सीए स्टूडेंट्स, मेरे सीए दोस्तों,

आखखर में मै सभी से एक ही बात कहूिंगी हम जो सीए हीिं है हम दनु या में शसफम एक ही बार पैदा होते हैं जजस दद हमारी मािं हमको जन्म देती है,

लेकक एक चाटमडम अकाउिं टेंट का स्टूडेंट, जब तक उसे यह दो अक्षर की डडग्री हीिं शमलती तब तक जज़न्दगी उस को बार बार मौका देती है कक को या जन्म ले, इस बीच वो कई बार मरता है, कफर खुद को जज़िंदा करता है तब जा कर साहेब वो एक चाटेड एकाउिंटेंट ब ता है।

सभी सीए को ओर सभी सीए स्टूडेंट्स को शिम्पी गेरा का कोटी कोटी म ।

शिम्पी के अिंतमम से, शिम्पी की कलम से।

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Inhale Courage Exhale Fear

These are tough times for everyone. When the planet as we all

know it's gone for a toss, it's quite difficult to emerge positive. We are

surrounded by doom and gloom—filled with news of death and ailment. To be ready to stay

positive in such adversity takes every ounce of energy within us. Since most of the news

associated with the virus talks of how the virus is inversely affecting major cities,

businesses, economies, and the life count; it is fairly easy to be lost in all the negativity and

the drastic long-term changes it brings. Here are eight powerful ways you'll attempt to stay

positive during this time!

Limit Your Intake: Many of us have resorted to planning our days around the news

hour in a bid to learn more about the dangers of the coronavirus. Let us be

honest, whenever you refresh your browser, there'll be a replacement news story for

you to seem at. You should actively avoid spending every waking moment looking

up 24-hour news channels or dire warnings from the web. Instead, choose one news

source and choose what proportion limited time you’ll spend with it every day.

Understand Your Strength: You’re stronger than you know. It is fairly easy to be

engulfed in the hopelessness that the pandemic brings with it, but hope goes a long

way. Hope is what keeps us going. Get hope from your past resilience. Know that

you will get through this. You have got through so many things in the past because

of your strength, and you will conquer this as well.

Laughter Is The Best Medicine: Stressed at work? Watch a fun video to relax. Got

an exam and need to take a break? Watch a fun video. Got a pandemic that might

crush your spirits? Watch a fun video! Understand that Dumbledore was indeed right

when he said, “Happiness can be found even in the darkest of times if one only

remembers to turn on the light.” Allow happiness to seep through to you in these

dark times, one video at a time!

Extend A Hand To Those Who Need You: If your immune system is able to put up

a fight against coronavirus, understand that you’re incredibly lucky. You may be at a

low risk of consequences, but there are many who aren’t that lucky. Many people’s

immune systems are compromised. Helping them at a time when even going out to

get groceries can be horrible for them, make sure to help every chance you get.

Utilize The Time You’ve Found: There is an abundance of time, now that we are at

home at all times. For most folks, every day may be a question of the way to pass

the time effectively and not keep lying on the couch 24*7. Now’s the time to work on

everything you neglected in the past due to lack of time. Pick up a

replacement hobby or return to an old one, stay happy during this lockdown! When I

say work on what you neglected, I also mean you. Most of the time we neglect

ourselves and this lockdown can also negatively affect that. Understand that this is a

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time of crisis, not a vacation. So if you make time for new hobbies that is wonderful,

but it is also wonderful if you take time out for yourself. Just because you cannot

physically chart your inner growth, does not mean you’re not doing great. This is a

time out, not a productivity crash course! Learn a new skill or take care of yourself

first, choose your fighter!

Practice Random Acts of Kindness: Your kindness doesn’t require a monetary

outlay. Thank the safety guard in your building or workplace for his or her efforts to

stay things safe. Thank the essential workers who are working for you day and

night. Think of those who could benefit from your thoughtfulness and generosity.

Then act.

Take a Daily Inventory: Close your day, every day, with a positive acknowledgment

of something you accomplished, learned or are grateful for. It will help dilute some

of the negativity you’ve absorbed and reminds you that not everything that’s

happening right now is bad or depressing.

Stay Safe

Regards,

Meera Kishore

Branch Head

Gautam Budh Nagar Branch of CIRC of ICAI

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Examination Department The Institute of Chartered Accountants of India

3rd July, 2020

1. The students are aware that vide Announcement dated 15th June 2020, the Institute, after taking in account the academic interests and health safeguards of students intending to appear in May 2020 Examinations, had enabled them to change their centre for appearance in May/ July 2020 Examination and/or to decide, at their free will, to “Opt Out” of the May/ July 2020 Examinations with carryover of all benefits including fee paid and exemptions. The Announcement also stated that Institute will review the situation of pandemic (COVID cases, MHA guidelines, Centre and State Government directions) in first week of July 2020 and the conduct of examinations commencing from 29th July 2020 was to be strictly dependent upon prevailing Government’s advisories for the area in which a particular Centre is situated and, in any eventuality, the students were to be accommodated to November 2020 Examination cycle.

2. Further Announcement dated 17th June 2020 provided for FAQ’s relating to conduct of May/ July 2020 Examinations, change in centre and operation and procedure for Opt Out to address the queries raised by the students. Announcements dated 20th June 2020 and 26th June 2020 extended the availability of facility to “opt out” to allow the students to make their decision which facility is available to the students even as on date.

Further Developments:

A. With Unlock1, the severity of COVID 19 Pandemic was expected to subside from the later part of June 2020, but has rather become more severe and, therefore a Review as per announcement dated 15 June 2020 has become necessary.

B. Ministry of Home Affairs, Government of India vide its Guidelines dated 29th June 2020 has extended the closure of all schools & academic Institutions and academic congregations till 31st July 2020. Select State Governments have put extended prohibitions in their respective States. Post the said Notification dated 29th June 2020, many Schools/ Academic Institutions have expressed their inability to provide their premises to conduct the Examinations.

IMPORTANT ANNOUNCEMENT

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On a review of above developments and in order to ensure the interest of its students and their well-being, the Institute has decided to cancel May 2020 Examinations and merge the May 2020 attempt with November 2020 Examinations, with due carryover of all benefits already available to students including fee paid and exemptions. The students who have made application for May 2020 Examinations will have an option to change the group(s) of their appearance and centre of Examinations at the time of making a fresh application for November 2020 Examinations, which, subject to conditions prevailing at relevant time, will start from 1st November 2020. It is again clarified that in this schema, the students will be free to exercise the options afresh for the groups that they intend to appear in the November 2020 examinations. The students are advised to stay in touch with the Institute’s website www.icai.org for further announcements relating to November 2020 Examinations and in case of any queries can write at [email protected]

(S. K. Garg) Additional Secretary (Exams)

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Board of Studies

The Institute of Chartered Accountants of India

27th June, 2020

‘Virtual Coaching Classes’ commencing from 1st July, 2020 for students of Foundation, Intermediate

and Final appearing in November 2020 examination

The Board of Studies has been proactive to adopt different methodologies to reach out to the students and

provide quality learning resources, year after year in an incremental manner.

Due to outbreak of Covid-19 pandemic, there has been a significant effect on the study regime of our

students.

The BOS, with an objective to enable the students to sail through the present times, announces FREE ‘Virtual

Coaching Classes’ commencing from July 1, 2020. These will be conducted at all levels i.e. CA Foundation,

Intermediate and Final to assist them in preparation for the November 2020 examination.

Schedule and Timings:

Course Schedule Session I Session II

Foundation Click here for schedule 11 AM - 1 PM 2 - 4 PM

Intermediate Click here for schedule 7 - 9:30 AM 6 - 8:30 PM

Final Click here for schedule 7 - 10 AM 6 - 9 PM

Students can attend the classes at: http://ecpl.live/icai/bos/vcc/. The classes can also be viewed at ICAI

YouTube.

Notable Features:

FREE for all levels, CA Foundation, Intermediate and Final

To be streamed live using internet technology

Can be accessed live or viewed later as recorded lectures through hand-held devices such as smart

phones, laptops, I-pads, tablets, etc. anytime anywhere

To be delivered by renowned subject experts

To cover the entire syllabus.

Will be interactive in nature - with facility to raise questions

To have examination focused approach

https://www.icai.org/resource/60200bos48946fnd0307.pdf

https://www.icai.org/resource/60066bos48946inter.pdf

https://www.icai.org/resource/60277bos49091-10july2020.pdf

http://ecpl.live/icai/bos/vcc/

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Students Skills Enrichment Board


5th July, 2020

Exemption from Completion of Orientation Course (OC) and Information Technology Training (ITT)

before admission in Practical Training on or Before 31st July, 2020 for Direct Entry Scheme students

Due to suspension of IT and Soft Skill classes all across the country because of the prevailing COVID situation, a

large number of Direct Entry students are facing problems w.r.t their eligibility for joining of Articleship due to

non-completion of Orientation Course & Information Technology Course. The Competent Authority has

therefore decided to relax the requirement as a one-time measure which is as under:

The students who are registered through the Direct Entry route and are eligible to register in the

articleship training on or before 31st July, 2020 are allowed to register in the articleship training and

complete Orientation Course and IT Training on or before 31st December, 2020 instead of 31st July,

2020.

Chairman

Students Skills Enrichment Board, BOS (Operations)

Students Skills Enrichment Board, BOS (O)


3rd July, 2020

Reduction of fees for MCS & Adv ITT Courses for students undergoing Virtual classes for May 2019, Nov

2019, May 2020 & Nov 2020 Final Students

In view of the ongoing spurt of COVID-19 virus pandemic and subsequent suspension of IT and Soft Skills

Classes all across the country, the competent authority has decided that the students of Final course

exam (May 2019, November 2019, July, 2020 & November,2020) as one time measure, can undergo MCS

and Advanced IT Course through Virtual Mode and has further decided to implement the following:

Reduction in Fees of MCS & Adv.IT Course as one time measure (due to COVID-19) from Rs.

7000/- to Rs. 5000/- and from Rs. 7500 to Rs. 5500/- respectively for the students who have

paid/will pay the fees through the virtual mode platform

The fees of Rs. 2000 is to be refunded to the students who have already paid the fees in the virtual

platform as per the above decision in due course of time. The eligible refunds will be done on or

before 45 days of this announcement.

The new fee structure will be live w.e.f 04/07/2020

Chairman

Students Skills Enrichment Board, BOS (Operations)

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Board of Studies


1st July, 2020

ANNOUNCEMENT

Extension of time period for registration in Foundation Course from 30th June, 2020 to 31st August, 2020

for appearing in Foundation Examination to be held in November, 2020

The Council of the ICAI has relaxed the eligibility criteria to register in Foundation Course due to

outbreak of COVID19 as a one-time measure and has extended the last date for registration to the

Foundation Course from 30th June, 2020 to 31st August 2020, as under:

Candidate may provisionally register in the Foundation Course on or before 31st August 2020 if

he has been either allotted the admit card and/or appeared in one or more papers in the months

of February/March 2020 in the Senior Secondary (10+2) Examination conducted by an examining

body constituted by law in India or an examination recognised by the Central Government or the

State Government as equivalent thereto for the purpose of admission to graduation course and;

May appear in November 2020 Foundation examination after passing the Senior Secondary

(10+2) examination conducted by an examining body as mentioned above.

To register online in Foundation Course, candidates may visit https://eservices.icai.org/

Director, Board of Studies

https://eservices.icai.org/

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पहेली 1. ऐसा कौ सा खजा ा है जजसे जजत ा ज्यादा लुटाया जाय, वह उत ा ही ज्यादा बढ़ता जाता है?

2. ऐसा कौ सा फल है जजसके पेट में दािंत होत ेहैं?

3. ती अक्षर का मेरा ाम उल्टा सीधा एक समा ?

4. मैं सबके पास हूूँ। कोई मुझ ेखो हीिं सकता है। बताओ मैं कौ हूूँ?

5. ऐसी कौ सी चीज है जो बाररि में चाहें जजत ी भीगे, वह कभी गीली हीिं हो सकती है?

Solve the puzzle

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Answer Sheet

पहेली का उत्तर

1. ज्ञा का खजा ा। 2. अ ार

3. क क, य

4. परछाई

5. पा ी

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Editorial Board

Editor in Chief: - CA Girish Kumar Narang Co-Editor: - CA Sikha Singhal

Views expressed in the articles are of the writers and do not necessarily reflect the official views of

the Branch/ICAI

DESIGNED BY:- Mrs. Meera Kishore-(Branch Head)

Mr. Jitendra Kumar Yadav

gautam budh nagar branch of - noida-icai.org student newsletter2020.pdf · gautam budh nagar branch...

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