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Study Material

What knowledge the Institute expects from students with regard to Final audit paper.
ICAI expects advanced knowledge from students with regard to final audit paper. Further, Students should gain expert knowledge of current auditing practices and procedures and apply them in auditing engagements and develop the ability to solve cases relating to audit engagements.
What is difference between sales tax & GST?
Sales tax is an indirect tax which is levied on sales of goods whereas GST is a comprehensive indirect tax levies on manufacture, sale and consumption of goods and services at a national level. GST would subsume in it major indirect taxes including service tax, excise duty, sales tax/VAT, taxes on lottery, betting and gambling, luxury tax, surcharges, cesses etc.
What are the income-tax rates applicable for different classes of assessees for November 2012, May 2013 and November 2013 examinations?
The applicable income-tax rates for various persons, for eg., individuals, HUFs, firms, companies etc. are given in the Supplementary Study Paper-2011 for November 2012 examination and Supplementary Study Paper-2012 for May 2013 and November 2013 examinations. Both Supplementary Study Paper-2011 and Supplementary Study Paper-2012 are hosted at the BOS Knowledge Portal of the Institute’s website www.icai.org.
In the study material of ISCA about 25 pages of Act are lifted from US Information Technology Act, which are not applicable to India. Can this be revised?
There is nothing known as US Information Technology Act. However, some of the standards, which have been discussed in the study material like ISO 27001, CMM, COBIT, ITIL, COCO, SysTrust and WebTrust, HIPAA, SAS 70 are evolved as a benchmark for various activities worldwide. Although these standards are framed in US/UK but most of them viz. ISO 27001, CMM, COBIT, ITIL, COCO, HIPAA etc. are found to be very useful for standardizing different processes/products and accordingly, these have been referred as best practices across the globe including India. However, in the next revision of the study material, we intend to replace SAS 70 by the corresponding SA to rationalize it in Indian perspective.
Some of the practical questions along with their solutions are not correct. In spite of written representation regarding the same it has not been corrected in the revised modules also. Are the modules reviewed on the basis of above representation?
You are requested that such questions and solutions be brought to the notice of Director, Board of Studies. They would be corrected (if found wrong) in the next edition.
Why are CA study materials not prepared point wise or tabular form rather than in paragraph forms?
The study material of Professional Courses may not fully be prepared point wise or tabular wise. These are included as far as possible depending upon the requirement of the chapter. Moreover, the aim of the Study Material to impart knowledge and enhance understanding of the subject rather than emphasis rote learning. In fact if you go through any standard text books in any subject, none of the author would give point-wise presentation. Such form of presentation is adopted by coaching classes or low quality books/notes/keys. etc.
CA Final Course has some sections from CA Act 1949. Can the Act made available in study material.
Reference of the sections of C A Act 1949 has been given in Chapter on Professional Ethics. Further, some of the specific sections are discussed in detail also like section 21 etc
Is there any change in the study material of Corporate Law?
There is no change in the course of Law both at IPCC and Final Level, except the relevant updations relating to the Subject/ Sections made by the concerned authorities like MCA, RBI etc, are incorporated in the Study . These updations are given in the beginning of the Study Module under the heading ” The Highlight of Changes” with the gist of amendments and the Page Nos. of the study Module for the convenience of the student.
Why is the Board of Studies not taking steps to update study material?
The study material is revised/updated every year. If you find any portion of the study material not updated,
please bring it to the notice of Director, BOS.
Is Institute releasing suggested answer in Hindi.
Institute is not releasing Suggested Answers in Hindi.
What are the publications to be referred for learning case laws in taxation?
The publication of the Institute “Select Cases in Direct and Indirect Tax Laws” compiles recent important case laws in direct and indirect taxes. You may also read tax journals like ITR, ELT and Service Tax Review for further knowledge of the case laws.