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SEMESTER-2 Chartered Accountancy

Factors such as improved technology, constantly changing laws and the entry of foreign players in the Indian market are ensuring that chartered accountants remain high in demand. The changing face of the corporate sector along with the burgeoning Indian economy has led to an increasing demand for Chartered Accountants (CA), making it one of the most lucrative career options for students today. First introduction after the Chartered Accountants Act came into being in 1949; the professional course for this field is conducted by The Institute of Chartered Accountants of India (ICAI). To practice as a CA, one has to clear the examination conducted by ICAI, and can thereafter become a member of this institute. Work track CAs handle just about every aspect of finance for both, organisations as well as individuals. A CA conducts audits, provides financial advice in terms of investments, more specifically, with regard to the percentage of income that needs to be invested to minimise tax and helps in filing returns, explains CA, P S Sanghvi. CAs specialise in accountancy, auditing, taxing, cost accountancy and law. Updating oneself with the latest laws is very important. Although charted accountancy is looked at as a career in finance, I would say 50 per cent of the job we do is based on law, affirms Sanghvi. Says Sanjeev Kapoor, CA, S P Kapoor & Company, Today there are many new areas we cater to. For example, apart from accounting and auditing, today we are also work in the areas such as loan financing and project financing. Furthermore, with improved technologies, changing laws, and MNCs setting foot in the Indian market, several new fields of

practice are emerging. Acknowledging this, Sanjeev Vora, a CA with 20 years of experience, says, Today software consultancy is a big thing in the industry. With everything getting computerised, we work on financial and accounting softwares. IT is now a compulsory subject in the course itself. Nevertheless, irrespective of these new emerging areas, the traditional work areas remain at the core of this career. Heres a quick overview of each: Taxing: Tax management forms the primary area of function. This includes suggesting investments and working out means to reduce taxes (both direct as well as indirect taxes). Tax managers have to work in accordance with various national and international tax rules, subject to clients business or requirements. CAs also help individuals calculate their taxes and file returns. Auditing: Auditing includes the evaluation and assessment of financial records of companies. This is one of the most important aspects of a CAs job since according to the Company Act only professional CAs are authorised to conduct audits. Auditing can be internal or external. An auditor reviews the accounts as presented by the concerned authorities of the respective company in relation to the expenses and profit earned. Following this, they present their report on the accuracy of the same. Usually all companies conduct internal audits before inviting external authorities. Internal auditors do a thorough review of all the records and point out loop holes or inaccuracies that are fixed before external auditors are called upon. Financial accounting: Maintaining accurate financial records is a major concern for big and small companies alike. CAs extend their service in terms managing these accounts. Financial accounting is basically preparing the financial statements for a company based on the expenditures and income. This gives the management as well as stakeholders a clear picture of where the firm stands, elaborates Vora. Eligibility The professional course offered by ICAI provides the required theoretical knowledge as well as practical training. It comprises

a Common Proficiency Test (CPT), Professional Competence Course (PCT) and the Final exam. Common Proficiency Test (CPT): Although students can register after class 10, but he/she can appear for the exam only after appearing for 10+2. It comprises four subjects: Accounting, Mercantile Laws, General Economics and Quantitative Aptitude. It is an objective-type paper with negative marketing. ICAI provides the required study material. Professional Competence Course (PCT): Candidates who have cleared the CPT and 10+2 can appear for the PCT. Students are also required to register for articleship and 100 hours of computer training. In order to appear for the exam, students should have completed at least 15 months of articleship, three months before the month of examination. Final: The final examination comprises two groups of four papers each. Group I includes Financial Reporting, Strategic Financial Management, Advanced Auditing and Professional Ethics and Corporate and Allied Laws. Group II comprises Advanced Management Accounting, Information Systems Control and Audit, Direct Tax Laws and Indirect Tax Laws. Application forms can either be downloaded from the ICAI website www.icai.org or can be acquired from one of its offices. Getting started It is always advisable to start off with a good company or a practising CA. CAs can be employed with a government office or a private firm, or choose to get into a private consultancy. Sanghvi explains, If you are planning a consultancy firm, it could be difficult till you establish yourself and get clients. In the meanwhile pursuing a part-time job is a good idea. But once you find your place in the industry, there is no looking back. Remuneration The remuneration for a private consultant may be subject to the service offered and the city. With a good, reputed company, a fresher can get up to six lakhs, per annum says

Kapoor. With experience the amount increases to as much as 30- 40 lakhs plus per annum. Weighing the pros and cons On the brighter side, chartered accountancy is a very respectable job and pays well. CAs provide a wide gamut of services. Thus the profession keeps you updated with the happenings in various fields. Nevertheless, the work hours can indeed be a disappointment. According to Kapoor, Another aspect that can be looked at as a downside is the fact that the CA course gives equal weightage to all aspects like taxing, accounting, etc unlike MBA courses, wherein you have specialisations. Therefore, if a CA wishes to specialise in any particular field its completely up to him/ her to do it. Kapoor points out that in this profession there is considerable waste of intellect. He insists that there are many aspects of the work that are clerical in nature. For example, tasks like mere calculations, he says, do not require a CA. Future perfect The rapid growth of the money markets is leading to a growing demand for CAs. Irrespective of whether a company is big or small, or even individuals in the service sector, everyone seek the assistance of CA when it comes to managing money matters. As Sanghvi says, The laws in India are very complicated and thus, difficult to understand. Additionally, they keep changing every year. Keeping track of the constant changes is a difficult task for even literate people, and in India the literacy level is still low. Therefore, people seek the service of a CA. Moreover, when it comes to auditing, as stated earlier, the Company Act authorises only certified CAs to conduct audits for credential certifications, as a result of which, practically all companies require the service of CAs. While the fields future certainly seems promising, Vora warns, It all depends on your performance. If you are good at your work, there is no looking back. But if you are unable to cope, then things can certainly difficult.

SEMESTER-4 UGC
We have now a wider conception of the duties and responsibilities of universities. They have to provide leadership in politics administration,professions,industry and commerce.They have to meet the increasing demand for every type of higher education, literacy and scientific, technical and proffessional. They must enable the country to attain,in as short a time as possible,freedom from want,disease and ignorance, by the application and development of scientific and technical knowledge. India is rich in natural resources and her people have intelligence and energy and are throbbing with renewed life and vigour. It is for the universities to create knowledge and train minds who would bring togather the two, material resources and human energies. if our living standards are to be raised, a radical change of spirit is essential."...Dr. S.Radhakrishnan

UGC Regulations /Notifications

UGC Regulations on minimum qualifications for appointment of teachers and other academic staff in universities and colleges and measures for the maintenance of standards in higher education 2010 (1st Amendment) (Hindi Version) UGC regulation on minimum standards and procedure for the award of M.Phil/Ph.D Degree, regulation 2009. And clarification on guidelines for admission in Ph.D Gazette Notification reg.: "UGC Regulations on Minimum Qualifications for Appointment of Teachers and other Academic Staff in Universities and Colleges and Measures for the Maintenance of Standards in Higher Education 2010"

English Version

'Anomaly Committee' to assess the representation on the "UGC Regulations on Minimum Qualifications for Appointment of Teachers and other Academic Staff in Universities and Colleges and Measures for the Maintenance of Standards in Higher Education 2010" Website Notification reg.: UGC Regulations on Minimum Qualifications for Appointment of Teachers and other Academic Staff in Universities and Colleges and Measures for the Maintenance of Standards in Higher Education 2010 UGC Regulations on Minimum Qualifications for Appointment of Teachers and other Academic Staff in Universities and Colleges and Measures for the Maintenance of Standards in Higher Education 2010 The Gazette of India Notification reg.: UGC (Institutions Deemed to be Universities) Regulation, 2010 English Version & Hindi Version Regarding counting of past service rendered by Lecturer as Research Associate for the purpose of grant of Lecturer (Senior Scale) UGC (Affiliation of Colleges by Universities) Regulations, 2009 Specification of degrees UGC Regulations on Curbing the Menace of Ragging in Higher Educational Institutions, 2009. UGC Regulation, 2008 for Grant of degrees and other awards by Universities UGC Minimum Qualifications required for the Appointment and Career Advancement of Teachers in Universities and Institutions Affiliated to it (Second Amendment Regulations, 2006). UGC Notification on Revision of Pay Scales, Minimum Qualifications for Appointment of Teachers in Universities and Colleges & Other measures for the Maintenance of Standards,1998

UGC Regulations, 2000 Regarding Minimum Qualifications for Appointment and Career Advancement of Teachers in Universities and Colleges to be published in the Gazette of India Part III Sector 4 University Grants Commission Bahadur Shah Zafar Marg New Delhi - 110 002 UGC ( Admission to specified Professional Programmes) INTERIM REGULATIONS, 2003 UGC (Establishment and Maintenance of Standards in Private Universities) REGULATIONS, 2003 (Hindi Version) Specification of Degrees Recognition of College in Terms of Regulations, 1974 framed under the UGC Act UGC Inspection of Universities Rules, 1960 To Be Published in the Gazette of India UGC (Returns of Information by Universities) Rules, 1979 UGC (Fitness of Institutions for Grants) Rules, 1975 UGC (Establishment and Maintenance of Institutions) Regulations, 1985 UGC Regulations, 1991 regarding Minimum Qualifications for Appointment of Teachers in Universities and Colleges.

UGC Rules regarding Fitness of Universities 1. UGC (Fitness of 2. UGC (Fitness of 3. UGC (Fitness of 1978. 4. UGC (Fitness of Certain Universities for Grants) Rules, 1975. Agricultural Universities for Grants) Rules, 1975. Technological Universities for Grants) Rules, Open Universities for Grants) Rules, 1988.

UGC Regulations regarding the Minimum Standards of Instructions for the Grant of the First Degree 1. UGC(Minimum Standards of Instruction for the Grant of the First Degree through Formal Education)Regulations, 2003. (Hindi Version)

2. UGC(Minimum Standards of Instruction for the Grant of the Master's Degree through Formal Education)Regulations, 2003. 3. UGC Letter No. F. 1117/83(CPP) dated 2.1.1986 to Vice Chancellors of all Universities regarding Minimum Standards of Instructions for the Grant of First Degree. 4. UGC Regulations, 1985 regarding the Minimum Standards of Instruction for the Grant of the First Degree through Formal Education. 5. UGC Regulations, 1985 regarding the Minimum Standards of Instructions for the Grant of the First Degree through Nonformal/Distance Education. 6. Partial Modifications of UGC Regulations, 1985 regarding the Minimum Standards of Instructions for the Grant of First Degree ( UGC Letter No.F.1117/83(CPP) dated 30th May 1986]. List of Degrees specified for the Purposes of Section 22 of the University Grants Commission Act, 1956 1. Notification No.F.879/58 (CUP) dated 1st December, 1958 2. Notification No.F3372/59 (CUP) dated 17th November, 1960 3. Notification No.F.3387/63 (CUP) dated 6th July 4, 1964 4. Notification No.F.3387/63 (CUP) dated 27th April, 1966 5. Notification No.F.159/66 (CDN) dated 18th June, 1968 6. Notification No.F.159/66 (CD) dated 17th February, 1969 7. Notification No.F.159/66 (CDN) dated 22nd December, 1969 8. Notification No.F.159/66 (CDN) dated 26th February, 1971 9. Notification No.F.159/66 (CDN) dated 15th November, 1953 10. Notification No.F.159/66 (CDN/CP) dated 18th July, 1975 Financial Support UGC provides Development (Plan Grants) and Maintenance (Non-Plan Grants) to university and college level institutions. As of now, the UGC provides development as well as maintenance grants to 16 Central Universities, 53 Delhi University Colleges, (which include 20 Trust Maintained colleges, 16 Delhi Government Colleges, 6 University maintained colleges and 11 Evening Colleges), 4 colleges

of the BHU and 12 College Hostels of Delhi University. Besides, 6 Inter-University Centres (IUC) also receive development as well as maintenance grants. In addition to these, 24 Deemed Universities, 5 colleges of Delhi University and 120 State Universities are provided development grants. Development Grants: UGC has formulated 42 schemes for providing development assistance to universities, university level institutions, colleges and individual faculty members and researchers. The related links to these schemes are provided below. You may access related guidelines and download application form forms.

Schemes for Universities Scheme for Colleges Schemes both for Universities and Colleges Schemes for Individual Faculty Members and Researchers

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