CA Foundation Exams Date 2020



Careers in the field of Commerce have been growing, Accounts and Finance has always attracted the best brains as all businesses revolve around the finances and therefore career opportunities in this field are plenty.

Commerce as a career has been attracting interest among more and more students in the last decade and the demand for a career in Commerce and Finance is expected to grow in leaps and bounds given the growth in the number of businesses and therefore the need for professionals who help these businesses maintain and run the financials.

For all students aspiring to become a CA, the journey starts after completing 10+2. A student can start with CA Foundation followed by CA Inter, Articleship and then CA Final.

Chartered Accountancy is one of the most respected careers in the field of commerce for more than 6 decades and especially the last decade it has been attracting a larger number of aspirants to pursue this profession. There are over 2,70,000 members of ICAI and growing.

International School for Financial Studies (ISFS) an initiative by Mr.Avinash Brahmadevara, CA, CS, CMA and M.Com at an early age and a world record holder, has taken the initiative to educate students about this profession while inspiring them to take up Chartered Accountancy as a career that most commerce students aspire to be.

CA Foundation is the first level and the exam is conducted twice during the Year – November and May. For students who complete their 10+2 in May / June the first attempt would be in November after the 10+2 results.

Subjects covered in CA Foundation Course are as follows:

Paper-1: Principles and Practice of Accounting (100 Marks)

Paper-2: Business Law & Business Correspondence and Reporting (100 Marks)
Section A: Business Law (60 Marks)
Section B: Business Correspondence and Reporting (40 Marks)

Paper-3: Business Mathematics and Logical Reasoning & Statistics (100 Marks)
Part I: Business Mathematics and Logical Reasoning (60 Marks)
Part II: Statistics (40 Marks)

Paper-4: Business Economics & Business and Commercial Knowledge (100 Marks)
Part I: Business Economics (60 Marks)
Part II: Business and Commercial Knowledge (40 Marks)

Paper-3 and Paper-4 are objective type papers with negative marking.

Passing criteria in Foundation Examination

CA Foundation Course candidate shall be declared to have passed the examination if he/ she obtains at one sitting a minimum of 40% marks in each paper and a minimum of 50% marks in aggregate of all the papers, subject to the principle of negative marking.

CA Foundation May 2020 attempt:

For the benefit of students appearing for 10+2 in 2020, following information could be useful:

Applications for admission to Foundation – Candidates are required to apply on-line at https://icaiexam.icai.org from 5 th February, 2020 to 26th February, 2020 and remit the examination fee on-line by using VISA or MASTER or MAESTRO Credit / Debit Card / Rupay Card / Net Banking / Bhim UPI. They shall however, be required to remit additional ₹ 600/- towards late fee (for Domestic & Kathmandu centres) and US$ 10 (for Overseas centres) in case the application on-line is made after 26th February, 2020 and upto 4 th March, 2020 [up to 5.30 PM (IST)]

Exam dates for CA Foundation May 2020 attempt are

  • May 11, 2020
  • May 13, 2020
  • May 15, 2020
  • May 17, 2020

More details can be obtained by the students by visiting us Link to Contact us

All India Rank in CA Foundation Nov 2019 exam

ISFS is proud to share that our student Mr.Siddharth Jain has secured All India 30th Rank in CA Foundation Exam conducted in November 2019 and more than 100 other students at ISFS have passed CA Foundation in Nov 2019 attempt.

ISFS team has put together the best study material, expert faculty for CA course, rigorous training methodology to be the best choice of CA Coaching in Hyderabad.

We at ISFS are delighted to guide and mentor all students preparing for CA Course.

Team Work

#TeamSpirit #PlayTogether

Not that I’m a great fan of the game, but b’cos in India it’s a religion in itself, I’m explaining this through a reference to cricket.

Sachin Ramesh Tendulkar needs no introduction. He had stolen the hearts of the billions. He is considered the most magnificent batsman of all times. He had put in tremendous (and tireless) efforts in his long innings of 24 years. He had even taken wickets equivalent to some of the bowlers. And, make no mistake, some of his straight-bat sixers of Shane Warne, will always be a thrill to watch. In spite of his brilliance, he had to wait quite a while to get a hold of the elusive World Cup. With such a superstar in the team, shouldn’t we have won the cup much earlier, say in 1992, 96, or 99?

AB de Villiers is another gentleman of the game. There is no doubt about the caliber of ABD. It’s just awesome to watch him play. When he is around, there is an aura of positivism. So much of energy to make the team come together. He’s been in the game for over 13 years. He is a force to reckon with, yet South Africa has never won the World Cup, or for that matter RCB has not won the IPL. But his mere presence in the team motivates the team and peps them up.

Coming to my point, while there are legends and superstars, it does not guarantee success to the teams (or organizations). What matters is how the team comes together and performs as a unit.

While the world sees the likes of Sachins, ABDs, MSDs, Pontings, and Virats, the heart that keeps working to make it happen on the big stage, is the tireless efforts of the entire team (including those of these legends). Not just the playing 11 (or 12!) or the coaches and physicians, it all comes down to the fact that the unit should come together with a single agenda… play together… b’cos success is a result of all those efforts.

I’m, most certainly, not demeaning or marginalizing the roles of all these legends; without them there is no motivation or the drive for the team. We need those awesome legends/CEOs/Presidents, to whom we can look up to and draw inspiration. Probably that’s what the great mentors, like the Tatas, Ambanis, Patels, Smiths of the world, contribute to the success of their org.

And yet, it’s the team that really pulls it together to make it count.

Be a team player and be good at it.

Importance of Career Planning

Many students take the life as it comes and therefore end up in careers that either do not suit them or become burdensome after few years of working. Neither do all the parents have an idea of possible career options for their children based on their children’s interests.

The traditional career that most students growing up know is either an Engineer or a Doctor or a job in government services. While these are good careers to pursue, there are wide opportunities in various sectors in today’s world.
However, the challenge that most students have is access / awareness to information pertaining to different career options aligned to their interests.

The responsibility lies with the parents, teachers and other people in the society who influence these students to pursue right career options which they enjoy and therefore lead a happy and successful life.

Role of Parents – Parents are the first source of inspiration, information and mentoring to the children and therefore make a huge impact on their children’s future. Parents who want their children to have a successful life need to inculcate right habits including reading, writing and sportsother than the interests that their children pick up from peers or from their surroundings. And as the children grow up, parents have the responsibility to help nurture these interests to explore possible career options aligned to the children’s interests.

Role of Teachers – Teachers are the knowledge sources and have a great impact on the students as well. Students look up to their teachers to give the best knowledge on various subjects while helping students understand the real world applications of concepts being learnt. While doing so, students constantly observe, internalise and develop interest in various aspects of their studies. Teachers need to observe students behaviour, understand their interests and groom the students to become successful in the areas of their interest.

Students Role – Once the students know about different career options and discover their own strengths, it would help if they make an actionable plan and adhere to it strictly to plan and lead a successful career.

Accounting Trends for 2018

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In 2017, we have witnessed accounting making further progress towards cloud resulting in automation and integration of platforms. It helped in reduction of day to day paperwork to give accountants time to focus on basic other stuff which helps in organization growth. In the year 2018, we will be seeing accounting taking a more in-depth route to its journey in 2017.

Better Visualization of Financial Data:

In 2017, we have seen many small and medium organizations managing their financial data in excel sheets and hard copies, which made their accounting management a complicated and tedious process. It was insane to look at the way the economic data is presented to the management to make some business-critical decisions. Towards the second half of the year 2017, we have noticed many companies shift towards technology to manage their accounting.

With many organizations adopting technology to manage their accounting, financial data now can be sliced, diced and presented better for easy understanding. Visualization of Financial Data in graphs and charts on dashboards makes it easy for the senior management to monitor the accounting process which helps in easy decision making.

Accounting Digitization:

With the implementation of Technology, the Physical paper is now only about 15% of the accounting system. These physical documents are also digitized with the help of OCR technology and are stored in the respective category in the accounting management system implemented. Last year accounting digitization of previous years physical documentation was in full swing, and it will be a continued trend this year to achieve 100% paperless accounting process in an organization. At this point, there are very few companies that have 100% paperless accounting system in practice.

Do It Yourself Accounting (DIY Accounting):

We at Cogent have observed in 2017 that DIY accounting is on the rise in the organizations that have a revenue under $100000 per annum. DIY accounting gives a financial grip to the owner that enables him to use his finances wisely as he is aware where his dollar went. The other advantages of DIY accounting are your organization financial data remains in the house which is very much critical for IP based organizations to survive.

However, maintaining compliances, auditing and taxation will need a specialist on the job. In 2018, we expect to see a rise of DIY accounting in start-ups leveraging technology which after a certain period of growth will be handed over to a specialist.

Globalization:

Last year, we saw that trends like BREXIT made an impact on accounting process and procedures for companies who have been doing business in the region. Accounting professionals will play a key role in implementing the necessary changes due to globalization. In 2018, we expect a backlash against globalization which provides opportunities for accounting professionals to work on the differences in financial, taxation and cultural systems across the globe. The accounting professionals must gear up to keep themselves on the ground with the impact of globalization.

Diversification of Skill Sets:

With Cloud and Automation stepping into accounting, there has been an increased demand in diversified skill sets related to accounting such as accounting professionals should also be able to play the role of a business analyst or data scientist. In 2018, accounting professionals with analytics edge will be more on demand as per our understanding of the markets we serve. Other than analytics edge, other skills like communication, problem-solving, and flexibility will be in need in addition to the necessary finance and accounting skills.

Using Automated Accounting Software:

Automation is a significant emerging trend in the year 2018 and accounting sector too is moving towards the same. While it is beneficial to let automated accounting programs do the tasks on your behalf, there still might be cases where you may need expert human assistance to perform accounting tasks. This is where accounting services outsourcing company comes into play. They can help achieve the bookkeeping and accounting tasks that require human expertise.

As we all know, behind every good business is a great accountant, and it is a language of business. We at Cogent Professionals provide the best solution for all your accounting needs. A professional hand is always welcome when working on your accounting needs.

All you need to know about Company Formation

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Most of us have the entrepreneur zeal in us with a tentative timeline. The corporate environment over the past few years have gone through a significant change and is now in favor of a start-up. With the encouraging signs all around, if you own a great innovative idea you must be trying to give it a legal structure to take it forward as a company or if you already have a legal structure, you still might be trying to make it more compliant from a legal standpoint.

Giving a legal structure to your idea or concept and thereby adhering to the compliances set by the law of the land, helps you to better perform your business as most of the legal compliances concerning company formation are aimed at the successful running of the business. However, giving a legal structure to your thought needs you to think like an entrepreneur, understand different aspects involved in detail, then choose the structure that is most suitable to you and complying with the given set of procedures. This is a continuous and a full-time activity that an organization cannot ignore.

Did you know that nine out of every ten start-ups fail as per Forbes research? The one company survived is because it has done everything right from ideation to company formation and complying with the law of the land efficiently on a continuous basis.

Being an Entrepreneur is a journey that needs a lot of time, effort, and hard work before you enjoy the fruits. This is where many start-ups fail, if you survive through the hard times, the rewards are also equally high. Let us understand some of the best practices to get started on your entrepreneur journey or to move to the next level.

Ideation:

This is the first step. You must have a solid idea or a concept which you believe has a demand in the market and it will add more value to the customer. Once you have an idea, you need to brainstorm it with a few set of people and test the waters with trusted audiences.

Business Plan:

After successful testing of your idea, Business Plan is the first document that you need to generate covering aspects like Finances, Resources, Revenue model and company operations. You should also decide whether you will be venturing alone or going with partners. Building a business plan needs expertise as many start-ups that survived their first year in business had their business plan written by experts.

Assess Your Finances:

This is a tricky step. Most of the time people underestimate the finances needed to run a business and many times an investment is required. You need to be aware of the best available financial options in your line of business. Study the competition. Take help of a CA or CPA to have these things streamlined for you.

Company Formation:

You must first decide the structure of the organization. It can be an individual operated or a partnership model. You have further many options, pros, and cons for every option available. You will need to gather all the information and then do a fitment analysis as to which model works for you. You also have got to select a name of the entity that is unique to your business.

In the US, we have the options of LLC & Incorporation. In India, we have options for Sole Proprietorship, Partnership, LLP, Private Limited, Public Limited, One Person Company and Section 8 Company (for Charity) like 501(c)(3). Based on the choice made there will be set of process and procedures defined by the law of the land to adhere to and get your incorporation certificate, Income Tax Registrations (PAN, TAN) etc.

Do not hesitate to hire expert advice in this step as this is the most crucial step that every organization has to go through successfully.

Compliance:

Post company creation, you need to cautiously meet all the compliance required related to different business aspects that you deal with.

You will need the following at the time of formation of the company depending on the type of services or products you sell:

• Income Tax Registration (PAN, TAN), Bank Account, Lease Deed
• SEZ, STPI, 100% EOU for Export Oriented Units
• Import and Export Code Number and Customs, Taxation Compliances
• Foreign Direct Investment (FDI and ODI), FEMA compliances with Reserve Bank of India compliances such as FC-GPR, FC-TRS and FIPB approvals
• Employee contracts
• Vendor Contracts, Customer agreements, MOU’s
• PF, ESI, Gratuity, Social Security like 401(k) etc.
• There will be some compliances that need to be followed on an ongoing basis:
• Companies Act Compliances, Secretarial services, Directors, Meetings, Minutes and Annual fillings
• Books of Accounts maintenance
• Payroll
• Vendor Management
• Finance
• Assurance
• Annual Reports, Tax filings
• SEZ, STPI, 100% EOU – Monthly, Quarterly, and Annual Returns
• Periodical Labour Law Compliances
• Contract Management and Registration of Agreements
• Patent, Copyright, and Trademarks
• Due Diligence services
• Subsidiary, Associates, sister concerns and related party consolidation

Select Your Technology:

Choose the right technology aids that will help your company run successfully like Financial packages, Human Resource Management solutions, CRM solutions and so on. Have a proper reporting structure in place for secure operations management across the organization.

Define Organization Structure:

Choose the right Organization Structure based on the service you provide and the Industry Vertical you serve. Have a correct intake process defined and create a flexible environment in your organization for better fruitful results. Hiring right talent takes your company to the next level.

Enable Growth Hacking Delivery:

Set up the right sales and delivery teams to kick-start your revenue cycles.

It takes time to be an entrepreneur and has a robust path ahead.

Impact of GST on the Indian Economy

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GST the biggest tax reform in India founded on the notion of “one nation, one market, one tax” is finally here. The moment that the Indian government was waiting for a decade has finally arrived. The single biggest indirect tax regime has kicked into force, dismantling all the inter-state barriers with respect to trade. The GST rollout, with a single stroke, has converted India into a unified market of 1.3 billion citizens. Fundamentally, the $2.4-trillion economy is attempting to transform itself by doing away with the internal tariff barriers and subsuming central, state and local taxes into a unified GST.

The rollout has renewed the hope of India’s fiscal reform program regaining momentum and widening the economy. Then again, there are fears of disruption, embedded in what’s perceived as a rushed transition which may not assist the interests of the country.

Will the hopes triumph over uncertainty would be determined by how our government works towards making GST a “good and simple tax”. The idea behind implementing GST across the country in 29 states and 7 Union Territories is that it would offer a win-win situation for everyone. Manufacturers and traders would benefit from fewer tax filings, transparent rules, and easy bookkeeping; consumers would be paying less for the goods and services, and the government would generate more revenues as revenue leaks would be plugged. Ground realities, as we all know, vary. So, how has GST really impacted India? Let’s take a look.

GST: The Short-Term Impact
From the viewpoint of the consumer, they would now have pay more tax for most of the goods and services they consume. The majority of everyday consumables now draw the same or a slightly higher rate of tax. Furthermore, the GST implementation has a cost of compliance attached to it. It seems that this cost of compliance will be prohibitive and high for the small scale manufacturers and traders, who have also protested against the same. They may end up pricing their goods at higher rates.

What the Future Looks Like
Talking about the long-term benefits, it is expected that GST would not just mean a lower rate of taxes, but also minimum tax slabs. Countries where the Goods and Service Tax has helped in reforming the economy, apply only 2 or 3 rates – one being the mean rate, a lower rate for essential commodities, and a higher tax rate for the luxurious commodities. Currently, in India, we have 5 slabs, with as many as 3 rates – an integrated rate, a central rate, and a state rate. In addition to these, cess is also levied. The fear of losing out on revenue has kept the government from gambling on fewer or lower rates. This is very unlikely to see a shift anytime soon; though the government has said that rates may be revisited once the RNR (revenue neutral rate) is reached.

The impact of GST on macroeconomic indicators is likely to be very positive in the medium-term. Inflation would be reduced as the cascading (tax on tax) effect of taxes would be eliminated. The revenue from the taxes for the government is very likely to increase with an extended tax net, and the fiscal deficit is expected to remain under the checks. Moreover, exports would grow, while FDI (Foreign Direct Investment) would also increase. The industry leaders believe that the country would climb several ladders in the ease of doing business with the implementation of the most important tax reform ever in the history of the country.

Summing Up
On priority, it is up to the government to address the capacity building amongst the lesser-endowed participants, such as the small-scale manufacturers and traders. Ways have to be found for lowering the overall compliance cost, and necessary changes may have to be made for the good of the masses. GST will become good and simple, only when the entire country works as a whole towards making it successful.