ICAI amends rule for Registration to CA Foundation/Intermediate Course etc.

ICAI amends rule for Registration to CA Foundation/Intermediate Course, admission to Foundation Examination etc.

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
(Set up by an Act of Parliament)

NOTIFICATION

New Delhi, the 19th October, 2020

(Chartered Accountants)

No.1-CA(7)/193/2020.–Whereas certain draft regulations further to amend the Chartered Accountants Regulations, 1988, were published by the Council of the Institute of Chartered Accountants of India, as required by sub-section (3)of section 30 of the Chartered Accountants Act, 1949 (38 of 1949) in the Gazette of India Extraordinary, Part III Section 4, vide notification F.No.1-CA(7)/193/2020 dated the 4th May 2020, inviting objections and suggestions from persons likely to be affected thereby, before the expiry of forty-five days from the date on which the Gazette containing the said draft regulations was made available to the public;

And whereas the said Gazette was made available to the public on the 4th May 2020;

And whereas the objections and suggestions received from the public on the said draft regulations have been considered by the Council of the Institute;

Now, therefore, in exercise of the powers conferred by sub-section (1) of section 30 of the aforesaid Act, the Council, with the approval of the Central Government, hereby makes the following regulations further to amend the Chartered Accountants Regulations, 1988, namely:-

1. (1) These regulations may be called the Chartered Accountants (Amendment) Regulations, 2020.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Chartered Accountants Regulations, 1988 (hereinafter referred to as the said regulations), in sub-regulation (1) of regulation 25E,-

(i) for the words, brackets and figures, “appeared in the Senior Secondary (10+2)”, the words and figures “passed the Class 10th” shall be substituted;

(ii) the words “for the purpose of admission to graduation course” shall be omitted.

3. In sub-regulation (1) of regulation 25F of the said regulations,-

(i) for clause (a), following clause shall be substituted, namely:-

“(a) is registered with the Board of Studies of the Institute on or before the 1st day of January or the 1st day of July for the examination to be held in the months of May/June or November/December respectively; and has complied with such other requirements as may be decided by the Council from time to time; and”;

(ii) in clause (b), for the word “passed”, the words “appeared in” shall be substituted.

4. In regulation 28F of the said regulations,-

(i) for sub-regulation (3), the following sub-regulation shall be substituted, namely:-

“(3) No candidate shall be registered for the Intermediate Course unless he has passed the Foundation Examination under these regulations and 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 has complied with such other requirements as may be decided by the Council from time to time.”.

RAKESH SEHGAL, Acting Secy.
[ADVT-III/4/Exty./306/2020-21]

Download Notification Click Here >>

• Distinction between religious & charitable purposes is determined by institution’s primary or dominant object
• Fit case to issue notice u/s 148 – Relevancy of material & application of mind to objections important
• AO is under an obligation to assign reasons for rejecting explanation of the assessee
• CBIC issues SoP for clearance of imported goods through Foreign Post Offices
• Sale deed executed with full knowledge of only part consideration paid, not void – SC