10 August 2014
Too much time left for May 2016. If you wish you can start preparing now. But dont take any classes now. Start with self study. Start studying Companies Act 2013 since it is most likely that it will be applicable completely in May 2016. For preparation of Tax wait till the next budget which will be in FEB-MARCH 2015. By that time it will also be clear whether DTC and IND AS will apply or not. Thereafter you can start your preparation accordingly.
11 August 2014
Totally agree with the suggestion of learned expert.
It is advisable to do self study in 2014 and you may start taking coaching etc from January 2015. By June 2015 you preparation should be in full swing.
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