13 August 2013
Hi sir/ madam please clarify my doubt whether working in a propreitorship or partnership firm having turnover less than Rs. 50 lacs, will be eligible for claim of exemption of practical training?
13 August 2013
only following sectors are covered under eligibility of exemption
i. Central/State Government / Semi-Government / Public Utilities. ii. Banks/Insurance/ other Financial Institution iii. Public Sector Unit iv. Universities, Management Institutes and any other recognized educational institute v. Co-operative societies engaged in Banking, Manufacturing. vi. Any other organization with a turnover of Rs. 50 Lakhs in case service sector or Rs. 1 crore in case of other than service sector. vii. If the firm of Chartered Accountants/ Company Secretaries has separate Management Consultancy Division and if the applicant has exclusively worked in that division, credence to such service is given on percentage basis depending on the nature of job related with cost/ management accounting/ financial accounting/ taxation/ MIS or of similar nature, size of the firm, nature of duties handled by the applicant, size of the client companies etc. viii. Management Consultant in individual capacity depending on the size of the firm, nature of duties handled by the applicant related with cost/ management accounting/ financial accounting/ taxation/ MIS or of similar nature, size of the client companies etc. ix. Practicing Chartered Accountants/Company Secretaries are exempted from the Practical Training Scheme and they will have to seek exemption after duly following the procedures on payment of exemption fee as prescribed. x. Any other institution as approved by the Council
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