Procedure of industrial training
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
30 December 2014
Sir/Mam
I want to know that can Industrial Training be taken under any organisation fulfilling the turnover/assets/share capital criteria or it can be taken in the list of organisations as specified by the Institute?
I want to know that can Industrial Training be taken under any organisation fulfilling the turnover/assets/share capital criteria or it can be taken in the list of organisations as specified by the Institute?
30 December 2014
for industrial training only those companies who are registered and approved by icai for imparting industrial training are eligible.
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 January 2015
Sir, how can I register a new Firm in institutes list?
10 August 2024
Industrial Training is a key part of the Chartered Accountancy (CA) curriculum and provides practical experience to students. Here’s a detailed guide on the procedure for Industrial Training, including the eligibility criteria and how to register a new firm in the Institute's list:
### **1. Industrial Training: Eligibility and Process**
**1.1 Eligibility Criteria:**
- **Turnover/Assets/Share Capital Criteria:** As per the ICAI (Institute of Chartered Accountants of India) guidelines, Industrial Training can be undertaken with any organization that meets the following criteria:
- The organization must have a minimum annual turnover of ₹50 crore or
- Net assets of ₹25 crore or
- Share capital of ₹1 crore.
- **Non-listed Companies:** While the ICAI specifies certain types of organizations, students can undertake training in other organizations provided they meet the above financial criteria and are willing to offer practical training.
**1.2 Types of Organizations for Industrial Training:**
- **Listed Companies:** Companies listed on stock exchanges.
- **Public Sector Undertakings (PSUs):** Government-owned corporations.
- **Large Private Sector Companies:** Private companies with substantial turnover/assets/share capital.
- **Large Multinational Corporations (MNCs):** Companies with international operations.
- **Companies with a strong finance function:** Even if not listed or large, companies with a strong finance department might be considered.
### **2. Registering a New Firm in the Institute’s List**
**2.1 Checking Eligibility:**
- Ensure that the firm meets the ICAI criteria for Industrial Training eligibility. This typically includes having significant financial metrics such as turnover/assets/share capital.
**2.2 Application Procedure:**
- **Prepare Documentation:** Gather necessary documentation that proves the firm meets the eligibility criteria, including financial statements, share capital details, and other relevant documents.
- **Submit Application:** Firms need to apply to the ICAI to be included in the list of approved organizations for industrial training. This involves:
- **Filling the Application Form:** The ICAI provides a specific application form for this purpose.
- **Supporting Documents:** Submit the required documents along with the application form.
- **Compliance with ICAI Guidelines:** Ensure the firm adheres to all ICAI guidelines regarding training, including infrastructure, training environment, and mentor qualifications.
**2.3 ICAI Review Process:**
- **Evaluation:** The ICAI will review the submitted application and documentation to verify compliance with the eligibility criteria.
- **Approval:** Upon successful evaluation, the firm will be added to the ICAI list of approved organizations for Industrial Training.
**2.4 Registration Process for a Student:**
- **Find an Approved Firm:** Students should check the ICAI list of approved organizations for available industrial training opportunities.
- **Apply for Training:** Contact the organization and apply for industrial training. If the firm is not on the list but meets the criteria, discuss with the firm about applying for approval.
- **Document Submission:** Submit required documents, such as the Industrial Training Agreement, to the ICAI once the training is confirmed.
### **3. Documentation and Agreement:**
**3.1 Industrial Training Agreement:**
- **Format:** The agreement should be in the prescribed format provided by the ICAI. It outlines the terms and conditions of the training, responsibilities of both parties, and duration of training.
- **Stamp Paper:** The agreement must be executed on stamp paper, the amount of which varies by state laws.
**3.2 Reporting to ICAI:**
- **Form Submission:** The student and the firm must submit periodic reports and forms to the ICAI during the training period to ensure compliance and proper documentation.
**3.3 Completion and Certification:**
- **Completion Report:** At the end of the training, a completion report should be submitted to the ICAI, confirming the fulfillment of training requirements.
By following these steps, you can effectively navigate the process of industrial training under the CA curriculum and get a firm registered in the ICAI list. For the latest updates and specific forms, it's always a good idea to check the ICAI's official website or contact the regional ICAI office.
### **1. Industrial Training: Eligibility and Process**
**1.1 Eligibility Criteria:**
- **Turnover/Assets/Share Capital Criteria:** As per the ICAI (Institute of Chartered Accountants of India) guidelines, Industrial Training can be undertaken with any organization that meets the following criteria:
- The organization must have a minimum annual turnover of ₹50 crore or
- Net assets of ₹25 crore or
- Share capital of ₹1 crore.
- **Non-listed Companies:** While the ICAI specifies certain types of organizations, students can undertake training in other organizations provided they meet the above financial criteria and are willing to offer practical training.
**1.2 Types of Organizations for Industrial Training:**
- **Listed Companies:** Companies listed on stock exchanges.
- **Public Sector Undertakings (PSUs):** Government-owned corporations.
- **Large Private Sector Companies:** Private companies with substantial turnover/assets/share capital.
- **Large Multinational Corporations (MNCs):** Companies with international operations.
- **Companies with a strong finance function:** Even if not listed or large, companies with a strong finance department might be considered.
### **2. Registering a New Firm in the Institute’s List**
**2.1 Checking Eligibility:**
- Ensure that the firm meets the ICAI criteria for Industrial Training eligibility. This typically includes having significant financial metrics such as turnover/assets/share capital.
**2.2 Application Procedure:**
- **Prepare Documentation:** Gather necessary documentation that proves the firm meets the eligibility criteria, including financial statements, share capital details, and other relevant documents.
- **Submit Application:** Firms need to apply to the ICAI to be included in the list of approved organizations for industrial training. This involves:
- **Filling the Application Form:** The ICAI provides a specific application form for this purpose.
- **Supporting Documents:** Submit the required documents along with the application form.
- **Compliance with ICAI Guidelines:** Ensure the firm adheres to all ICAI guidelines regarding training, including infrastructure, training environment, and mentor qualifications.
**2.3 ICAI Review Process:**
- **Evaluation:** The ICAI will review the submitted application and documentation to verify compliance with the eligibility criteria.
- **Approval:** Upon successful evaluation, the firm will be added to the ICAI list of approved organizations for Industrial Training.
**2.4 Registration Process for a Student:**
- **Find an Approved Firm:** Students should check the ICAI list of approved organizations for available industrial training opportunities.
- **Apply for Training:** Contact the organization and apply for industrial training. If the firm is not on the list but meets the criteria, discuss with the firm about applying for approval.
- **Document Submission:** Submit required documents, such as the Industrial Training Agreement, to the ICAI once the training is confirmed.
### **3. Documentation and Agreement:**
**3.1 Industrial Training Agreement:**
- **Format:** The agreement should be in the prescribed format provided by the ICAI. It outlines the terms and conditions of the training, responsibilities of both parties, and duration of training.
- **Stamp Paper:** The agreement must be executed on stamp paper, the amount of which varies by state laws.
**3.2 Reporting to ICAI:**
- **Form Submission:** The student and the firm must submit periodic reports and forms to the ICAI during the training period to ensure compliance and proper documentation.
**3.3 Completion and Certification:**
- **Completion Report:** At the end of the training, a completion report should be submitted to the ICAI, confirming the fulfillment of training requirements.
By following these steps, you can effectively navigate the process of industrial training under the CA curriculum and get a firm registered in the ICAI list. For the latest updates and specific forms, it's always a good idea to check the ICAI's official website or contact the regional ICAI office.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- SEC 54 OF IT ACT
- Form 26QB for TDS on property
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- DTCP approval
- Amendment of September 2021 Invoice
- BLOCKED-INELIGIBLE GST CREDIT
- Residential status for filling income tax returns in India
- Partnership Business Can start India (two partners one is Indian and OCI both are wife and Husband)
- Regarding Form 15CA & CB
- Moving to India from USA. Need advice on taxability
- TAXATION ON ESOP GIVEN BY FOREIGN COMPANY
- Consequences of short and excess provision of expenses
- Provision for income tax and adjustment entry
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
