mr. surendra sir,
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even i had confusion ...which is right now iam in my 3rd yr of articleship & it will get over in this year.then would do my GMCS.
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Your answer begin with "even" although the meaning of this is "odd" here.
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The heading of the topic is BEGIN WITH YOUR STRENTH. Hence first of all, you are not following the rules (humour).
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Your answer should begin like this :
Sir,
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I am happy to say that this is my last year of articleship. I have a little bit ( or lot of ) confusion (s).......(then carry on).
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1) my articleship experience was just in stat audit (that too in my articleship dont hve exposure in many many aspects). fortunately after my ca final , i feel i will enjoy working in taxation matters.(DT or IDT that depends on hwat oppurtunity i get)
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Whatever you did or are doing in Statutory Audits; is more than enough to make a bright career.
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It is really very unfortunate that students think Audit is a routine job.
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Please have a look on the following points :
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1. Can you comment on the financial reporting of the concern if it has not followed Accounting Standards in toto ?
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How you will check it if you don't know the APPLICATION OF ACCOUNTING STANDARDS ?
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2.
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(i) How you can check the ACCOUNTING TREATMENT OF DEFERRED TAX if you don't know INCOME-TAX PROVISIONS PERFECTLY ?
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(ii) And how you come to the conclusion that there is surety of deferred tax asset when management claims to be positive for future gains.
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( The second part of this answer may not be understood properly and it is also not desired from you at this stage. But later on when you are required to sign the Balance Sheet as an Auditor; then you should take care thereof).
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3. If there are some negative comments by COST AUDITOR in his report; can you assume that internal controls are existing satisfactorily although you don't otherwise come to such doubts ?
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Hence you have to know the Cost Accountancy very well togetherwith its practical application. And as students know better that most of CA students fail in Costing many times ! I have seen some students who qualified CWA but could not pass CA because they could not manage the paper of Cost Accountancy !
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Hence it is also known as Management Accountancy ( Humour).
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Have you heard about Cost Accounting Standards ?
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Regarding next part of the query; if you join a firm which is engaged in Taxation, then you need not ask anything to your employer. So choose only that firm; which is known as expert in Taxation.
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age is on myside.iam just 22. shall i get into taxation?
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2) now frankly speaking iam not claming to be excelling in tax. but iam sure i will learn everything..if iam given exposure, then i can gain good practical experience. yes i have the interest to learn too.
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so is it advisable for me to enter into a mid size firm in mumbai.?
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I really appreciate your interest in Tax. Here I must not try myself to doubt that this interest has been created because you had no chance for that during your articleship.
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Regarding second part, see the para no. 1. ( Time saving is a must ).
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3) what should i specify in interview?-
should i mention - i would like to be given exposure in taxation matters - appeals, assesment, opinions, filing etc..
Regarding answer, see the para no. 1. ( Time saving is a must ).
4) future is in GST (in case of IDT exposure) and in international taxation (in DT) . SO AFTER 3 years would like to get into one of them only.
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The question raised by you is misleading to yourself. Do you have interest in DT becuase there is a good career in future ? Ask yourself honestly.
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5) what about package? will i stand to loose if i opt to get into taxation that too by joining in mid size firm now at age of 22..with no exp in tax.
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The answer is very tough now :
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What do you really want ? Good Package or Good Practice in Taxation ?
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There are many CAs who earn handsomely because they are master in liaisoning with higher authorities.
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BABA RAMDEV never asked for big packages when he started YOGA, still he has........
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BE A MASTER OF SELF; NOT THE SERVANT OF OTHERS !
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( If you are excellent in one area; nobody can retain you in service for a long time. Automatically you will realize very soon ; you are serving a person who knows lesser than you ).
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(i will become a CA this year for sure..)
Wish you all the best.
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