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Ca final exemption in two papers

Nishant Jain (Associate - Direct Tax) (99 Points)

10 August 2015

Hello All,

I appeared for Final Both groups in November 2014 exams - failed both groups but secured one exemption in SFM.

Re-appeared for Both groups (7 papers) in May 2015 exams - Cleared group 2, also scored 61 in Financial Reporting.

My doubt is, whether i can claim both the exemptions, SFM & FR, secured in two different attempts?

Also, i am not able to find ICAI link to this query but i have read many articles on different sites on this topic and i am confused. Please provide some true source where i can check this. I have to fill my examination form for the group 1 exams.

Thanks, Nishant.

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12 Replies

Haran (Practice) (382 Points)
Replied 10 August 2015

You can claim exemption of only sfm and not FR as you did not appear for all the papers of the group in May 2015.

Criteria for securing exemption is obtaining 60 or more only if you appeared for each paper of the group.

Since you did not appear sfm again as you had exemption,you had not appeared for all the papers of the group.

So you will get exemption only for SFM till your may 2016 attempt.

No exemption again in Group one till such time.

You may get exemption in Group -2 if you appear all papers of that group.

if you get 2 exemption in group-2 still it will be counted but remember the criteria.

Appearing all the papers of the group.

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Nishant Jain (Associate - Direct Tax) (99 Points)
Replied 17 August 2015

thanks sir..

CA Ritu sharma (job) (40 Points)
Replied 07 September 2015

Nishant U r eligible for claiming exemption in both FR & SFM.

Regarding SFM u can claim exemption till May 2016 and FR till Nov 2016 attempt respectively.

The requirement to appear in all the papers is irrelevant in your case as you did not appeared because you have already claimed exemption.

CA Ritu sharma (job) (40 Points)
Replied 07 September 2015

Nishant U r eligible for claiming exemption in both FR & SFM.

Regarding SFM u can claim exemption till May 2016 and FR till Nov 2016 attempt respectively.

The requirement to appear in all the papers is irrelevant in your case as you did not appeared because you have already claimed exemption.

Nishant Jain (Associate - Direct Tax) (99 Points)
Replied 12 September 2015

Thanks Ma'am. I have already mentioned the details of both the exams in my examination form. Lets see whether ICAI allows the same or not!

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sreelatha (Others) (88 Points)
Replied 16 September 2015

The reply of Haran and Rithu sarma are contradictory.Haran is explaining that Nishanth jain is not eligible for excemption in Financial Reporting. According to Rithu sharma Nishanth Jain is eligible for excemption in both papers SFM and FR. Nishanth Jain kindly post in this form about the decison of ICAI in this regard.

Expert replies are requested.

sreelatha (Others) (88 Points)
Replied 16 September 2015

Expert replies are requested.

Miss Rinkal (Student) (1309 Points)
Replied 17 September 2015

No. Nishant you are eligible f exemption in SFM only and not in FR. Prepare and appear for FR also. Such a similar situation happened to my friend as well. Check you marksheet also. You would not have got exemption in FR for May 2015 marksheet nor "#" would be shown against it. And in case of SFM paper you would be shown "E" sign. Don't forget to attempt FR Paper because you won't clear otherwise in this attempt as well.

Read the FAQ for further details. I am posting it here for your convenience.

Hope this is found useful to you

Attached File : 131263 20150917120631 24309announ14197.pdf downloaded: 198 times

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sreelatha (Others) (88 Points)
Replied 18 September 2015

THANKS FOR THE DETAILED REPLY.

ONE MORE DOUBT. IF A PERSON APPEARING ONE GROUP OF THE EXAMINATION SCORES ABOVE 60 MARKS IN THREE PAPERS AND SCORES MARKS BELOW 40 IN THE FOURTH PAPER. WHETHER HE IS ELIGIBLE FOR EXCEMPTION OF THREE PAPERS?.WHETHER HE HAS TO RE APPEAR FOR THE ONLY ONE PAPER SCORED BELOW 40 MARKS IN THE NEXT THREE ATTEMPTS?.

WHETHER THERE IS A MAXIMUM LIMIT OF TWO EXCEMPTIONS IN ONE GROUP?

Miss Rinkal (Student) (1309 Points)
Replied 18 September 2015

Yes. Shreelatha. He /She is eligible for exemption for all the 3 subjects and has to appear for only 1 subject in the next attempt. (Presuming 3 subject exemption was from a single attempt and all the papers of the group were attempted).

No there is no max cap of 2 exemption in a group.

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A D - Loving Life (none) (1234 Points)
Replied 26 September 2015

Hey please guide me for sfm and fr????

how you studied and how you wrote paper?

congrats for good score...awesome ....

Nishant Jain (Associate - Direct Tax) (99 Points)
Replied 06 October 2015

Hey, regarding preparation in FR & SFM.

FR - I did the practice manual of ICA, complete. Keep all my past mistakes in mind, attempted every question with notes and disclosures, i think that helped me to fetch marks in Accounts.

SFM - I can't say much about this subject, as i was least prepared, but scored above 60. May be the paper was too easy in my attempt. Just focus on your concepts. They should be clear and practice as much as you can so that you can learn from your mistakes at home only.

Thanks

Nishant Jain