Practical training

Page no : 2

(Guest)

yes, if its turnover is 5 crores and above..

1 Like

Upgrade to CAclubindia Pro. Subscribe Now!

Rajeev (Student) (83 Points)
Replied 08 January 2012

Turnover is ok. Wthr Partnership Firms are recognised for claiming exemption?? When I contact wth ICWAI Delhi office, they informed that Partnership Firms are not eligble. The answer is 'Yes' when I contact with regionl cncl & other few chapters. Some students also said that Partnership Firms are recognised. Pls give me a clarification on the matter.

* Krishna * (CA Student) (6149 Points)
Replied 08 January 2012

As per the CWA TRAINING SCHEME, only if a student got experience in below mentioned organisation and areas are eligible to claim exemption.

Organizations recognized for Training:

(i) Central/State Government /Semi-Government / Public Utilities (ii) Banks and other Financial Institutions (iii) Insurance Company (iv) Public Sector Unit (v) Public Limited Company (vi) Private Limited Company (vii) Information Technology Sector (viii) KPO / BPO (ix) Stock Exchange (x) Universities, Management Institutes and any other educational institute (xi) Limited Liability Partnership Firm (xii) Management Consultancy Firms (xiii) NGO (xiv)Co-operative societies engaged in Banking or Manufacturing and (xiii) Any other institution as approved by the Council from time to time

Recognized areas for Training:

(i) Cost Accounting (ii) Financial Accounting (iii) Financial Management (iv) Auditing (v) Regulatory compliances (vi) Direct Taxation (vii) Indirect Taxation (viii) Corporate Laws, Industrial Laws and Commercial Laws (ix) Systems Analysis and Information Technology (including ERP system) (x) Project Management (xi) Banking Operations (xii) Insurance (xiii) Valuation (xiv) Financial Services (xv) Teaching in Finance, Accounts, Costing, Taxation, Management and subjects covered in ICWAI Syllabus (other than visiting faculty) (xvi) Management Consultancy Services (xvii) Any other areas approved by the Council from time to time. (Source: cwa site)

1 Like