Srihari (Articled assistant) (25 Points)
27 November 2014Hi Friends,
I got Exemption in Tax Paper(IPCC) in May 2013 attempt, and i failed in next two attempts i.e; Nov 2013 and May 2014. If i didnt pass in Nov 2014, Tax exemption was exhausted. Suppose if i get More than 60% marks in Costing Paper in Nov 2014 attempt shall i get exemption in Costing Paper?
Deepak Gupta
(CA Student)
(15922 Points)
Replied 27 November 2014
An exemption is valid for three immediate succeeding exams. In your case, exemption in taxation paper is valid for Nov’13, May’14 and Nov’14 exams.
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As long as exemption in one or more paper(s) of a group/unit, brought forward from an earlier attempt is subsisting, no further exemption in any paper in that group/unit will be given, even if one secures 60% or more marks in any paper in that group/unit.
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Hence, you won’t be eligible for exemption in CAFM or any other Group-1 paper.
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- Read ICAI FAQs on Exemption (Refer Para 7 illustration, similar to your case.)
CA Srikanth Yadav
(Chartered Accountant)
(3162 Points)
Replied 28 November 2014
Unfortunately no.....
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