My First GD

On Last Thursday, it was 23rd January, I received a mail from BMR Advisors, the leading taxation firm in India, for GD round.
I was very much jubilant at that time. It is my dream workplace.
After going through the mail, I called up all my seniors and peers for advises and suggestions.
The day before my GD I practiced for it a lot, I googled many topics and viewed many youtube videos.

Finally The GD day:
Metro Train was the best route for BMR (Gurgaon DLF Phase 3). In the way to Gurgaon, I received a call from PWC (one of Big4, world's leading auditing firm). Again I was on cloud nine but tried to maintain a normal body posture as I was in a public place. While giving my telephonic interview, the call got disconnected due to network problem in the metro.
After some time I tried to call them back, but got no answer from their side. Finally I decided to first complete my GD with BMR.
This was the first time I traveled in a Rapid Metro Train, more cleaner, more endearing and almost deserted. After leaving Metro, I start looking for Building no. 5, finally after asking several persons I reached to Building No. 5, it was already 2 pm, the GD time and I have to reach 22nd Floor. One thing I want to quote here is that it was first time I was in building with 22 floors.

At BMR Advisors:
Finally on 22nd Floor, it was a very big gallery with around 4-5 offices (all of BMR) and more than 10 lifts.
At reception they gave me an entry form and told me to fill that in the waiting room. In waiting room there were already Six persons waiting for their turn.

Group Discussion:
Finally they called me for the GD. The HR told us to take seats. Before starting GD, he asked if other than CA anyone is in regular college.
Out of twelve contestants in the group Seven Aspirants were from regular colleges, two were from SRCC (best college of Delhi), one from Saheed Bhagat Singh College (Best College of South Delhi), two girls from Gargi College, two other from different colleges. I got very Anxious at that time.
The topic given for the discussion was "You or the Country". The HR gave us 60 seconds to analyze the topic and 10 minutes to discuss. I heard it wrongly as "You are the Country". So all my evaluation got wasted. The HR gave signal to start the GD, out of twelve, it was very much clear only three persons were performing very well. I was in rest of nine.
I missed all opportunities that I thought can work in my favor like Initiating the GD, Making sensible additions to the Discussion, moving discussion to right path and finally concluding the Discussion.
I was totally disheartened at that time. Finally the GD got over and without having further Chit Chat with any of participants I moved outside. At that time I was feeling very Demoralized. I am not expecting any call from BMR for Personal Interview. The day got ended here.

What I learnt for my future GD? Don't hesitate from the other contestant, you all are on the same table because you all are equal.

What I learnt for my life? It is not possible to win every situation but you can always try.

Rohit Jain
frohit@live.in

Deduction in Income Tax for Interest on Education Loan

              [This article was shared by www.CAConnect.in ]

Q.1 Who can claim deduction?
Only Individual can claim deduction under section 80E.

Q.2 What is Expenditure Qualified for deduction under section 80E?
Interest paid on Loan.
Loan should be taken:
1. for Study after Senior Secondary or its equivalent
2. from a Bank, Financial Institution or an Approved Charitable Institution
Interest must be actually paid for claiming deduction.

Illustration: Rohit has taken a loan  for MBA from a Bank. He has not paid any interest upto 4 Years. The accrued interest after 4 years is Rs. 40,000. He pays entire interest accrued today. What is the amount of deduction?
Answer: Rs. 40,000 because deduction under section 80E is allowed on the basis of actual payment.

Q.3 For whom education loan taken is deductible?
Deduction is allowed if loan is taken for
- Individual (himself/ herself)
- Relative (Spouse, children or any other student for whom individual is legal guardian)



Q.4 What is the Period of Deduction?
Deduction is allowed in the year when individual starts paying the interest and in subsequent 7 years or until interest is paid in full. However, Interest should be paid out of Income Chargeable to Tax.

Q.5 Does it matter the Education/ Course pursued is Full Time or Part Time?
No, it does not matter now.
Earlier, deduction was allowed only for the full-time courses.
But, the budget of 2009 changed all this and now you can claim tax benefits in respect of part-time courses too. What is required is that the course should be pursued from any government-recognised school, board or university, though not necessarily under the central government. It may be recognised even by a local authority. Even a part-time course or a diploma course will qualify for the purpose of claiming this interest deduction, provided the institution imparting such course is recognised

Illustration: Mr. Jain has taken a loan for Part Time MBA of Rs.100,000 and Rs.2,50,000 for his son for Full Time MCA. Interest paid on loan is 10%. What is amount of deduction?
Answer: Deduction will be available to Mr. Jain under section 80E. Amount Rs. 35,000.

Note: Deduction is also available for education pursued outside India.

Q.6 Is there any maximum ceiling on the amount of deduction?
Earlier the maximum ceiling was Rs. 40,000.
But, currently there is no limit on maximum amount of deduction uder section 80E.

FAQ1. Suppose Ram has taken Loan of Rs. 1,00,000 for his higher studies but his father has paid the interest. Is there any deduction available under section 80E for the interest paid?
No, Interest must be paid by the person, who has taken the loan only.


FAQ2. Other Relevant points:
1. You need to obtain a Certificate from your Bank to claim deduction under section 80E by specifically segregating the principal amount and interest paid by you during the financial year.
2. You have to pay the entire amount within 8 Years from the year you starts paying the interest, otherwise after 8 years, no deduction will be allowed.

Rohit Jain
frohit@live.in

[This article was shared by www.CAConnect.in ]

My First Interview

On Last Friday, it was 10th of January, 2014 around 1pm. I received a call from TRC for telephonic interview.
[TRC is one of most reputed CA Firms in Delhi]
I applied in this firm for training around 1 month ago. But I had not been expecting any call from them.
The abrupt call from TRC was hair-raising for me.
During Telephonic Interview, I was listening to her very attentively and replying very calmly. I tried to gave my first impression as an Ambivert.
They called me for PI (Personal Interview) next day at their Gurgaon Branch.
I never expected that my first PI could be with TRC.
I had very short span of time to prepare for the interview. So without wasting my time I googled about TRC and tried to find out maximum details about this firm.
I noted all the key personnel names & designations. I made some small notes about History of the firm, basic HR Question-Answers and Technical Questions.
The whole night before PI, I practiced for the PI before my webcam. I took my own interview SIX TIMES and I got failed all the times.

Finally the day of PI:
When I was travelling to Gurgaon through Metro Train, I was feeling very anxious.
In the way, I rested 4-5 times outside metro train on different platforms. Finally at Gurgaon, I was looking for the address. Due to sleepless night I was feeling very dozy. I took many wrong ways, Later I noticed that I was passing by a same building almost third time. Finally after lot of hurdles I was at TRC. I tried to keep myself calm.

At TRC:
The Guard told me to wait in the office, it was actually the office of Partner of TRC. When the partner entered the office I thought he might be taking my interview. But he (in harsh voice) told me to go outside. Abruptly the receptionist entered the room and asked me to come outside. She told me that it was the partner office. Outside at reception, the Receptionist gave me a question paper and asked me to answer 15 general questions in 15 minutes. I answered all of them very well. After that he told me to wait for the HR.
While waiting for the HR, I revised my notes.

Finally Interview with HR:
I was very much astonished when I came to know that my Interview will be at their Cafeteria. She asked me some basic HR Questions like Tell me about yourself, My family background, Why CA?, Why TRC etc. I answered all of them pretty well. I thought all of my efforts were not wasted.
But in last they mentioned a condition that was not acceptable for me. The condition was to work as paid assistant and not as CA Article. The effect of this would be that legally I would not be able to use the name of this firm in my future while looking for job.
So at last I denied to work in their firm.

My First Interview got over!!

What I learnt for my future interview? While giving interview always put a smile on your face, be confident and look into the eye of HR while talking.

What I learnt for my life? Nervousness is good thing. It signifies your need and dedication towards the work.

Rohit Jain
frohit@live.in

Requirement of Industrial Trainees at BPCL, Noida

          

Company Name: BPCL - Bharat Petroleum Corporation Limited, Engineering and Project Department.
Address: 1st Floor, A-5 & 6, Sector - 1, Noida - 201301
Stipend: Rs. 12,000 per month.
Eligibility: Students pursuing CA IPCC as per ICAI's Guidelines.
Contact Person: Mr. V K Kapoor (Deputy General Manager - Finance)
Send Resume to Email id: KapoorV@BharatPetroleum.in
Or Post Resume at following address: Mr. V K Kapoor, Secretary to Deputy General Manager (Finance), Bharat Petroleum Corporation Limited, Engineering and Project Department, 1st Floor, A-5 & 6, Sector - 1, Nodia - 201301.

Kindly also mention the status of CA Final Examination.
Interested Candidates may send their Resume with all details on jobs handled in brief with balance period of training left.

BPCL will call eligible candidates in due course of time.

Source: CAConnect.In
Official Announcement: http://www.caconnect.in/wp-content/uploads/2014/01/induustrial-training.pdf 

Rohit Jain
frohit@live.in

CA IPC Taxation Books Analysis

I love taxation very much, I did self study for CA IPC Taxation for May 2013 and managed to score 70.

I have read almost every book written on taxation for CA IPCC students.

My book collection includes: 

1. VK Singhania (also recommended by ICAI)

2. TN Manoharan (Former President of ICAI, recommended by ICAI)

3. Dr. Girish Ahuja (Recommended by ICAI)

4. MK Gupta (famous teacher in Delhi)

5. Ajay Jain (famous teacher in Delhi).

VK Singhania (VKS) –

1. My all views on VKS is only for Income Tax because ST and VAT are disappointing in this book.

2. VKS was the first book I bought for CA IPC Exams. After seeing this book, honestly I fell in love with CA IPC Tax.

3. It contains everything that you want to know about tax. No one can claim that any topic pertinent for the Exam is not included in this book.

4. Even if you complete 80% of practical questions from each chapter you are 100% prepared for Income Tax.

5. It is burdensome to revise this book. So my suggestion would be to prepare notes.

6. It is totally student friendly because it contains superabundant practical questions on each provision. So there is very less chance of any uncertainty in Income Tax.

7. Theory chapters like Income Tax Return, TDS, Advance Tax, AMT, Clubbing, Set off etc are unsatisfactory in his book.

8. If you want to have good hold on taxation, my strong recommendation for this book.

9. Negative Remark  --> VAT and ST section is unacceptable. It's a very gigantic book, fonts are very tiny. There are certain summaries like for Deductions in Capital Gain where size of fonts is microscopic. This book is monotonous for those who still love jazzy books.

TN Manoharan (TNM)-

1. I discern it is completely exam oriented.

2. I do not find anything pre-eminent in this book. Book size is customary, fonts are conventional, printing quality is not so dull.

3. Does not cover even 50% questions of VKS. But this book is enough for exam.

4. But the book covers 100% syllabus. Nothing is missing in this book.  

5. Many students and experts say it's best for exam, but I think you can't understand taxation properly from this book.

6. Income Tax is Good, VAT and ST are not so hot.

7. Negative Remark --> I felt for Self Study it is not a very good publication.

Dr. Girish Ahuja-

1. Good for exams + grasping motive.

2. I think, author knows very well what a student needs in a book. Book size is ordinary, fonts are acceptable, printing quality is good.

3. Use of Bold words and other printing facets assist student to discern what is important for exams and what is not.

4. Contains ample number of questions.

5. Income Tax and VAT is Good But ST is superb.

6. It is best book to understand ST properly.

7. It is painless to revise this book during exam.

8. No negative comments.  

MK Gupta (MKG)-

1. Best for understanding IT and VAT. Okey-dokey for ST.

2. I found this book most functional to understand practical chapters like House Property, Capital Gain and Other Sources.

3. It has 150 pages for VAT which is I think makes this book, the largest book on VAT for CA IPC Tax. But in good faith incredible book for VAT.

4. If you really want to know VAT must read his book.

5. Best part of his books. They contain Past Year Questions in a very good sequence (ie. chapter wise and year wise). Also contain Bare Act to understand Tax more practically. there are many problems at end of every chapter which are best to understand the chapters.

7. Another best part of his books, they contain illustrations on each provision and in straightforward language with comparative analysis. It means many times students have confusion like what will happen if this is that and that is this, the book will answer such questions by giving 3-4 examples on each provision.

8. Printing quality is best, font size is best, size of books are  small because they have divided there books in 6 parts so does not create any psychological pressure on students.

9. Negative Remark --> Not good for ST, Not good for practicing exam oriented questions. I don't think you will get even 80% confidence even if you complete all questions in the books.

10. Best thing you can dowload his books for free from:  http://www.mkgeducation.com/books---income-tax.html

Ajay Jain –

1. He has authored summarized book for Taxation.

2. Absolutely his books are not recommended for self study.

3. But his books are 100% exam oriented, book contains limited provision.

4. He has not covered many provisions in his book but still covers whole syllabus for exam purpose. My friend told me that Ajay Jain Sir use to say in his classes "mene book mein sirf mallaai daali hai".

5. I love his VAT and ST books. I don't think anyone else can make these two portions so easy and concise but still best for exam.

6. I would recommend his book for ST and VAT only for Exam not for understanding purpose.

7. Negative Remark --> Summarized books, so it is impossible to understand Tax from his books.

My personal experience:

Income Tax 

- For understanding purpose refer any book except Ajay Jain, I found MK Gupta book best for understanding.

- For practicals only VKS. Even if you do 80% questions from each chapter you are 100% prepared for exams.

Service Tax and VAT - Only Ajay Jain Book, sufficient for exam purpose.

- For Understanding Purpose refer MK Gupta Book for VAT and Girish Ahuja for Service Tax.

I know it is not possible to purchase all the books.

So which book should you purchase.

VKS - Income Tax

Ajay Jain - ST and VAT 

http://www.mkgeducation.com/ in case you feel any difficulty download free books from his website for reference purpose.

Last tip for the beginners

1. Start with Income Tax, Basics and then residential status.

2. Do House Property, then Salary Head, then PGBP, then Capital Gain and then Other Sources.

3. Deduction of Chapter VI A

4. Do Clubbing and Set off chapters.

5. Advance Tax and TDS.

6. Now do Agricultural Income, Trust, Exemptions, AMT.

7. Practice Total Income Questions.

8. Do Income Tax Return or any other provision left out in Income Tax

9. Do VAT

10. Now ST