The Night Before Exams Result

It is 31st January, 2014 around 00:15 am and the CA IPCC result is going to be declared today at 16:00 pm. But keeping trend in view, I think result will be announced around 14:00 pm (two hours earlier).
It's gonna be sleepless, most thrilling and frightening night of my life. I have already calculated my CA IPCC Expected marks more than ten times and I think I may get pass with a very little margin.
Last time CA IPCC result was very low around 11.78% and this time it is expected that result will be even lower around 9.78%.

Had I attempted the Exams well?
I think my efforts in exams were satisfactory,
1. Starting from Advance Accounting, there were tittle-tattle that paper was Tough, I think yes paper was good and unexpected but I attempted it very well and hoping for good marks in it.
2. Auditing and Assurance is a theory paper, others are saying paper was very as easy as ABC, but for me it was not so. I am expecting passing marks in this paper, neither so good nor so bad.
3. Information Technology and Strategic Management (ITSM) is a theory paper, it was my strong area but it disheartened me the most. This is the paper due to which I am still in dilemma whether I will pass or not. Paper was not so tough but some doltish and habitual mistakes by me worsen the situation.

What am I doing now?
I am struggling to keep myself engaged in some stuffs like surfing internet, listening to music, chatting with friends, blogging and watching youtube videos, anything just to ignore agitation of results.

What I learnt for my life? Hobbies are necessary to make us happy in Anxiety.

Rohit Jain
frohit@live.in

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