• Kandivali West Mumbai 400067, India
  • 022 39167251
  • support@email.com
June 24, 2021

CA article can do 18 months industrial training know new notification of ICAI

by CA Shivam Jaiswal in ICAI, Income Tax

CA article can do 18 months industrial training know new notification of ICAI

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA

New Delhi, the 22nd June, 2021

NOTIFICATION

No. 1-CA(7)/196/2021.Whereas certain draft regulations further to amend the Chartered Accountants Regulations, 1988, were published as required by sub-section (3) of section 30 of the Chartered Accountants Act, 1949 (38 of 1949), in the Gazette of India, Extraordinary, Part III, Section 4, dated the 23rd September, 2020, inviting objections and suggestions from persons likely to be affected thereby, before the expiry of forty-five days from the date on  which the said Gazette containing the said notification is made available to the public;

And Whereas the said Gazette was made available to the public on the 23rd September, 2020;

And Whereas the objections and suggestions received from the public on the said draft regulations have been considered by the Council of the Institute;

Now, Therefore, in exercise of the powers conferred by sub-section (1) of section 30 of the said Act, the Council, with the approval of the Central Government, hereby makes the following regulations further to amend the Chartered Accountants Regulations, 1988, namely:-

1. Short title and Commencement, –

  • These regulations may be called the Chartered Accountants (Amendment) Regulations, 2021.
  • They shall come into force on the date of their publication in the Official Gazette.

2. In the Chartered Accountants Regulations, 1988, –

  • for regulation 51, the following regulation shall be substituted, namely:-

“51. (1) An articled assistant who has passed the Intermediate (Professional Competence) Examination or Professional Education (Examination-II) or Intermediate examination and has completed a minimum of eighteen months of practical training according to these regulations shall be eligible for industrial training.

(a) An articled assistant may, serve as an industrial trainee for a period specified in sub-regulation (4) in the offices of the Central or State Governments, Central statutory and judicial authorities, regulatory bodies, banking companies and such other departments of Central or State Governments, Institution or Organisation as may be decided by the Council from time to time; or

(b)     in any of the financial, commercial, industrial undertakings with minimum fixed assets or minimum total turnover or minimum paid-up share capital as may be approved by the Council from time to time.

  • An articled assistant shall inform to his principal about such industrial training at least three months before the date on which such training is to commence.
  • The period of industrial training may be between nine months to eighteen months.
  • The industrial training shall be received under a member of the Institute. An Associate who has been a member for a continuous period of at least three years shall be entitled to train one industrial trainee at a time and a fellow shall be entitled to train two industrial trainees at a time, whether such trainees be articled assistants or audit assistants.

Provided that in the case of the Central or State Governments, Central statutory and judicial authorities, regulatory bodies, banking companies and other departments of Central or State Governments, Institution or Organisation, the industrial training shall be imparted by an officer who is also a member of the Institute of that Government, Authority, Body, Bank, Department of Central or State Government, Institution or Organisation, as may be recognised by the Council from time to time.

Provided further that the entitlement of such officer who is also a member of the Institute to train the industrial trainee shall be determined by the Council from time to time keeping in view the number of years of service and the nature of services being rendered by the department concerned.

  • An agreement of training shall be entered into in the form approved by the Council.
  • On completion of the industrial training, the member shall issue a certificate in the form approved by the Council to the trainee and forward a copy of the same to the Secretary.
  • The period of industrial training referred under this regulation, shall be treated as service under articles for all purposes of these Regulations, provided the certificate referred to in sub-regulation (7) is produced.
  • Subject to the provisions of sub-regulation (1), an articled assistant may also serve as an industrial trainee for a period from six to eighteen months in any foreign Country under a member of the accountancy body in that country recognized by the International Federation of Accountants in such manner as may be determined by the Council from time to time.
  • A member may depute a trainee for industrial training upto a period of three months in any foreign Country, in such manner as may be determined by the Council.
  • The industrial trainee shall be paid such monthly stipend as may be agreed mutually between the industrial trainee and the member imparting the industrial training.”;
  • in regulation 54, in sub-regulation (5), for the words “one year”, the words “eighteen months” shall be substituted.
  • in regulation 58:
    • in sub-regulation (2), –
    • for the words “If the period of the excess leave taken is sought to be served”, the words “The period of excess leave taken shall be served” shall be substituted;
    • for the words “last served his articles,” the words “last served his articles and” shall be substituted;
    • sub-regulation (4) shall be omitted.

[CA. (Dr.) JAI KUMAR BATRA, Acting Secy]

[ADVT.-III/4/Exty./120/2021-22]

Note: The principal regulations were published in the Gazette of India, Extraordinary, vide number 1-CA(7)/134/88 dated 1st June, 1988 and subsequently amended by the following numbers:-

  1. Notification No.1-CA(7)/1/89 published in the Gazette of India, dated 7th October, 1989
  2. Notification No.1-CA(7)/10/90 published in the Gazette of India, dated 19th January, 1991
  3. Notification No.1-CA(7)/11/90 published in the Gazette of India, dated 19th January, 1991
  4. Notification No.1-CA(7)/12/91 published in the Gazette of India, dated 23rd February, 1991
  5. Notification No.1-CA(7)/13/90 published in the Gazette of India, dated 2nd February, 1991
  6. Notification No.1-CA(7)/19/92 published in the Gazette of India, dated 7th March, 1992.
  7. Notification No.1-CA(7)/28/95 published in the Gazette of India dated 1st September, 1995
  8. Notification No.1-CA(7)/30/95 published in the Gazette of India, Extraordinary dated 13th March, 1996
  9. Notification No. 1-CA(7)/31/97 published in the Gazette of India, dated 16th August, 1997
  10. Notification No. 1-CA(7)/44/99 published in the Gazette of India dated 26th February, 2000
  11. Notification No.1-CA(7)/45/99 published in the Gazette of India, dated 26th February, 2000
  12. Notification No.1-CA(7)/51/2000 published in the Gazette of India, Extraordinary, dated 17th August, 2001
  13. Notification No.1-CA(7)/59/2001 published in the Gazette of India, Extraordinary dated 28th September, 2001
  14. Notification No.1-CA(7)/64/2002 published in the Gazette of India, Extraordinary dated 31st March, 2003
  15. Notification No.1-CA(7)/64A/2003 published in the Gazette of India, Extraordinary dated 4th December, 2003
  16. Notification No.1-CA(7)/83/2005 published in the Gazette of India, Extraordinary dated 28th July, 2005
  17. Notification No.1-CA(7)/84/2005 published in the Gazette of India, dated 17th June, 2006
  18. Notification No. 1-CA(7)/92/2006 published in the Gazette of India, dated 13th September, 2006
  19. Notification No. 1-CA(7)/102/2007(E) published in the Gazette of India, dated 17th August, 2007
  20. Notification No.1-CA(7)/116/2008 published in the Gazette of India, dated 25th September, 2008
  21. Notification No.1-CA(7)/123/2008 published in the Gazette of India, dated 3rd December, 2008
  22. Notification No. 1-CA(7)/145/2012 published in the Gazette of India, Extraordinary dated 1st August, 2012
  23. Notification No. 1-CA(7)/154/2014 published in the Gazette of India, Extraordinary dated 22nd July, 2014
  24. Notification No. 1-CA(7)/167/2014 published in the Gazette of India, Extraordinary dated 23rd January, 2015.
  25. Notification No.1-CA(7)/178/2016 published in the Gazette of India, Extraordinary dated 25th May, 2017.
  26. Notification No.1-CA(7)/193/2020 published in the Gazette of India, Extraordinary dated 19th October, 2020.

Enter your email address:

Subscribe to faceless complainces