Articleship deed

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Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2013 what is articleship deed? where can we prepare it from?? and can we prepare it on back date..??

Ajay Mishra

Ajay Mishra (Expert)
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27 February 2013 Hi

DEED OF ARTICLES

The training relationship between the Principal and the trainee is embodied in the Deed of Articles executed by them. Form 102 is the main contract between the articled trainee and the Principal. Under this contract, the trainee binds himself to serve his Principal diligently and faithfully and the Principal covenants to instruct the trainee in the best ways and means within his power and to the utmost of his skill and knowledge, and afford him reasonable opportunities and work as may be required to enable him to acquire the art, science and knowledge of Accountancy. The Principal has also to ensure that professional practice is his main occupation and is suitable for him to discharge his obligation. Registration of Articles by the Institute is designed to safeguard the interests of the Principal and the trainee and to ensure that the training is conducted under regulated conditions. A Deed of Articles being a
contract envisages performance from both parties. In case any party fails to fulfill his / her obligations under the terms of contract, the same shall amount to breach of contract.

The provision of practical training exposes trainees to diverse practical situations and enables them to acquire skills and expertise which this profession requires. In order to successfully achieve this objective it is incumbent upon the trainee to develop a disciplined attitude, and to be prepared to work hard and acquire necessary skills in applying theoretical knowledge to practical situations. Above all, he should approach the practical training with an open mind and with the objective of achieving the most that he can out of the available opportunities. In fact, the relationship between principal and trainee should be that of Guru - Shishya in the true
sense. The trainee should realise his role and discharge his obligations and responsibilities in
such a manner as to achieve the objectives of the practical training. The minimum obligations which the trainee is required to accept and confirm as a part of training contract are spelt out in Form 102.

The Regulations of the Institute do not require any Deed between the employer and the audit trainee, since the latter is basically a paid employee of the former. For registering his training, Form No. 113 is required to be filled up and sent to the Institute for registration.

Under the scheme for industrial training, a tripartite agreement in Form No. 104 has to be executed by : (i) the chartered accountant employed by the concern with whom the trainee is to be attached for the purpose of industrial training; (ii) the industrial entity; and (iii) the trainee. This agreement is required to be properly stamped and registered with the Institute.

The prescribed format of the relevant forms referred to hereinabove in this para are reproduced in Pages 90 (Form No. 102), 111 (Form No. 104) and 134 (Form No. 113) for ready reference. However, it may be noted that the forms duly issued by the Institute can only be used and submitted.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2013 Do we require to buy non-judicial stamp paper
online or the same can be bought from a local vendor and assested from a notary?

Ajay Mishra

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27 February 2013
PROCEDURES FOR REGISTRATION
1. Buy Forms 102 and 103 from the Institute of Chartered Accountants of India, New Delhi or from Regional Offices or its Branch Offices on payment of Rs. 100/-.
Or
Obtain the same by post by sending a demand draft / PO of Rs. 140/- (including postage)
payable in favour of "The Secretary, The Institute of Chartered Accountants of India, New
Delhi" or the concerned Regional Office.
2. Ensure a vacancy under an eligible practising Chartered Accountant for undergoing articles training.
3. If a vacancy is available and the Chartered Accountant in practice has agreed to impart training then execute Deed of Articles in Form 102 by affixing 'Special Adhesive Stamp' thereon or on a non-judicial stamp paper of the value as per rate in force in the City / State.
Fill up all details in Form 103 as required, sign it, obtain counter signature of the Principal.

4. Submit Form 103 in duplicate alongwith:
(i) Certified true copy of marks statement of Foundation Examination / Professional
Education (Examination-I) / Professional Education (Examination-II) /IPCC/ Common Proficiency Test.
(ii) Certified true copy of Secondary / High School Certificate as proof of Date of Birth.
(iii) Certified true copy of marks statement of 10+2 examination.
(iv) Requisite fees by way of Demand Draft as per schedule of fees given on Para 5.
(v) Certificate of completion of the Compulsory Computer Training / Information Technology
Training in case a student is joining 3 year articleship after passing Professional Education (Examination-II).
Copies of all testimonials must be attested by the Principal.
5. Schedule of Fees payable under the New Scheme of Education & Training w.e.f. September 13, 2006.
http://www.icai.org/new_post.html?post_id=781

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Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2013 Sir
The whole case is that I submitted my articleship form after 30 days of starting my training and now I have received a letter from the institute asking for a xerox of form 102 on non judicial paper .. But I have not executed a deed with my principal ..

what should i do now??

Ajay Mishra

Ajay Mishra (Expert)
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27 February 2013 Hi

Make a back dated Article sheep deed back dated with principal signed and after completing deed make xerox thereof and send the same.

You arrange back dated stamp paper.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2013 Sir
where can I get a back dated stamp paper from?

Ajay Mishra

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27 February 2013 In Court their in lots of vender who sell stamp papers. You can contact any advocate or vender for the same. For back date they will demand extra money.

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Querist : Anonymous

Querist : Anonymous (Querist)

27 February 2013 Thank you very much Sir.

your answers are highly appreciated

Ajay Mishra

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27 February 2013 My pleasure dear...............

All the best for your bright carrier.....

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