Icwai practical traing scheme

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This query is : Resolved

Harsha (Querist)

13 August 2013 Hi sir/ madam please clarify my doubt whether working in a propreitorship or partnership firm having turnover less than Rs. 50 lacs, will be eligible for claim of exemption of practical training?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)

13 August 2013 only following sectors are covered under eligibility of exemption

i. Central/State Government / Semi-Government / Public
Utilities.
ii. Banks/Insurance/ other Financial Institution
iii. Public Sector Unit
iv. Universities, Management Institutes and any other
recognized educational institute
v. Co-operative societies engaged in Banking,
Manufacturing.
vi. Any other organization with a turnover of Rs. 50 Lakhs in
case service sector or Rs. 1 crore in case of other than
service sector.
vii. If the firm of Chartered Accountants/ Company
Secretaries has separate Management Consultancy
Division and if the applicant has exclusively worked in that
division, credence to such service is given on percentage
basis depending on the nature of job related with cost/
management accounting/ financial accounting/ taxation/
MIS or of similar nature, size of the firm, nature of duties
handled by the applicant, size of the client companies etc.
viii. Management Consultant in individual capacity depending
on the size of the firm, nature of duties handled by the
applicant related with cost/ management accounting/
financial accounting/ taxation/ MIS or of similar nature,
size of the client companies etc.
ix. Practicing Chartered Accountants/Company Secretaries
are exempted from the Practical Training Scheme and
they will have to seek exemption after duly following the
procedures on payment of exemption fee as prescribed.
x. Any other institution as approved by the Council

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