Industrial training

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

22 October 2013 Hi
This is my last year of articleship and I want to undergo industrial training.
My query is whether I can choose any company satisfying minimum turnover requirement of 10 crore and assets worth 1 crore
or
I have to choose from the list of companies approved by icai?????
If I have to choose from the approved list then what is the purpose of issuing this notification of assets 1 crore and turnover 10 crores????

Ajay Mishra

Ajay Mishra (Expert)
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22 October 2013 Hi

Industrial training is a training scheme by which a student can undergo practical training within an industrial undertaking having specified amount of fixed assets or turnover or paid-up share capital. Industrial training can be commenced during the last one year of articleship. Industrial training can be performed in financial, commercial, industrial undertakings with minimum fixed assets of Rs.1 crore; or minimum total turnover of Rs. 10 crore; or minimum paid–up share capital of Rs. 50 lakhs; or such other institutions or organization as may be approved by the Council from time to time. The period of industrial training may range between 9 months and one year. The industrial training shall be received under the member of the Institute. An associate who has been a member for a continuous period of at least 3 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. There should be an agreement of industrial training in Form No.104. On satisfactory completion of industrial training by an articled/audit assistant, the associate/fellow member under whom the industrial training is received shall issue a certificate in Form No.105 in respect of the training undergone. It is required to maintain details of work undertaken and training received in the prescribed format.

You will choose from ICAI approved companies/firm.

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