Query on exemption

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Kinjal Shah (Querist)
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31 August 2011 I had given May IPCC and when the results were out, I came to know that overall I failed but I got exemption in Accounting and Cost Accounting & Financial Management of Group I. Now my friends are telling me that I will have to surrender one of my exemptions and appear for 3 subjects of Group II instead of 2.
And the main thing is that I have already filled up my online form for Nov IPCC 2011 specifying both the exemptions.
Please reply me soon now what should I do and what is the provision of ICAI Act.

VISHRUT

VISHRUT (Expert)
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31 August 2011 one thing i am not clear with your question is that whether you have clear your first group or not.

If you have cleared your first group than you can claim exemption in all subject and need to appear for two subjects only.

However if you have filed form not in accordance with the same than you will not able to get exemption benefit on the same as it will amount to surrender of your exemption

In my opinion visit your ICAI regional office and clarify the matter with student Councillor there.

Kinjal Shah

Kinjal Shah (Querist)
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02 September 2011 Sir, i got 61 in Acconting, 60 in Cost Accounting, 42 in Law, 33 in Tax. (May 2011 IPCC).
So now in Nov, I will have to re appear for IPCC Exam.
I got exemption in 2 subjects.

But, my friends are telling that I will have to surrender any one of my exemption as ICAI allows exemption in one subject and according to them, I will have to appear for 3 subjects in Group I. Is this true?