CPT Exemption Rule Approved by Govt. – 3rd August 2012

Here is very good news for all those graduated friends who were waiting for this golden rule which is CPT Exemption Rule for Graduates since 1 year. Indian Government has approved this rule and now its possible to get direct entry to Chartered Accountancy IPCC course without passing CPT examination. ICAI on today, i.e. 3rd August, officially announced that: “With the issuance of the Notification No. 1-CA(7)/145/2012 on August 1, 2012 which was for the provisions relating to Direct Entry Scheme for Graduates/Post Graduates, etc., with prescribed percentage of marks, to the Chartered Accountancy Course have come into force from August 1, 2012”

All the other details of registration formalities for fresher graduates and of transitional scheme including fee payable, registration form which will be announced/published by around August 16, 2012. So stay tuned till date.

With the approval of this Notification by Government, The CPT 30% Marks Rule has been also come on force too, and it will be applicable from the next CPT exams which will held in December 2012.

Recommended Read:- >IPCC Registration Procedure and Syllabus Details

This Notification was published in Part III, Section 4 of The Gazette of India, Extraordinary Dated, The 1st August, 2012. The short details of the notification is given below:

Direct Entry To Chartered Accountancy IPCC – CPT Exemption Rule for Graduates Approved:-

Any graduate or post graduate referred to in sub-clause (ix) of regulation 2 shall be exempted from passing the Common Proficiency Test under this regulation if such person is a –

(i) graduate or post graduate in commerce having secured in aggregate a minimum of fifty-five per cent. of the total marks or its equivalent grade in the examination conducted by any recognised University (including Open University) by studying any three papers of 100 marks each out of Accounting, Auditing, Mercantile Laws, Corporate Laws, Economics, Management (including Financial Management), Taxation (including Direct Tax Laws and Indirect Tax Laws), Costing, Business Administration or Management Accounting; or

(ii) graduate or post graduate other than those referred to in clause (i), having secured in aggregate a minimum of sixty per cent. of the total marks or its equivalent grade in the examination conducted by any recognised University (including Open University).

3 (1B) Any candidate who has passed the Intermediate examination conducted by the Institute of Cost Accountants of India set up under the Cost and Works Accountants Act, 1959 (23 of 1959) or by the Institute of Company Secretaries of India set up under the Company Secretaries Act, 1980 (56 of 1980) shall also be exempted from passing the Common Proficiency Test under this regulation.
Explanation.- For the purposes of sub-regulations (1A) and (1B),-
(i) for calculating the percentage of marks, the marks secured in subjects in which a person is required by the University (including open University) to obtain only pass marks and for which no special credit is given for higher marks, shall be ignored; and
(ii) any fraction of half or more shall be rounded up to the next whole number.”.

CPT 30 Percent Marks for Each section rule approved:-

For regulation 36A of the said regulations, the following regulation shall be substituted, namely:-
“36A Requirement for passing Common Proficiency Test.– A candidate for the Common Proficiency Test shall ordinarily be declared to have passed the test if he obtains at one sitting a minimum of thirty per cent marks in each section and a minimum of fifty per cent. marks in the aggregate of all the sections, subject to the principle of negative marking, in such manner as may be determined by the Council, from time to time.
Explanation.- For the removal of doubt, it is hereby declared that the provisions of this regulation shall apply to a Common Proficiency Test held on or after the commencement of the Chartered Accountants (Amendment) Regulations, 2012.”.

When is CA PCC Last Attempt ?

As per the notification declared on 16th August 2012 by the ICAI, The November 2012 attempt will be the last and final attempt for CA PCC Examination. I.E. After the Nov 2012 attempt of CA PCC, If a candidate has not passed PCC then he/she must have to convert to Intermediate course by paying conversion fees. So, friends, November 2012 attempt will be very crucial for all of you, as this would be the last & final attempt of PCC examination. So, now don’t waste time, start terrific preparation, this attempt will be turning point of your whole life, definitely.
Best of Luck..:-)
For more information and updates stay tuned .