Introduction
On 1st July 2023, ICAI Announced New scheme of Education and Training, which will be applicable from May 2024.
ICAI recently issues a notification to clear the FAQs regarding the Exemption of subjects in new course which will be being conducted on May 2024.
Subjects under old Scheme of CA Course
In ca inter old course we have 8 Subjects divided 4 subjects each in both groups.
GROUP 1
- Accounting
- Cost and Management Accounting
- Corporate and other Laws
- Taxation (Income Tax & GST)
GROUP 2
- Advanced Accounting
- Auditing and Assurance
- EIS & SM (Enterprise Information System & Strategic Management)
- FM & ECO ( Financial Management & Economics for Finance)
Subjects under New Scheme of CA Course
GROUP 1
- Advanced Accounting
- Corporate and Other Laws
- Taxation ((Income Tax & GST)
GROUP 2
- Costing
- Auditing and Ethics
- FM & SM ( Financial Management & Strategic Management)
Must Read...
What is Exemption Rule
Any students who scored more than 60 in any subjects but were not able to qualify his attempt, if he gave his next attempt then his subject in which, he scored more than 60 marks not require to give it again.
What are the Exemption Rules under New Course of CA?
- According to ICAI, If your attempt is November 2023, you have given Group 1 only and you have cleared the group 1 then your Costing and Accounting in New Course May 24 will be exempt that means you have to give only Auditing and FM & SM paper only,
- Ultimately your EIS and Advanced account will be exempt if you give in May 24 Group 2 attempt. But if you did not clear G1 and got exemption in accounting or costing then your advanced account and costing will be also exempt in May 2024
- Now if you given only Group 2 of CA Inter November 2023 and you have cleared 2 then you have to give only G1 Subjects Costing, Taxation, and Corporate Law only. If not cleared then exemption as applicable to you.
- When you have given Both Groups and you cleared your G1 but did not clear your G2 but got the exemption in EIS SM or FM ECO any subject and Audit then by default you have cleared your G2 as well.
Read More....Exemption Rule for CA Final Student
Download Below
For more details click here to download the Official Notification
FAQs (People also ask)
Q. What is the significance of the new Education and Training scheme announced by ICAI on July 1, 2023?
A. The new scheme of Education and Training by ICAI, declared on July 1, 2023, will come into effect from May 2024.
Q. How has ICAI addressed queries about subject exemptions in the upcoming May 2024 course?
A. ICAI has recently issued a notification to provide clarity on frequently asked questions related to subject exemptions in the new course, which will be conducted in May 2024.
Q. What were the subjects included in the old CA Inter course scheme?
A. In the old CA Inter course scheme, there were 8 subjects divided into 4 subjects for each of the two groups.
Group 1:
- Accounting
- Cost and Management Accounting
- Corporate and Other Laws
- Taxation (Income Tax GST)
Group 2:
- Advanced Accounting
- Auditing and Assurance
- Enterprise Information System Strategic Management (EIS SM)
- Financial Management Economics for Finance (FM ECO)
Q. What subjects are part of the new CA Inter course scheme?
A. Under the new scheme of CA Inter course, the subjects are as follows:
Group 1:
- Advanced Accounting
- Corporate and Other Laws
- Taxation (Income Tax GST)
Group 2:
- Costing
- Auditing and Ethics
- Financial Management Strategic Management (FM SM)
Q. Could you explain the Exemption Rule in CA Inter exams?
A. The Exemption Rule states that if a student scores more than 60 marks in any subject but does not pass that attempt, they don't need to retake the exam for that subject in the next attempt.
Q. What are the Exemption Rules in the New CA Course?
A. According to ICAI, for those attempting Group 1 in November 2023 and clearing it, subjects like Costing and Accounting in the May 2024 New Course will be exempt. Only Auditing and FM SM papers need to be attempted. Similarly, exemptions apply for other scenarios based on subject clearances.
Q. If I have exemptions in subjects from the old course, how does that translate to exemptions in the new course?
A. If you've cleared Group 1 but not Group 2 in CA Inter, and you received exemptions in subjects like EIS, Advanced Accounting, or Costing, these exemptions will carry over to the new course.
Q. What happens if I cleared only Group 2 of CA Inter in November 2023?
A. If you've cleared Group 2 in November 2023, you'll need to attempt only Group 1 subjects (Costing, Taxation, Corporate Law) in the May 2024 New Course. Exemptions will apply accordingly.
Q. What if I cleared Group 1 but not Group 2, and I have exemptions in EIS, SM, or FM from the old course?
A. If you've cleared Group 1 but not Group 2, and have exemptions in certain subjects, you are considered to have cleared Group 2 as well under the new scheme.
Q. Where can I find the official notification for more detailed information?
A. For more details, you can download the official notification provided by ICAI. To access it, click the link provided in the "Must Read" section.