CA Chirag Chauhan Profile picture
Jan 10 13 tweets 3 min read
How I cleared my CAexams - the challenges and ways I overcome them

A thread 🧵

#CAresults #icairesults #icaiexams #icai
I was an average student in school scoring 50% in all years. For the first time, I scored first class in my 10th board exams my parents and my friends were really happy.

Being an average student does not disqualify you from achieving any goals
I use to watch share market movements and read annual report of companies during my school days which develop my interest and accounts and audit
My father wanted me to become an engineer but I love different kinds of numbers which are accounts and taxation. So I convince him that I want to do commerce and CA

Chose career option based on your likes not based on the likes of others and convince your parents.
At age of 18, I lost my father. The last lesson I learnt from him was to complete any professional degree post graduation so you have financial security
At age of 21, in the Mumbai terror bomb blast, my spinal cord got injured and I become permanently disable and dependent on a Wheelchair. It took six months to get out of bed and start using a wheelchair to set for 2 to 3 hours
After physiotherapy for almost 2 years, I was able to sit for more than 6 to 8 hours. At that time I decided to continue with my CA final exams which were pending
I did my classes for foundation and intern exam. Most of the classes were not wheelchair accessible So I was wondering how without classes I will able to give my CA final exams.
Slowly, I started self learning and I realise this is the best way to study for any professional exams. The biggest learning was classes are not necessary for clearing CA Final
I set a target to give one group at a time because I was able to sit for only 8 to 10 hours.

You should always keep a realistic target based on your circumstances.
I cleared group wise both group exams in 2009. This was the day which was a turning point in my life when I had a professional qualification, which I dreamt of before being a victim of the terror blast.
For students who fail to clear CA exams ask one question to yourself, why you want to become CA?
Secondly, students should remove all the disruption and just have one quality which is focus, focus and only focus.

Yeah, if you have a strong desire and willingness, coupled with determination, you can clear CA

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More from @CAChirag

Jan 9
10 things to do before 31 March by Individuals- Salaried and Business for Tax Saving and Compliance - A Thread 🧵
1) Business & Professionals (BP) - MSMEs write accounts till date, by Jan or Feb to know your expenses, receipts actual profits.

Add your Interest, Rental, Dividend, Capital Gains to know your Tax liability in advance and pay before March as Advance Tax
2) Salaried & BP - Check your AIS and TIS, if you see there are entries which by error, then contact org who punched details and tell them to rectify
Read 11 tweets
Dec 22, 2022
KPMG India in a Million Dollar Settlement with a US Regulator in case of a Bank that has wholesale and retail and treasury services, headquartered in Mumbai

PCAOB in Dec 2022, Order a monetary penalty of US$1mn (million) on KPMG India & US$75,000 on Mr Lakhani

A Thread 🧵
The sanctions are based on KPMG India’s quality control failures and Lakhani’s supervisory and documentation failures in connection with a practice of signing off on blank placeholder work papers during the 2017 audit of a public company.
The PCAOB found that, in the course of that audit, Lakhani and other members of the KPMG India engagement team signed off on dozens of blank work papers. The blank work papers were replaced with completed work papers, in many cases after the issuance of the audit report.
Read 6 tweets
Dec 8, 2022
The @theicai has submitted Pre-Budget Memorandum - 2023 on Direct Taxes for #Budget2023

Know top 10 proposal for individuals - A thread 🧵
1) Minor Income

At present income of minors included in the hands of parents is exempt to the extent of Rs.1500/- . The average expenditure to meet cost of a minor's education/health/living expenses has gone up considerably, suggested to be raised Rs. 10,000/-
2) Grandfathering provisions for shares received by way of inheritance

While grandfathering as on 31 January 2018 is available for listed shares acquired prior to 1 February 2018, there is no clarity where shares are received by way of inheritance, propose to make them eligible
Read 13 tweets
Dec 8, 2022
Taxpayers who missed the July 31, 2022 deadline for filing Income-Tax Return (ITR) for FY 2021-22 may file a belated return till 31 December 2022 as the last date.

Decades-old habit to file tax returns is March is out of the question! A thread 🧵
Belated Tax return aims at providing an additional opportunity to those taxpayers who miss the deadline due to some unavoidable reason, furnishing a belated return has three major disadvantages.
1) Interest at 1% per month will be charged on unpaid taxes u/s 234A

2) Late fees of ₹1,000 for incomes below ₹5 lakh and ₹5,000 for incomes exceeding ₹5 lakh is charged u/s 234F.

3) Many losses like capital & business losses cannot be carried forward for setting off
Read 8 tweets
Dec 5, 2022
Investing in Tax Saving MF for 80C deduction?

Remember 5 years' returns of ELSS Tax saver have a range of 5% to 22% with an average mean of 13%

So if your fund is earning less than 13% returns its time to introspect

Know which are worst & best-performing ELSS MF a thread 🧵
Top Worst Performer - average returns of 5 years

Nippon India Tax Saver Fund 12000 Cr - 5.12%
Aditya Birla Sun Life Tax Plan 300 Cr - 6.05%
Aditya Birla Sun Life Tax Relief 96 14000 Cr - 6.70%
Top Best Performer - average returns of 5 years

Quant Tax Plan 2000 Cr - 22.66%
Canara Robeco Equity Tax Saver 4400 Cr - 22.25%
Mirae Asset Tax Saver Fund 13500 Cr - 15%
Read 4 tweets
Dec 3, 2022
First-time homebuyer? You can claim up to Rs 5 lakhs as Income Tax deductions if you are taking a home loan

Know how - Read Thread 🧵
If you are buying a home for the first time, you are entitled to get income tax benefits on it under three sections — 

1) Section 24

2) Section 80EEA

3) Section 80C
1) Section 24 - It permits a deduction of up to 2 lakh rupees on the interest paid for a house loan acquired for a self-occupied property, and it provides a deduction of the entire interest for a property that is let out.
Read 7 tweets

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