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CMA Intermediate Law & Ethics Amendments & Revision Strategy

CMA Intermediate Law & Ethics Revision Strategy 1. Weightage [30 – 25 – 35 – 10] 2. Estimated Time for Revision. 3. Sequence of Topics in Revision. 4. 3 Months Preparation Strategy. 5. Amendments

CMA Intermediate Law & Ethics

Section ACommercial Laws

30%

Contract

Sale of Goods

Negotiable

Partnership

LLP Act

Section BIndustrial Laws

25%

Factories

Gratuity

Provident Fund

State Insurance

Bonus Act

Minimum Wages

Payment of Wages

Pension Fund

Section CCorporate Law

35%

Company Law [Sec 1 - 122]

Directors basics [Sec 149 - 197]

Section DBusiness Ethics

10%

Business

Ethics

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CMA Intermediate Law & Ethics Amendments & Revision Strategy

Section A: Commercial Laws [30%] Sl.

No. Learning Sequence

Revision Time (hrs)

1 Contract Act 1872 10 hours 2 Sale of Goods Act 1930 3 hours

3 Negotiable Instruments Act,1881 6 hours

4 Partnership Act, 1932 3 hours

5 Limited Liability Partnership Act, 2008 3 hours 25 hours

Section B: Industrial Laws [25%]

Sl. No.

Learning Sequence

Revision Time (hrs)

1 Factories Act, 1948 3 hours

2 Payment of Gratuity Act, 1972 2 hours 3 Provident Fund Act, 1952 2.5 hours

4 Employees State Insurance Act, 1948 1.5 hours

5 Payment of Bonus Act, 1965 2 hours

6 Minimum Wages Act, 1948 1.5 hours 7 Payment of Wages Act, 1936 1 hour

8 Pension Fund Act, 2013 1.5 hours

15 hours

Section C: Corporate Law [35%]

Sl. No.

Learning Sequence

Revision Time (hrs)

1 Companies Act [Section 1 – 122] 25 hours

2 Directors [Basic topics from Sec 149 – 197] 5 hours

30 hours

Section D: Ethics [10%] Sl.

No. Learning Sequence

Revision Time (hrs)

1 Business Ethics 2 hours

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CMA Intermediate Law & Ethics Amendments & Revision Strategy

3 Months Preparation Strategy

Point Details 1st Approach Only 1 subject at a time:

Total Time required for Revision (72 hours) spread over – 8 days (9 hours daily)

2nd Approach Daily 3-4 subjects parallelly: Total Time required for Revision (72 hours) spread over – 24 days (3 hours daily)

Section Number Learn the Marked Important Section Numbers in Company Law.

Language Maintain Own Language – But learn key words and phrases. Your Answer should cover all points.

Q & A Practise Fully Solved CMA Intermediate Law & Ethics WorkBook Link by ICAI:- https://siddharthagarwalclasses.com/wp-content/uploads/2020/08/CMA-Inter-Law-Workbook-80-pages.pdf

Point Details Amendments Amendments in General Meetings – Already put on YouTube.

Amendment in Industrial Laws will be discussed today. Further Amendments will also come soon.

SUPPLEMENTARY ON PAPER – 6 FOR JUNE 2020

Directorate of Studies, The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament)

STUDY NOTE/CHAPTER – 7 : PAYMENT OF GRATUITY ACT, 1972

STUDY NOTE/CHAPTER – 9 : EMPLOYEES STATE INSURANCE ACT, 1948

GRATIUTY

The maximum amount of gratuity now is ` 20 lakhs instead of `10 lakhs.

CHANGES IN EMPLOYEES STATE INSURANCE ACT, 1948

Employees must be registered online on the date of appointment; the online system

shall allow maximum 10 days to register the new employee.

Employee will have to collect their Biometric ESI Permanent Card from nearest Branch

Office.

Contribution against employee must be deposited within the due date. One shall not

be able to deposit contribution online after 42 days from the end date of the

contribution period.

Employee whose salary per day is `176/- or less need not to pay Employee’s

contribution and the same will be paid by the Govt. However, Employer will have to

pay their share of contribution.

Contribution have been reduced:

EST contribution Rates Existing Rate (%) Revised Rate (%)

Employer’s Share 4.75 3.25

Employee Share 1.75 0.75

Total ESI Contribution 6.50 4.00

The wage ceiling of coverage was also enhanced from ` 15,000/- per month to ` 21,000/-

per month.