« Top Headlines » Open DEMAT Account in 24 hrs  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately  Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing  Section 80DDB tax benefits for specified illnesses: 5 things to know  Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal  How To Save Tax For Salary Above 15 Lakhs? «  I-T to scan filings of builders with Rs 5cr sales... I-TD scans builders with Rs 5-cr biz... » Paper leaks, ICAI test off August, 06th 2007 The common proficiency test (CPT) conducted by the Institute of Chartered Accountants of India (ICAI) today morning was cancelled later in the day owing to a paper leak at two examination centres. News of the paper leak broke in the morning when the exam had already started. The exam, however, continued for the second session. An emergency meeting of the examination as well as the executive committee called by ICAI President Sunil Talati later decided to cancel the examination and rescheduled it for August 26. CPT is the entrance examination for those aspiring to be chartered accountants and is conducted by the ICAI, the regulatory body for the profession. Leak of the question paper of one of the toughest exams in the country had created panic among examinees in the morning. The leak, as of now, has been detected at only two centres. Talati had earlier said the examination would be reconducted at the two centres if the leak was confined to them. However, the ICAI cancelled the entire examination as a leak from other centres was not ruled out. We are shocked and will look into the incident thoroughly, said Talati. We will find out about it in detail. The decision will impact around 82,000 students who took the test today, at 203 centres both in India and abroad. The examination centres abroad include those in Abu Dhabi and Kathmandu. A high-powered committee has been appointed to investigate the matter and take preventive measures. Talati said the credibility of the examination was at stake and strict action would be taken against the offenders. According to sources, the institute spends around Rs 200 per student in conducting the examination, which means a direct revenue loss of Rs 1.64 crore. Apart from this, there is indirect expenditure. However, the concern is only the reputation of the institute, he said. Talati alleged the involvement of the centre superintendent and clarified that the person concerned was deputed from the centre where the exam was scheduled. He has nothing to do with the ICAI. But in case any involvement from the institute is detected, we will take strict action, he said.