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Death of the Independence of the auditor
Posted Date : 19-Apr-2016 , 01:25:07 pm | Posted By CA GOURAV MURARKA

Forwarded mail copy as received : Very serious allegations by Chartered Accountant on independence of Auditor. 15th April 2016 To The AGM Audit Patna Circle State Bank of India Sub:       Death of the Independence of the auditor Dear Sir, Our Tea...

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Category : Auditing | Comments : 0 | Hits : 1158

Accountants as Surveyors & Loss Assessors
Posted Date : 17-Apr-2016 , 09:40:06 am | Posted By Shiba Prasad Padhi

CMA Shiba Prasad Padhi, AIIISLA, FIII, FCMA Practicing Cost Accountant and Licensed SLA   Declaration: The Article written is original and in individual capacity. Source of Data: IRDA Website   Accountants as Surveyors & Loss Assessors   Sec. 64UM of the Insurance Act, 193...

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Category : General | Comments : 0 | Hits : 746

Professional Opportunities - Excise on Jewellery World
Posted Date : 31-Mar-2016 , 07:19:12 pm | Posted By Darshan Jain

The scheme of levy and collection of Central Excise duty on articles of Jewellery is as under:   (a) The levy and collection of Central Excise Duty is on the manufacture of Jewellery (excluding silver Jewellery, not studded with diamonds, ruby, emerald or sapphire).   (b) It is applica...

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Category : Excise | Comments : 1 | Hits : 1430

How to increase authorized capital of company
Posted Date : 29-Mar-2016 , 03:54:15 pm | Posted By Monetic$123

What is the most important attribute for enterprises and businesses serving on different verticals? What is the prime source for measuring the growth and development of the company? The answer is one and only the capital of company. Read this article which exclusively focuses on the subject - pertai...

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Category : General | Comments : 0 | Hits : 411

Secretarial Audit for PSU banks
Posted Date : 28-Mar-2016 , 01:56:07 pm | Posted By MEENU GUPTA

NON-PERFORMING ASSETS (NPAs) Secretarial Audit for PSU Banks Stressing accounts of PSUs to be reduced by ‘Secretarial Audit’ & ‘Due Diligence’ by Practicing Company Secretary The RBI data revealed the rise in Stressed assets of PSU Banks the most with 14% of Advance...

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Category : NPA | Comments : 0 | Hits : 735

Tax Ready Reckoner for Investments - FY: 2015-16:
Posted Date : 26-Mar-2016 , 04:20:31 pm | Posted By CA GOURAV MURARKA

Tax Ready Reckoner for Investments - FY: 2015-16:   EQUITY: Stocks:   1. If you hold on to them for a year, the long-term capital gain is tax free 2. Short-term capital gain is taxed at 15% 3. Dividends are tax free   DEBT FIXED INCOME INSTRUMENTS: Savings a/c:   1. I...

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Category : Income Tax | Comments : 0 | Hits : 952

Service Tax RCM on Works Contract
Posted Date : 25-Mar-2016 , 12:27:55 pm | Posted By Pankaj Jaiswal

Date : 19.03.2016 M/s. ABC LLP ( Service Provider ) M/s. XYZ Limited ( Service Recipient )   Ref: Service Tax on Works Contract and RCM     Opinion   Before giving opinion on the issues it will be useful to refer the questions related with this transaction. Assume ABC is...

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Category : Service Tax | Comments : 0 | Hits : 1252

Clarifications on Excise imposed on Jewellery
Posted Date : 09-Mar-2016 , 12:24:38 pm | Posted By Darshan Jain

Clarifications on Excise imposed on Jewellery  The strike by bullion traders and jewellers continued for the 8th day to protest the Budget proposal to impose one per cent excise duty(without input tax credit) on Jewellery, despite the Centre's assurance that it would look into the issue. ...

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Category : Excise | Comments : 0 | Hits : 703

What would be reason for Huge Losses of PSB with some facts
Posted Date : 03-Mar-2016 , 12:35:45 pm | Posted By Darshan Jain

SOME IMPORTANT FACTS – CONCEPTS – AUDIT PROCEDURE IN BANKING Executive Summary: - Banking sector is the backbone of the economy. But now a days it is a major weak sector. What would be the probable reason for the same, i wanted to highlight the same. Since the weakness is in whole secto...

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Category : Banking | Comments : 0 | Hits : 921

Ye To Jaitley Ka BUDGET Hai…!!!
Posted Date : 29-Feb-2016 , 06:56:28 pm | Posted By Meetesh Shiroya

INTRODUCTION : As we expect more from Budget but once again we have to wait for another year where we can expect that more changes will be done as per our expectation and Tax Payer will be Happy.   As simple, the budget neither gives any benefits nor provide any special provision to the ...

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Category : Budget | Comments : 0 | Hits : 800

Now One Person Company (OPC) to be registered as a stock broker/sub-broker
Posted Date : 22-Feb-2016 , 07:44:05 pm | Posted By Mayank Agarwal

Now One Person Company (OPC) to be registered as a stock broker/sub-broker Introduction: The Companies Act, 2013 has introduced new concept of One Person Company. It enables the sole-proprietor to do business as like corporate. Companies Act, 2013 provided various relaxations to OPC like exemptio...

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Category : Shares & Stock | Comments : 0 | Hits : 616

Assessee cannot be asked to reverse input tax credit due to non-payment of taxes by the selling dealer
Posted Date : 22-Feb-2016 , 04:51:44 pm | Posted By CA Bimal Jain

Sri Lakshmi Textiles Vs. the Commissioner of Commercial Taxes and Others [2016 (1) TMI 329 - MADRAS HIGH COURT] Facts: Sri Lakshmi Textiles(“the Petitioner”) is a partnership firm engaged in the business of inner garments and textiles registered under Tamil Nadu Value Added Tax Act...

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Category : VAT | Comments : 0 | Hits : 557

No bar on admissibility of Cenvat credit either as Inputs or Capital goods at any stage of proceedings
Posted Date : 18-Feb-2016 , 06:35:02 pm | Posted By CA Bimal Jain

Dear Professional Colleague, No bar on admissibility of Cenvat credit either as Inputs or Capital goods at any stage of proceedings We are sharing with you an important judgment of the Hon’ble CESTAT, Kolkata in the case of Tata Steel Ltd. Vs. Commissioner of Central Excise, Jamshedpur [...

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Category : Excise | Comments : 0 | Hits : 337

Comparison between CARO 2015 & CARO 2016
Posted Date : 18-Feb-2016 , 04:26:53 pm | Posted By Mayank Agarwal

Particulars CARO, 2015 CARO, 2016 Change Remark Date of Release 10th April, 2015 To be published ------ ------ Applicable form FY on or after 1st April, 2014 FY 2015-16 onwards Applicability in respective FY Special care be taken in case of Audit of more than one FYs ...

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Category : Companies Act | Comments : 0 | Hits : 6564

Basics of Risk Assessment
Posted Date : 18-Feb-2016 , 01:59:11 pm | Posted By Hemang Doshi

Basics of RISK ASSESSMENT Million Dollar Question: What is RISK? The reason why I refer it as a million dollar question lies in definition(s) of term ‘RISK’. The term ‘RISK’ has been defined in multiple ways and it can be accommodated anywhere anytime and in any situ...

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Category : Auditing | Comments : 0 | Hits : 307

Names of Audit Firms approved for appointment as Statutory Central Auditors in 25 Public Sector Banks for the year 2015-16
Posted Date : 15-Feb-2016 , 06:29:51 pm | Posted By CA.Khurana Vivek

Sr No Auditors appointed for 2015-16 1. Allahabad Bank, Kolkata 1 M/s N C Banerjee & Co., Kolkata 2 M/s Kansal Singla & Associates, Chandigarh 3 M/s Raju & Prasad, Hyderabad 4 M/s De & Bos...

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Category : Auditing | Comments : 0 | Hits : 4935

Know about Service Tax
Posted Date : 15-Feb-2016 , 10:48:41 am | Posted By Amar Kumar

Service tax is an indirect tax levied by the Central Government on taxable services provided. The concept of service tax in India has been introduced in 1994 by making provisions in the Finance Act, 1994. Service tax registration is mandatory for every person or business providing taxable services o...

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Category : Service Tax | Comments : 0 | Hits : 660

Cenvat credit admissible on services of sales commission agent
Posted Date : 13-Feb-2016 , 04:07:18 pm | Posted By CA Bimal Jain

Cenvat credit admissible on services of sales commission agent Background: Even though the definition of ‘input services’ given under Rule 2(l) of the Cenvat Credit Rules, 2004 (“the Credit Rules”) covers the services of sales promotion in its inclusive part, eligibil...

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Category : Excise | Comments : 0 | Hits : 286

Detail Analysis of Section 44AD of Income Tax Act, 1961
Posted Date : 11-Feb-2016 , 05:33:40 pm | Posted By Darshan Jain

1. 44AD(1) is reporoduced as under: Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an eligible assessee engaged in an eligible business, a sum equal to eight per cent of the total turnover or gross receipts of the...

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Category : Income Tax | Comments : 0 | Hits : 1340

Margin earned by franchisees on sale of SIM cards/recharge coupons not liable to Service tax
Posted Date : 10-Feb-2016 , 11:15:33 am | Posted By CA Bimal Jain

Chotey Lal Radhey Shyam Vs. Commissioner of Central Excise & Service Tax, Lucknow [2015 (64) taxmann.com 399 (Allahabad – CESTAT)] Facts: Chotey Lal Radhey Shyam (“the Appellant”) was appointed as a franchisee for Lucknow by Bharat Sanchar Nigam Limited (“BSNL&rdquo...

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Category : Service Tax | Comments : 0 | Hits : 255

GST: A Boost to Indian Economy
Posted Date : 09-Feb-2016 , 12:03:03 pm | Posted By MEENU GUPTA

INTRODUCTION GST is a comprehensive tax levy on manufacture, sale and consumption of goods and services at a national level. It is a system of taxation where there is a single tax in the economy for goods as well as services. It is based on a tax-on-value-add concept which avoids duplication of tax...

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Category : GST | Comments : 0 | Hits : 559

Funding against Letter of Credit
Posted Date : 08-Feb-2016 , 03:16:43 pm | Posted By Ravindra Jain

Funding against Letter of Credit (Discounting of Letter of Credit) A letter of credit is a written promise by a bank to pay for goods a buyer purchases from a seller. Discounting is a way a seller gets paid immediately even if the buyer wants a longer term for payment. Letter of Credit: Sel...

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Category : Finance | Comments : 0 | Hits : 243

Negative Interest Rates
Posted Date : 03-Feb-2016 , 05:52:55 pm | Posted By RATHI

                                                               NEGATIVE INTEREST RATES What is Negative Interest Rates ? Recently Bank...

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Category : Banking | Comments : 1 | Hits : 1083

Consolidation of Financials under IFRS
Posted Date : 02-Feb-2016 , 11:47:47 am | Posted By Meetesh Shiroya

Consolidation of Financials under IFRS : Introduction: Under Globalised scenario, the boundaries of the business crossed the beyond from one county to many countries during the last two decades, at the same time business risk is also increased the same level for the companies and their inves...

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Category : IFRS | Comments : 0 | Hits : 375

WAGES UNDER ESIC ACT_Employee's State Insurance Corporation (ESIC)
Posted Date : 01-Feb-2016 , 12:11:53 pm | Posted By Meetesh Shiroya

WAGES UNDER ESIC ACT :- WASHING ALLOWANCE: It is a sum paid to defray special expenses entailed by the nature of employment and as such this amount does not amount to wages. (In lieu of old instructions issued vide Memo No.Ins.III/2/1/65 dt. 8.2.1967) SUSPENSION ALLOWANCE/SUBSISTENCE ...

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Category : General | Comments : 0 | Hits : 512

SECRETARIAL STANDARDS - A TOOL FOR GOOD CORPORATE GOVERNANCE
Posted Date : 21-Jan-2016 , 02:22:47 pm | Posted By MEENU GUPTA

SECRETARIAL STANDARDS - A TOOL FOR GOOD CORPORATE GOVERNANCE     The rules of Secretarial Standards are aimed at bringing in uniformity in practices followed across companies and strengthening Corporate Governance.   INTRODUCTION   As we all know that The Institute of Charter...

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Category : ICSI | Comments : 0 | Hits : 532

Startup India: New Policies for Starting up the business in India
Posted Date : 18-Jan-2016 , 03:31:29 pm | Posted By POOJA

. Startup-Definition Startup means an entity, incorporated or registered in India not prior to five years, with annual turnover not exceeding INR 25 crore in any preceding financial year, working towards innovation, development, deployment or commercialization of new products, processes or services...

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Category : Finance | Comments : 0 | Hits : 1540

Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks from the year 2016-17 and onwards
Posted Date : 18-Jan-2016 , 07:42:45 am | Posted By CA.Khurana Vivek

Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks from the year 2016-17 and onwards (i) The audit firm shall have a minimum of 7 full time chartered accountants, of which at least 5 should be...

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Category : Bank Branch Audit | Comments : 0 | Hits : 1752

Norms for the empanelment of audit firms to be appointed as statutory branch auditors for Public Sector Banks (2015-16)
Posted Date : 18-Jan-2016 , 07:40:41 am | Posted By CA.Khurana Vivek

Norms for the empanelment of audit firms to be appointed as statutory branch auditors for Public Sector Banks (2015-16) Category No. of CAs exclusively associated with the firm (Full time) No. of partners exclusively associated with the firm (full time) (Out of 2) Professi...

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Category : Bank Branch Audit | Comments : 0 | Hits : 2809

Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks for the year 2015-16
Posted Date : 18-Jan-2016 , 07:31:07 am | Posted By CA.Khurana Vivek

Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks   (i) The audit firm shall have a minimum 7 full time chartered accountants, of which at least 5 should be full time partners exclusively associated with the firm. The remaining 2 could be eit...

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Category : Bank Branch Audit | Comments : 0 | Hits : 917

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