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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 : 8225

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 : 330

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 : 5063

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 : 683

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 : 302

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 : 1655

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 : 276

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 : 586

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 : 261

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 : 1111

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 : 391

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 : 539

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 : 581

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 : 1563

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 : 2040

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 : 2892

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 : 951

Best practices one can follow to protect one’s tax and financial information over internet, suggestions by IRS (USA)
Posted Date : 11-Jan-2016 , 11:59:42 am | Posted By Meetesh Shiroya

Internal Revenue Service’s (IRS); incometax efiling portal of United States (https://www.irs.gov) have suggested some best practices one can follow to protect one’s tax and financial information. The suggestions are very much relevant for all similar incometax online portals including in...

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Category : Income Tax | Comments : 0 | Hits : 465

Charges and taxes levied on the foods served in the Restaurant
Posted Date : 06-Jan-2016 , 12:00:33 pm | Posted By POOJA

Charges and taxes levied on the foods served in the Restaurant:   Service Charges:  This is the charges levied by the restaurant as the payment for the services rendered like serving the foods etc. This charge is not levied by the government and is collected by the owner themselves. Levyi...

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Category : Service Tax | Comments : 0 | Hits : 966

STRATEGIC DEBT RESTRUCTURING- AN INTRODUCTION
Posted Date : 05-Jan-2016 , 11:08:14 pm | Posted By Sumat Singhal

STRATEGIC DEBT RESTRUCTURING- AN INTRODUCTION Sumat Singhal  (B.Com, CAIIB, DTIRM,ACA,ACS,CWA(F) 1. PREAMBLE: The concept of Strategic Debt Restructuring ("SDR") has been introduced by the Reserve Bank of India (the "RBI") in the SDR Scheme (the "Scheme") to hel...

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Category : Banking | Comments : 0 | Hits : 610

Computation of Base Rate based on Marginal Cost of Funds
Posted Date : 05-Jan-2016 , 11:07:45 pm | Posted By Sumat Singhal

Computation of Base Rate based on Marginal Cost of Funds   Sumat Singhal  (B.Com, CAIIB, DTIRM,ACA,ACS,CWA(F)   The Reserve Bank vide its circular DBOD.No.Dir.BC88/13.03.0/2009-10 dated April 9, 2010 introduced the Base Rate system with effect from July 1, 2010, which replaced the ...

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Category : Banking | Comments : 0 | Hits : 577

GST Refund - The last step of compliance...!!!
Posted Date : 05-Jan-2016 , 01:17:21 pm | Posted By Raman Singla

As per the discussion papers dated August 2015 issued by the Empowered Committee on the last step of Compliance under The Goods And Service Tax Act i.e. Refund under GST, the Committee has stated the steps assessee has to follow at the time of claiming Refund, the documents to be submitted and the p...

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Category : GST | Comments : 0 | Hits : 398

REASONS FOR SERVICE TAX RETURN GETTING REJECTED...!!!
Posted Date : 29-Dec-2015 , 11:47:02 am | Posted By Raman Singla

Some Service Tax returns gets rejected after uploading of the XML file for the ST3 return, mainly due to the following reasons:- Incorrect selection of return type – whether it is Original or Revised return. When the Financial Year and the Period of Return are different in the XML file a...

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Category : Service Tax | Comments : 0 | Hits : 605

GST- A Revolution in Indirect Tax Law
Posted Date : 28-Dec-2015 , 05:50:18 pm | Posted By Rohit Kapoor

GST- A Revolution in Indirect Tax Law Good and Services Tax is the most logical steps towards the comprehensive indirect tax reform in India since independence. Goods and Services Tax is to be implemented shortly by the Government of India. GST is leviable on every transaction involving supply of ...

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Category : GST | Comments : 0 | Hits : 838

Lawmakers let another GST opportunity go abegging with washout of winter session
Posted Date : 24-Dec-2015 , 08:14:09 pm | Posted By CA Bimal Jain

Lawmakers let another GST opportunity go abegging with washout of winter session   GST has been missing several deadlines in the past. Perhaps, the only major reform both India and the World were looking at from the Parliament’s winter session was the passage of the 122nd Constitut...

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Category : GST | Comments : 0 | Hits : 383

GST RETURN under GST
Posted Date : 24-Dec-2015 , 11:45:21 am | Posted By Raman Singla

A return is a statement of specified particulars relating to business activity undertaken by the taxable person during a prescribed period.    A taxable person has a legal obligation: To declare his tax liability for a given period in the return; Furnish details about the taxes paid ...

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Category : GST | Comments : 0 | Hits : 770

GST: RBI E-KUBER... WHATS THAT...???
Posted Date : 23-Dec-2015 , 11:35:39 am | Posted By Raman Singla

The Joint Committee formed under GST recommends that RBI should play the role of an aggregator through its e-Kuber system. Such role will facilitate participation of larger number of banks in GST receipts enhancing convenience for the tax payers and provide single source of information for cred...

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Category : GST | Comments : 0 | Hits : 234

GST PAYMENT- ONLINE OR MANUAL...??
Posted Date : 21-Dec-2015 , 11:37:14 am | Posted By Raman Singla

One more Report of Joint Committee dated April 2015 was issued to give clarity on the issues relating Goods and Service Tax Payment.   It is said that more the system and procedures are made electronic more is the efficiency of tax administration and greater is the satisfaction of t...

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Category : GST | Comments : 0 | Hits : 338

Provisions of interest on belated refund in terms of Section 27A of the Customs Act also applies on belated refund of SAD
Posted Date : 17-Dec-2015 , 09:49:08 pm | Posted By CA Bimal Jain

Provisions of interest on belated refund in terms of Section 27A of the Customs Act also applies on belated refund of SAD   Principal Commissioner of Custom Vs. Riso India (P.) Ltd. [(2015) 63 taxmann.com 205 (Delhi)] Facts: Riso India (P.) Ltd. (“the Respondent”) w...

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Category : Custom | Comments : 0 | Hits : 212

ONLINE DVAT REGISTRATION : -- MANDATORY OR VOLUNTARY WHAT TO APPLY ??
Posted Date : 17-Dec-2015 , 04:03:04 pm | Posted By Ankit Gupta

Now days for Trading goods online via. Flipkart , Amazon , Snapdeal , Shopclues etc. every dealer is required by such e commerce sites to obtain DVAT registration certificate so as to enroll themselves as dealer on such e commerce sites.    In that case, If a person is willing to start ...

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Category : VAT | Comments : 0 | Hits : 1150

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