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What is Internal Audit?
Posted Date : 24-Apr-2015 , 05:59:19 pm | Posted By Tanmay Srivastava

What is Internal Audit?   Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish  its objectives  by bringing systematic , disciplined approach to eval...

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Category : Auditing | Comments : 0 | Hits : 176

Basic Conditions for filing 15G & 15 H
Posted Date : 19-Apr-2015 , 08:38:35 am | Posted By Vimmi

The basic conditions for filing 15G are—the final tax on estimated total income computed as per the Income Tax Act should be nil; and, the aggregate of the interest (excluding interest earned on securities) received during the financial year should not exceed the basic exemption slab of Rs 2...

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Category : TDS | Comments : 0 | Hits : 703

Sction 3 of Companies Act 2013
Posted Date : 18-Apr-2015 , 05:51:02 pm | Posted By Manshi Baid

SECTION 3 OF COMPANIES ACT 2013 READ WITH THE COMPANIES (INCORPORATION) RULES , 2014 FORMATION OF COMPANY   TYPES OF COMPANIES ------- Public Company --- At least  7 persons Private Company --- At least 2 persons One Person Company – Only one person with a person as Nomin...

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Category : Corporate Law | Comments : 0 | Hits : 370

Revision in list of date of birth documents accepted for PAN application
Posted Date : 18-Apr-2015 , 10:08:33 am | Posted By CA GOURAV MURARKA

It is hereby informed that Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance vide its notification no. 995 (E) dated April 10, 2015, has amended the Rule 114(4) of Income-tax Rules, 1962 whereby certain additional documents have been prescribed as proof of Date of Birt...

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Category : Income Tax | Comments : 0 | Hits : 1274

Changes in Notified ITR 1, ITR 2 & ITR 4S for A.Y. 2015-16
Posted Date : 16-Apr-2015 , 09:24:42 pm | Posted By Vimmi

CBDT has vide Notification No. 41/2015 Dated 15.04.2015 notified Form ITR-1, ITR-2 and ITR-4S for Assessment Year 2015-16 i.e Financial Year 2014-15. The Notification also made Several Change in Rule 12 of Income Tax Rules, 1962 which is related to Condition of Filing of Income Tax Return.  A b...

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Category : ITR | Comments : 0 | Hits : 923

No Service tax liability arise on loans and advances, if it is revealed in the audited balance sheet
Posted Date : 16-Apr-2015 , 01:14:42 pm | Posted By Bimal Jain

Dear Professional Colleague, No Service tax liability arise on loans and advances, if it is revealed in the audited balance sheet We are sharing with you an important judgment of Hon’ble CESTAT, Mumbai, in the case of Reliance Infratel Ltd. Vs. Commissioner of Service tax, Mumbai – II...

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Category : Service Tax | Comments : 0 | Hits : 225

CARO - Comparative study - Old vs New CARO
Posted Date : 15-Apr-2015 , 11:11:55 pm | Posted By Vimmi

After the enactment of the Companies Act, 2013, the Companies Act, 1956 ('Old Act') ceased to have effect from April 1, 2014. As a corollary, the Companies (Auditor's Report) Order, 2003 (CARO, 2003) also ceased to have effect from the said date.   The Institute of Chartered Accountants of In...

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Category : CARO | Comments : 0 | Hits : 812

No interest and/ or penalty can be levied just because the Assessee had paid Service tax, which was actually not payable
Posted Date : 13-Apr-2015 , 12:23:22 pm | Posted By Bimal Jain

Dear Professional Colleague, No interest and/ or penalty can be levied just because the Assessee had paid Service tax, which was actually not payable We are sharing with you an important judgment of Hon’ble High Court, Madras, in the case of Commissioner of Central Excise, Tirunelveli Vs. Su...

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Category : Service Tax | Comments : 0 | Hits : 176

Larger Bench of Tribunal held that Works Contracts are exigible to Service tax even before June 1, 2007
Posted Date : 08-Apr-2015 , 04:02:25 pm | Posted By Bimal Jain

Dear Professional Colleague, We are sharing with you an important judgment of Hon’ble CESTAT, Delhi, in the case of Larsen and Toubro Ltd, Kehems Engg Pvt Ltd Vs. CST, Delhi/ CCE & ST, Indore/ CCE/ Rajkot and CCE & ST, Indore Vs. Kehems Engineering Pvt Ltd. on the ...

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Category : Service Tax | Comments : 0 | Hits : 265

Service Tax - Increase in time limit for availing Cenvat credit on Input services and Inputs
Posted Date : 06-Apr-2015 , 11:48:30 am | Posted By Bimal Jain

Dear Professional Colleague, Increase in time limit for availing Cenvat credit on Input services and Inputs – Whether applicable on invoices issued prior to March 1, 2015? Till September 1, 2014, there was no time limit prescribed under the Cenvat Credit Rules, 2004 (“the Credit R...

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Category : Service Tax | Comments : 0 | Hits : 549

Key Takeaways of the Foreign Trade Policy, 2015-2020
Posted Date : 03-Apr-2015 , 02:54:31 pm | Posted By Bimal Jain

Foreign Trade Policy 2015-20 Unveiled: Aiming to nearly double India’s exports of goods and services to USD 900 billion by 2020 Commerce and Industry Minister Mrs. Nirmala Sitharaman unveiled the Prime Minister Mr. Narendra Modi-led government's new Foreign Trade Policy, 2015-2020 (“FTP...

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Category : International Business | Comments : 0 | Hits : 460

Bank Audit with the help of Finacle
Posted Date : 03-Apr-2015 , 08:45:43 am | Posted By Vimmi

The banking sector in India has developed tremendously after it adopted the Core Banking Solution (CBS). Finacle is also one of such CBS softwares developed by Infosys.  Many nationalized banks such as Bank of Baroda, Bank of India, PNB, Union Bank of India and private bank such as ICICI are us...

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Category : Bank Branch Audit | Comments : 0 | Hits : 2464

Provision of Section 180(1) of Companies Act 2013
Posted Date : 02-Apr-2015 , 06:49:05 pm | Posted By Csdiveshgoyal

PROVISION OF SECTION 180(1) OF COMPANIES ACT 2013 GOYAL DIVESH & ASSOCIATES, Practicing Company Secretary Let’s Start with Example of Section 180(1) (c) of the Companies Act, 2013 corresponds to section 293 of the companies Act, 1956 and the said section has been brought into effect fr...

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Category : Companies Act | Comments : 0 | Hits : 584

Penalty Punishment on Auditors under Companies Act 2013
Posted Date : 02-Apr-2015 , 06:42:55 pm | Posted By Csdiveshgoyal

PENALTY & PUNISHMENT ON AUDITORS  UNDER COMPANIES ACT, 2013 GOYAL DIVESH & ASSOCIATES, Practicing Company Secretary  Contravention of Provision of Section 139-146: (Attendance in General Meeting): If any provisions of this Section contravene then:   Penalty on Company...

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Category : Companies Act | Comments : 0 | Hits : 986

Limit Chart under Companies Act 2013
Posted Date : 02-Apr-2015 , 06:34:41 pm | Posted By Csdiveshgoyal

APPLICABLITY OF PROVISIONS UNDER COMPANIES ACT- 2013 GOYAL DIVESH & ASSOCIATES, Practicing  Company Secretary   Applicability of XBRL (Extensible Business Reporting): General Circular No. 16/2012 Dated: 06.07.2014.   Vide Companies (Filing of documents and forms in Exten...

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Category : Companies Act | Comments : 2 | Hits : 1269

Companies Act 2013 - Resolution Required to be files with ROC
Posted Date : 02-Apr-2015 , 06:21:31 pm | Posted By Csdiveshgoyal

RESOLUTION REQUIRED TO BE FILED WITH ROC IN COMPANIES ACT 2013 GOYAL DIVESH & ASSOCIATES, Practicing Company Secretary ARE U MOVING TOWARD COMPOUNDING?   The Main Reason behind writing this article is “Are We Moving Toward Compounding?”   As per Section-117 of Comp...

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Category : Companies Act | Comments : 0 | Hits : 959

Director Report- Companies Act 2013
Posted Date : 02-Apr-2015 , 06:15:57 pm | Posted By Csdiveshgoyal

DIRECTOR REPORT COMPANIES ACT, 2013 GOYAL DIVESH & ASSOCIATES, Practicing Company Secretary Report of Board of Directors should be ‘ATTACHED’ to the Balance Sheet laid before the AGM. A directors’ report is intended to explain to shareholders, the company’s affair...

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Category : Companies Act | Comments : 0 | Hits : 897

Compliance Checklist for small companies under Companies Act 2013
Posted Date : 02-Apr-2015 , 06:13:20 pm | Posted By Csdiveshgoyal

COMPLIANCE CHECKLIST FOR SMALL COMPANY UNDER COMPANIES ACT 2013   There are two categories of Private Limited Company for compliances purpose: Small Company Non- Small Company SMALL COMPANY: Let’s first discuss what is Small Company: INTRODUCTION: The concept of “Sm...

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Category : Companies Act | Comments : 2 | Hits : 1551

Company Secretary under Companies act 2013 - Section 203
Posted Date : 02-Apr-2015 , 06:07:24 pm | Posted By Csdiveshgoyal

COMPANY SECRETARY Section- 203 under companie’s act- 2013 COMPANY SECRETARY UNDER COMPANIES ACT, 2013 GOYAL DIVESH & ASSOCIATES, Practicing Company Secretary Definition of Company Secretary: COMPANY SECRETARY: As per Section 2 sub section 24 of Companies Act, 2013 Company Secretary...

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Category : Company Secretary | Comments : 0 | Hits : 588

Service tax rate of 14% is not effective immediately and shall come into effect only from a date to be notified later
Posted Date : 01-Apr-2015 , 06:34:39 pm | Posted By Bimal Jain

Dear Professional Colleague, New Service tax rate of 14% is not effective immediately and shall come into effect only from a date to be notified later: The Union Budget, 2015 has proposed an increase in the rate of Service tax from 12.36% to flat 14% with abolishment of Education cess and Sec...

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Category : Service Tax | Comments : 0 | Hits : 786

Taxability of newly made ‘taxable services’
Posted Date : 31-Mar-2015 , 03:42:03 pm | Posted By Bimal Jain

Taxability of newly made ‘taxable services’ The Finance Bill, 2015 vide Clause 107 has proposed certain amendments in the Negative List of services given under Section 66D of the Finance Act, 1994 (“the Finance Act”) thereby removing certain services from the Negative List...

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Category : Service Tax | Comments : 0 | Hits : 446

Bank Branch Audit Fees admissible to the Auditors for Bank Branch Audits
Posted Date : 30-Mar-2015 , 06:46:30 pm | Posted By CA.Khurana Vivek

The Schedule of Bank Branch Audit fees admissible to the auditors for the audit work of the branches, depending upon the quantum of advances (as on the date with reference to which audit is conducted) will be as under:- Category of branches according to       &nbs...

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Category : Bank Branch Audit | Comments : 1 | Hits : 2112

AN ATTEMPT TO SIMPLIFY E-I E-II SALES UNDER CENTRAL SALES TAX LAW
Posted Date : 30-Mar-2015 , 09:02:00 am | Posted By CA Vinod Kumar

AN ATTEMPT TO SIMPLIFY E-I E-II SALES UNDER CENTRAL SALES TAX LAW   What is E-I E-II Sales:  Before starting this article is it is important to explain the meaning of E-I and E-II sales. As per CST law tax is levied at single point i.e. when the goods are sold from Haryana to Delhi then t...

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Category : Income Tax | Comments : 0 | Hits : 200

“Impact of Change of Service tax liability structure from partial reverse charge to full reverse charge on manpower Supply and Security Services in transition period”
Posted Date : 27-Mar-2015 , 12:44:24 pm | Posted By Bimal Jain

Impact of Change of Service tax liability structure from partial reverse charge to full reverse charge on manpower Supply and Security Services in transition period As Notification No. 30/2012-ST dated 20-06-2012 has been amended vide Notification No. 7/2015-ST dated 01-03-2015, there by shifting...

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Category : Service Tax | Comments : 0 | Hits : 184

Budget Highlight-2015
Posted Date : 15-Mar-2015 , 10:24:45 am | Posted By KANHAIYA JHA

                                     BUDGET HIGHLIGHTS   DIRECT TAXES   Wealth tax replaced with additional surcharge of 2per cent on super rich with a taxable income of over Rs.1crore annu...

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Category : Budget | Comments : 0 | Hits : 254

Land Acquisition Amendment Bill, 2015 passed in Lok Sabha
Posted Date : 11-Mar-2015 , 10:33:54 am | Posted By CA GOURAV MURARKA

The Lok Sabha on Tuesday passed the Land Acquisition Amendment Bill, 2015 by Voice Vote. Here are the six important facts you need to know:   (1) The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement (Amendment) Bill, 2015 seeks to Amend the Ac...

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Category : General | Comments : 0 | Hits : 368

Budget Analysis 2015-16
Posted Date : 10-Mar-2015 , 11:38:53 am | Posted By CA ZAWAR KAVITA

Budget Analyssis 2015-16 DIRECT TAX PRAPOSAL Section With Effect From. Provision Particulars   Sec. 2 Cl(15)   01/04/15(Amendment) Charitable Trust 1.‘YOGA’ can now be object of charitable trust 2. Business activity allowed to charitable t...

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Category : Budget | Comments : 0 | Hits : 411

BUDGET SESSION AND GST, WILL TYRANNY OF OPPOSITION END ?
Posted Date : 08-Mar-2015 , 10:03:41 pm | Posted By CA Vinod Kumar

BUDGET SESSION AND GST, WILL TYRANNY OF OPPOSITION END ?   Introduction: Everyone including me is very optimistic about passage of GST Bill in both the houses of Parliament in this undergoing budget session of parliament which has started from 23 February 2015 with the President speech and ...

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Category : Service Tax | Comments : 0 | Hits : 306

Peer Review benefits for Practicing CA Firms
Posted Date : 08-Mar-2015 , 08:07:45 pm | Posted By Vimmi

We, the Chartered Accountants Fraternity, are all aware of the peer review process undertaken by the Peer Review Board of ICAI for the practicing member. With recent development in the reporting requirement of the financial statements, the peer review exercise helps the members of the profession at ...

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Category : Auditing | Comments : 0 | Hits : 723

Judicial Rulings that prompted amendments by the Finance Bill, 2015
Posted Date : 08-Mar-2015 , 07:28:40 pm | Posted By Vimmi

Judicial Rulings that prompted amendments by the Finance Bill, 2015   I. Section 32(1)(iia): Allowance of balance 50% additional depreciation Proposed Amendment It is proposed to amend Section 32(1)(iia) to provide that balance 50% of the additional depreciation on new plant or ma...

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Category : Income Tax | Comments : 0 | Hits : 300

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