CERSAI Portal - Verification of Registration of Transactions with CERSAI Portal in Bank Branch Audit
Posted Date : 05-Apr-2023 , 07:32:40 am | Posted By
CA.Khurana Vivek
Registration of Transactions with CERSAI:- In terms of circular DBOD.Leg.No.BC.86/09.08.011/2010-11 dated April 21, 2011 on ‘Setting up of Central Electronic Registry under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002’...
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Category : Bank Branch Audit |
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Tips for the Auditors to identify frauds in Bank Branch Audit | Fraud Detection Techniques in Banks
Posted Date : 04-Apr-2023 , 08:21:34 am | Posted By
CA.Khurana Vivek
Role and Responsibility of the Auditor - SA 240 | Fraud Detection Techniques in Banks | Tips for the Auditors to identify frauds in Bank Branch Audit. Types of Fraud in Banking System:- There are numerous ways in which banking frauds are committed. The frauds committed in banking system can be cla...
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Category : Bank Branch Audit |
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Important Update for Bank Branch Auditors - Must Check Appointment Letter and Terms of Engagement
Posted Date : 02-Apr-2023 , 09:37:42 am | Posted By
CA.Khurana Vivek
Important Update for Bank Branch Auditors - Must Check Appointment Letter and Terms of Engagement Important Update for Bank Branch Statutory Auditors - Must Check Appointment Letter and Terms of Engagement and check regarding Reporting of Material Irregularities mentioned there. Many Banks have ad...
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Category : Bank Branch Audit |
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How to Calculate Drawing Power for a Cash Credit / Working Capital Facility with Examples
Posted Date : 01-Apr-2023 , 10:44:12 am | Posted By
May I Help You.
How to Calculate Drawing Power for a Cash Credit / Working Capital Facility with Examples The Cash Credit limit (known as working capital limit) is sanctioned by banks and financial institutions to business organizations to run their day to day functions and achieve growth of business.&nb...
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Category : Bank Branch Audit |
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Banks Audit - Revenue Leakage / Income Leakage in Banks
Posted Date : 23-Mar-2023 , 07:33:06 am | Posted By
CA.Khurana Vivek
Concept of Revenue Leakage in Bank's Audit :- One of the most important aspects of a bank audit is revenue leakage.
In some banks, it is conducted separately while some consider it as a part of Concurrent Audit or Statutory Audit or Internal Audit.
The revenue leakages could have two limbs, on...
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Category : Income Tax |
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Geocoding of Address under GST, GSTN Advisory on Geocoding of Address of Principal Place of Business
Posted Date : 22-Mar-2023 , 08:53:04 am | Posted By
S.Mahajan
1. GSTN is pleased to inform the taxpayers that the functionality for geocoding the principal place of business address (i.e. the process of converting an address or description of a location into geographic coordinates) is now available on the GST Portal. This feature is introduced to ensure the ac...
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Category : GST |
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MUDRA Loan - Pradhan Mantri MUDRA Yojana Loan (PMMY) | IRAC / NPA Classified Norms for MUDRA Loan
Posted Date : 21-Mar-2023 , 08:22:49 am | Posted By
CA.Khurana Vivek
Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched by the Hon’ble Prime Minister on April 8, 2015 for providing loans up to 10 lakh to the non-corporate, non-farm small / micro enterprises. These loans are classified as MUDRA loans under PMMY. MUDRA stands for Micro Units Devel...
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Category : Bank Branch Audit |
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Name of Auditors Appointed for Private Banks, Foreign Banks, Small Finance and Payments Banks for F.Y. 22-23
Posted Date : 19-Mar-2023 , 08:14:42 am | Posted By
CA.Khurana Vivek
Click on the link to watch the video in details
https://youtu.be/d9wiT1ClH2g
Names of audit firms approved for appointment as Statutory Central Auditors (SCAs)/ Statutory Auditors (SAs) of Private Sector Banks, Foreign Banks, Small Finance Banks, Payments Banks and Local Area ...
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Category : Bank Branch Audit |
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GST - ITC Claiming Rules and Its Reversal | Input Tax Credit (ITC) Rules and Its Reversal under GST
Posted Date : 17-Mar-2023 , 07:19:55 am | Posted By
S.Mahajan
GST - ITC Claiming Rules and Its Reversal | Input Tax Credit (ITC) Rules and Its Reversal under GST. Section 41. Availment of input tax credit CGST ACT 2017 (1) Every registered person shall, subject to such conditions and restrictions as may be prescribed, be entitled to avail the cre...
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Category : GST |
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Revised Guidelines for Appointment / Re-appointment of Statutory Branch Auditors of Public Sector Banks
Posted Date : 14-Mar-2023 , 06:48:58 am | Posted By
CA.Khurana Vivek
(This Circular in not avaiable on the RBI Website and no Authentication Yet) Impact of Latest RBI Circular on the appointment of New Auditors, on Bank Branch Audits and other Relevant Updates. Norms of Business coverage under Statutory Branch Audit of Public Sector Banks.
RBI has revised ...
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Category : Bank Branch Audit |
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Important Update on HSN Code in GST Invoices
Posted Date : 13-Mar-2023 , 10:11:57 pm | Posted By
S.Mahajan
CLICK ON THE LINK TO WATCH COMPLETE VIDEO,
https://youtu.be/0ms38ie5e4A...
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Category : GST |
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Bank Audit - Modes of Creating Charges on Securities | Mortgage | Hypothecation | Pledge | Lien etc.
Posted Date : 11-Mar-2023 , 11:15:01 pm | Posted By
CA.Khurana Vivek
Types of Charges over Securities in a Bank Loan / Advances. Nature of Securities Security can be in any form i.e. tangible or intangible, movable or immovable. Further, it is classified into two types namely, primary and collateral securities. Primary and Collateral Securities Primary secur...
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Category : Bank Branch Audit |
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New Form Annexure V for GTA (Goods Transport Agency) in GST
Posted Date : 09-Mar-2023 , 03:58:33 pm | Posted By
S.Mahajan
New Feature Enabled for Goods Transport Agency (GTA) in GST | New Form Annexure V for GTA (Goods Transport Agency) in GST. Advisory on opting for payment of tax under the forward charge mechanism by a Goods Transport Agency (GTA). In compliance of Notification No. 03/2022-Central Tax (Rate), dated...
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Category : GST |
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Ineligibility of Bank Branch Statutory Auditor | Check Before Accepting Bank Branch Statutory Audit
Posted Date : 08-Mar-2023 , 10:03:26 pm | Posted By
CA.Khurana Vivek
Ineligibility of Bank Branch Statutory Auditor - Must Check Before Accepting any Bank Branch Statutory Audit. Auditor should first check and ensure that he is eligible for being appointed as Statutory Bank Branch Auditor. Statutory Disqualifications under section 141(3) of the Companies Act, 2013....
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Category : Bank Branch Audit |
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GST Registration turnover limit for goods and services in various States
Posted Date : 06-Mar-2023 , 01:04:27 pm | Posted By
S.Mahajan
GST turnover limit for goods and services in various states GST Turnover limit for registration for supply of goods and services varies from state to state. Every person whose turnover exceed the threshold/exemption limit must take the GST Registration on time. One must know how to calculate aggreg...
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Category : GST |
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Revised Invoice under GST - How to Revise Invoice in GST?
Posted Date : 28-Feb-2023 , 08:23:21 am | Posted By
S.Mahajan
Revised Invoice under GST | Is there any concept of Revised Invoice under GST? | How to Revise Invoice in GST? Format of a revised invoice The GST law mandates that the details mentioned below are included in a revised invoice: Nature of the invoice, i.e. “Revised Invoice” or “S...
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Category : GST |
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Serious Fraud Investigation Office (SFIO) - Investigation into affairs of Company
Posted Date : 26-Feb-2023 , 01:47:51 pm | Posted By
CA.Khurana Vivek
Serious Fraud Investigation Office (SFIO) – Establishment In 2002, the Naresh Chandra Committee had recommended setting up a ‘Corporate Serious Fraud Office’, to uncover corporate fraud, and supervise prosecutions under various economic legislations. It came into existence mainly...
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Category : Income Tax |
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Key Changes in Income Tax Return (ITR) Forms for FY 2022-23 / AY 2023-24
Posted Date : 25-Feb-2023 , 07:45:41 am | Posted By
CA.Khurana Vivek
Income-tax Return Forms (ITR Forms) for A.Y. 2023-24. The Central Board of Direct Taxes (CBDT) has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2023-24 vide Notifications No. 04 & 05 of 2023 dated 10.02.2023 and 14.02.2023. These ITR forms will come into effect from 1st...
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Category : ITR |
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GST Amnesty Scheme for Non Filers of GST Returns
Posted Date : 23-Feb-2023 , 10:35:05 pm | Posted By
S.Mahajan
Extension of Time Limit and GST Amnesty Scheme for Non Filers of GST Returns.
Extension of time limit for application for revocation of cancellation of registration and one time amnesty for past cases:
The Council has recommended amendment in section 30 of CGST Act, 2017 and rule 23...
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Category : GST |
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Taxability of Labour cess under CGST Act,2017. Whether it should be included in Taxable Value?
Posted Date : 22-Feb-2023 , 01:26:06 pm | Posted By
Abhishek Gupta
Labour Cess or certainly this could be referred to Building & Other Construction Workers' Welfare Cess (BOCWW Cess).
BOCWW Cess is levied on the cost of construction incurred by the employer as per the provisions of the Building and Other Construction Workers' Welfare Cess Act,1996
In order to...
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Category : GST |
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