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
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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 |
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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 situation ...
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Category : Auditing |
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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 & Bose, Kolkata
5
M/s G N S & Associates, Bhubaneshwar
...
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Category : Auditing |
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Know about Service Tax
Posted Date : 15-Feb-2016 , 10:48:41 am | Posted By
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 |
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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, eligibility t...
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Category : Excise |
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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 |
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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”), ...
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Category : Service Tax |
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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 |
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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 |
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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 |
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Consolidation of Financials under IFRS
Posted Date : 02-Feb-2016 , 11:47:47 am | Posted By
Meetesh Shiroya
Consolidation of Financials under IFRS :
...
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Category : IFRS |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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0 | Hits : 1393 |
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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 |
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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 |
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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 |
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