Online Empanelment for Concurrent Audit of Central Bank of India

Online Empanelment for Concurrent Audit of Central Bank of India Posted: 11 Jun 2013 08:30 PM PDT TERMS & CONDITIONS FOR CONCURRENT AUDITORS' ASSIGNMENT The following norms shall be applicable for appointment of firms of Chartered Accountants as Concurrent Auditors: I. The firm should be either a partnership firm or proprietary firm having Chartered Accountant(s) as partner(s) /... Redemption fine and penalty to be clubbed to decide applicability of threshold limit prescribed -CBEC Posted: 11 Jun 2013 08:28 PM PDT Reference has been received regarding the application of the threshold limit prescribed vide Instruction ibid to cases where either redemption fine alone is in dispute or both redemption fine and penalty are in dispute. For example, in one case the Tribunal confirmed the duty but set aside the... TDS on Purchase of Immovable Property (Section 194IA) Posted: 11 Jun 2013 07:41 PM PDT 1. Section has been inserted w.e.f. 01.06.2013. 2. Deductor & Deductee: Any person (being a transferee) responsible for paying (other than person referred to in section 194LA) to a Resident transferor any sum by way of consideration for transfer of any immovable property (other agricultural... Sarbanes-Oxley Act Compliance (Part – 1) Posted: 11 Jun 2013 07:29 PM PDT The Sarbanes-Oxley Act 2002 also known as the 'Public Company Accounting Reform and Investor Protection Act. An Act passed by U.S. Congress in 2002 to protect investors from the possibility of fraudulent accounting activities by corporations. The Sarbanes-Oxley Act (SOX) mandated strict reforms to... Impact of New Service Tax regime while reporting under Paragraph 4 (ix) (a) of CARO, 2003 Posted: 11 Jun 2013 07:20 PM PDT The new Service Tax regime has not only impacted the practicing professionals of service tax and business entities but it also impacted the professionals who are discharging audit function. Paragraph 4 (ix) (a) of Companies (Auditor's Report) Order, 2003 requires an auditor to report, weather the... Liaison Officer in India- Tax and FEMA Implication Posted: 11 Jun 2013 07:08 PM PDT Liaison office is in the nature of representative office set up primarily to explore and understand the business and investment climate. It is not permitted to undertake any business activity, directly or indirectly, and is required to maintain itself out of inward remittances received from parent... Forms & Procedures under Central Sales Tax (CST) Posted: 11 Jun 2013 07:00 PM PDT Every dealer who effects inter-state sale is required to register with State sales tax authorities who are empowered to grant registration under CST Act. Application should be in form 'A'. Security has to be furnished. Certificate of registration will be in form 'B'. Tax Your Brain – TV Quiz Show Posted: 11 Jun 2013 11:35 AM PDT The Directorate of Income Tax (PR , PP & OL) has produced a twelve episode quiz show on NDTV 24 x 7 called "Tax Your Brain" with a view to communicate with the school children and youth of the country on the "need for taxation in civil society". The quiz show will... BBC Covers story on Income Tax Collections in India Posted: 11 Jun 2013 11:35 AM PDT BBC World News Channel will telecast a story on Income Tax Collections in India at 11 am and 10 pm on Sunday, 9th of June, 2013, and at 6 am on Monday, 10th of June, 2013, as part of India Business Report Show. The story will also be telecast on Monday, 10th of June, 2013, [...] Iran notified as country eligible to avail benefits of Para 2.35 (b) of FTP, 2009-2014 Posted: 09 Jun 2013 08:35 PM PDT Central Government hereby notifies Iran under paragraph 2.35 (b) of Foreign Trade Policy, 2009-2014. Accordingly, exports of such goods to Iran which have been imported against payment in freely convertible currency would be permitted against payment in Indian Rupees also, subject to at least 15%...

Technical Guide on Review and Certification of Investment Risk Management Systems and Processes of Insurance Companies

Technical Guide on Review and Certification of Investment Risk Management Systems and Processes of Insurance Companies Posted: 04 Jun 2013 12:03 AM PDT Owing to the liberalization and globalization of the insurance sector, now a days insurers have huge amount of funds collected from the insured in the form of premium. The involvement of the public funds necessitated the regulators to frame regulation to make insurers properly use the freedom... Download Guide on Internal/Concurrent Audit of Investment Functions of Insurance Companies Posted: 03 Jun 2013 11:56 PM PDT One of the major functions of an insurer is investment of its funds and with the ever growing fund size of investments, safeguarding and protection of the same has acquired enormous significance. Insurance Regulatory and Development Authority (IRDA), the regulator, has put in place a tight...

TDS on Property – FAQ , Payment Procedure & Points to Remember

TDS on Property – FAQ , Payment Procedure & Points to Remember Posted: 04 Jun 2013 08:35 PM PDT As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1%... Political to furnish information under RTI Act – CIC Posted: 04 Jun 2013 08:00 PM PDT By his RTI application dated 16.5.2011, complainant S.C. Aggarwal has sought the following information from the Presidents/Secretaries of the Indian National Congress (INC/AICC) and the Bhartiya Janata Party (BJP) Interest and Finance Charges (IFC) – Treatment in Costing Posted: 04 Jun 2013 07:13 PM PDT Institute of Cost Accountants of India has released CAS-17: COST ACCOUNTING STANDARD ON INTEREST AND FINANCING CHARGES on 23/05/2013. This article is a step towards interpretation and explanation of various aspect of the said Cost Accounting Standard Applicability of Rules of Transfer Pricing on Specified Domestic Transactions Posted: 04 Jun 2013 06:50 PM PDT The Finance Act, 2012 has extended the applicability of provisions of transfer pricing to Specified Domestic Transactions also. As per Sec.92BA "Specified Domestic Transaction "means:- Any expenditure in respect of which payment has been made or is to be made to a person referred to in clause (b)... Glance at Place of Provision of Service Rules,2012 Posted: 04 Jun 2013 06:43 PM PDT According to Section 66C of Finance Act,2012 The Central  Government may, having regard to the nature & description of  various services, by rules made in this regard, determine the place where such services are provided or agreed to be provided. Any rule under subsection (1) shall not be... Transfer Pricing Law Not Applies to Share Investment Transactions Posted: 04 Jun 2013 06:18 PM PDT In our opinion, the amount representing 2118.84 is towards investment in share capital of the subsidiaries outside India as the transactions are not in the nature of transactions referred to section 92-B of the IT Act and the transfer pricing provisions are not applicable as there is no income.... RBI releases clarifications to queries on Guidelines for Licensing of New Banks in Private Sector Posted: 04 Jun 2013 11:49 AM PDT The Reserve Bank of India today released on its website, clarifications to queries on the Guidelines for Licensing of New Banks in the Private Sector. The Reserve Bank of India released the Guidelines for Licensing of New Banks in the Private Sector on its website on February 22, 2013. Following... Review of policy on foreign direct investment in Multi Brand Retail Trading Sector Posted: 04 Jun 2013 11:47 AM PDT Review of the policy on foreign direct investment in the Multi Brand Retail Trading Sector- amendment of paragraph 6.2.16.5(2) of 'Circular 1 of 2013-Consolidated FDI Policy' June 4, 2013   Government of India Ministry of Commerce & Industry Department of Industrial Policy &... Foreign Direct investment Policy – definition of 'group company' Posted: 04 Jun 2013 11:46 AM PDT June 4, 2013   Government of India Ministry of Commerce & Industry Department of Industrial Policy & Promotion Press Note No. 2(2013 Series) Subject : Foreign Direct investment Policy – definition of 'group company' 1.0 The Government has decided to incorporate the following definition... Employee provident fund guidance concerning international workers Posted: 03 Jun 2013 09:30 PM PDT Changes made to India's Employees' Provident Funds Scheme, 1952 (EPFS) and Employees' Pension Scheme, 1995 (EPS) in 2008 added 'international workers' within the Indian social security regime. Recently, India's Employees' Provident Funds Organisation issued a circular directing its field officers... MVAT Notification for Second amendment to the Maharashtra Value Added Tax Rules, 2005 Posted: 03 Jun 2013 09:30 PM PDT Whereas the Government of Maharashtra is satisfied that circumstances exist which render it necessary to take immediate action further to amend the Maharashtra Value Added Tax Rules, 2005 and to dispense with the condition of previous publication thereof under the proviso to sub-section (4) of... Import of gold on consignment basis by both nominated agencies and banks shall now be permissible only to meet the needs of exporters of gold jewellery Posted: 03 Jun 2013 07:36 PM PDT It has further been decided that all Letters of Credit (LC) to be opened by Nominated Banks / Agencies for import of gold under all categories will be only on 100 per cent cash margin basis. Further, all imports of gold will necessarily have to be on Documents against Payment (DP) basis....