Author: CA Tarannum Khatri

Concurrent audit empanelment with SBI

SBI has invited application for  concurrent audit empanelment in some states. Concurrent audit empanelment details: The empanelment opportunity covers branches situated in the states of Delhi, uttrakhand, Rajasthan and some states of Uttar pradesh. SBI can include or exclude other branches for empanelment purpose. Chartered accountant firm or LLP should be listed on RBI panel. Experience should be considered for appointment.   Remuneration for concurrent audit: If you get concurrent audit empanelment, your firm will get following remuneration: Grade Deposit of branches Advances Remuneration 3 300 crore and above Less than 400 crore 25000 p.m. 2/3 – 400 crore and above 35000 to 50000 pm Additionally, 500 per month per account will be payable if the bank has fund and non fund basis exposure of more than 10 crore. The remuneration will be paid quarterly and no separate charges like travelling, taxes will be paid separately. Scope of concurrent audit: Compliance with RBI guidelines and guidance of FEDAI/ IBA. Compliance with ARAC norms. Reporting for compliance with RBI guidelines and if any activity is running which is prohibited by RBI. Compliance with banking regulation rules, 1949. Check compliance with norms in section 20 in banking regulation act for granting loan and advances against shares and other matters. Compliance of rule 20A , 24, 452 and 360 of banking regulation act. Verification of forex transactions. Compliance with any guidelines issued...

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Wealth tax exemption and taxability

Wealth tax is direct tax which is collected on properties held. There are taxable assets and  Similarly wealth tax exemption is also available for many assets. In this article, I have given list of taxable assets under wealth tax act in India and exemption available under wealth tax act. What is wealth tax? You can understand from the name that wealth tax is levied to wealth. But interesting thing is that wealth tax is not levied to all the assets of the person but only on idle asset of the person. The assets which are not utilized to generate...

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Extension of time limit for filling gujarat vat return for Q2

Due date for Gujarat vat return: Businessmen can file manual return up to 30/10/2010 for quarter ending 30/9/2010. Application for extension: Lawyers and businessman has applied for extension of time limit for filling gujarat vat return. Reason for extension: The reason for extension of due date is various festivals like diwali etc. coming in october month.   Extension of time limit for gujarat vat return: Finally goverment issued circular dated 15/10/2014 and through it extend the due date of gujarat vat return to 14/11/2014. So tax professionals get relief of 14 days. You can download circular for extension of time limit from the end of the post. Relief for interest and penalties: So there is no interest or penalties levied for return filed up to 14/11/2014 as per Gujarat  vat rules 2003 and Gujarat VAT rules, 2006.    ...

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Last date of filling tds return extended for some states

Last date of TDS return for Quarter 2, 2014-15 extended: Last date for filling TDS return is extended for the states -jammu kashmir, Andhra pradesha, oddissa and telangana. Last date for filling TDS return was 31 october for government deductors. But it is extended to 7th November, 2014. Similarly last date for filling TDS return for non government deductors was 15th october. It is also extended up to 31st october, 2014. Reason for extension: Reason for extension is natural calamities in the states. Relief in penalty: As due date is extended, there is relief to people of those states for late filling penalties. The deductor can file return up to last date without...

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Point of taxation rules ( POT rules) : The ultimate guide with example

Service tax rate is changed from 12.36% to 14%. To determine service tax liability on or after change of rate, point of taxation rules of service tax plays the main role. We all know that service tax should be paid by 6th of following month when service is deemed to provided.So which rule decides when is service deemed to be provided? of course, POT rules. Point of taxation rules use: It decides taxable event date and due date of payment of service tax. As per rule 6(1) of service tax rules, service tax shall be deemed to paid to...

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