Category: CA

List of CA who issued more than 400 TAR for A.Y.2013-14

At august 2014, DGIT system of ITD provide information of CA who issued more than 400 TAR for a.y.2013-14. There is prescribed limit to issue tax audit report by CA. For assessment year 2013-14, this limit is 45 tax audit report per chartered accountant. This limit is 60 tax audit report for a.y. 2014-15. CA who issued more than 400 TAR for a.y. 2013-14: Out of 65,898 records of CA, 81.13% CA follow restriction of number of tax audit report by ICAI. 12435 CA ( 18.87% CA) issued more than 45 TAR. Let’s see the table giving the details....

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Empanelment of CA firm with C&AG for the financial year 2015-16

Empanelment of CA firm and LLP with C&AG for year 2015-16 C&AG has invited online application for year 2015-16 from chartered accountants firm and LLP to em panel their offices with controller and audit general of India. The online application will be available from 1/1/2015 to 15/2/2015 on The firm can update the data on website and generate online acknowledgement. The ca firms are also required to send hard copies of relevant documents with online acknowledgement generated with online application to register with C&AG....

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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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Easy way to understand capital gain tax india

What is capital gain tax? Capital gain is one of the head of income tax . Capital gain tax is levied on gain on transferring assets. Asset must be included in definition of capital asset as per section 2(14). Definition: “Capital asset” means Property of any kind held by an assessee, whether or not connected with his business or profession, but does not include the following: 1.     Stock in trade, raw materials, and consumable stores held for the purposes of business or profession. so if you are selling stock, capital gain tax will not arisen. 2.     Personal effects of movable nature, such as furniture, utensils, and vehicles held for personal use by the assessee or any dependent member of the family: Kindly note that transfer of personal effects like jewelry, archaeological collections, drawings, paintings, sculptures or any work of art is taxable. 3.     Agricultural land in India which is situated in any rural area.           Specified area means  Any asset situated within the jurisdiction of municipality and its population should be less than 10000 as per last census. If not situated within jurisdiction of municipality, it should be situated under certain kilometers specified by central government.            So tax is not levied on transfer of rural agricultural land.      4. Gold bonds issued by government of India including gold deposit...

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Income tax manual return

Today is world of internet. Still you can file tax return manually, I have attached ITR Forms for A.Y. 2014-15. These forms are for filling income tax return manually. What is manual return?.In manual return, you have to fill details in Income tax return form and submit that to Income tax department. Who can file manual return? Individual and HUF who has income of less than 5 lacks and who has not asset located outside India. He should not required to get his accounts audited and he does not claim relief under section 90, 90A, 91. The firm who should not get his account audited and having income less than 5 lacks. Important points to note about manual return filling: Income tax department publishes separate income tax return form for each year. You can download the forms from Download forms for current year from following link. There are different forms for different categories of assessee. Select appropriate form according to your income category. Read full instruction before filling the details. Fill the basic and income information in the form. Show your tds amount in the column of the TDS. Check your credit of TDS in 26AS and compare it with your TDS certificate. If there is any difference, contact the deductor. Enter all the data correctly and make one photocopy of filled form before submission so that if there...

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