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Category: CA

Leave salary tax treatment

In this article,I have tried to explain the treatment of leave salary and provident fund in income tax act. Leave salary: when employee receives cash equivalent in respect of earned leave(leave not taken) , it is called leave salary. treatment of leave salary received by government employees and non government employees are different.   Leave salary earned by any employee during the period of service is taxable. government employees:   Leave salary received by government employees at the time of retirement is exempt.   Non-government employees:   Leave salary is exempt from tax up to least of following. Rs. 3,00,000 Amount actually received. cash equivalent of the leave to the credit of the employee at the time of retirement. 10 month’s salary on the basis of last 10 month’s average salary.   How to calculate cash equivalent? Cash equivalent should be based on last 10 months average salary. while calculating average salary consider salary of the month of retirement also. 30 days credit for each completed year of service should be given. salary means salary, DA and commission as a percentage of turnover achieved by the employee. Example: Mr. Anup receives Rs. 52000 as leave salary at the time of retirement on 31st July, 2013. His basic pay was 4000 p.m. from 1st April, 1988. Leave to his credit is 24 months on the basis of 45 days entitlement...

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Applications invited for concurrent audit in Vijaya Bank for the year 2014-15

Vijaya bank has invited applications for the bank concurrent audit for the year 2014-15.Chartered Accountant firm can apply from 6/5/14 to 4/6/14. If you are CA and interested in bank audit, just check the following criteria for selection as auditor. The chartered accountant firm should be on RBI panel. The firm should be partnership concerns. At least one partner should have DISA/CISA qualification. The firm should have necessary audit set up and staff to complete the work properly on time. Also consider following Important points. Weightage shall be given to ex bankers and tied up with ex bankers. Experience in conducting concurrent audit of few public sector and major private sector banks should also be considered. The audit firm or sister concern should not be involve in conducting statutory audit of bank/branches of bank. The selected bank should accept all the terms of conditions laid down by government /RBI/BANK. The tenure of concurrent audit is 1.7.14 to 30.6.15 which may be renewed annually according to performance up to three years.  The decision for selection is of bank and no one can challenge it. The bank can modify terms and conditions for selection. The bank will communicate appointment to selected bank. Monthly remuneration shall be Rs. 9000 to Rs. 20000 depending upon level of business of bank. CLICK HERE TO APPLY...

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Download ITR 1, ITR 2 AND ITR 4S FOR A.Y. 2014-15

Income tax departments has released following offline utilities till now for income tax return filling for a.y. 2014-15. ITR Form DESCRIPTION DOWNLOAD ITR 1 (SAHAJ) For individual having salary and interest income  download ITR 2 For Individual /HUF not having income from business/profession  download ITR 4S(SUGAM) For Individual/HUF having income from presumptive business  download To know more about how to use utility and file return. Download following filesHow to use utility?Java setup There is no requirements of submit documents with return but you have to keep following documents with you while filing return. SALARY DETAILS-FORM 16 and salary sheet. Plz check TDS credit status by downloading 26AS for a.y. 14-15. Balance sheet and P&L a/c copy Last year return, balance sheet and P&L a/c copy Details for interest Income Saving certificates of insurance premium, home loan statements, house property...

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concurrent audit of punjab and sind bank for the year 2014-15

Punjab and Sind bank invites application for the concurrent audit for the financial year 2014-15. Check the criteria for application and grab the opportunity. Criteria i. The Chartered Accountants firm should preferably be a partnership firm with at least one FCA partner. The auditor has to attend branch/office for at least 14 days in a calendar month. The FCA would visit the branch personally at least 4 times in a month or as decided by the bank. ii. The Sole Proprietorship Chartered Accountant firms will be discouraged, however, in case proprietor is a FCA and has employed an ex-banker of scale-II & above for conducting concurrent audit, the Bank, on merit of each such case, would consider the application. The auditor has to attend branch/office for at least 14 days in a calendar month. Further, in such cases the FCA would visit the branch personally at least 4 times in a month or as decided by the bank. iii. The license of the proprietor / Key Person of the partnership concern has been issued for Full Time practice by The Institute of Chartered Accountants and the proprietor/ Key Person of the partnership firm is not in another Full Time Service. iv. The firms will be selected from the RBI panel as per gradation suggested for Branch Statutory Auditor appointment. v. The firms should preferably have qualified Information System Auditor (CISA/DISA) with adequate...

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Registration Starts for Dena bank Concurrent Audit for the year 2014-15

Dena bank invites Application for the concurrent audit of bank branches for the financial year 2014-15. CA firm can apply online  from 12/5/2014 to 28/05/2014 ( before 3 PM). visit dena bank site But before applying check the criteria for Application. Disqualification criteria Any form of canvassing/lobbying/influencing/query regarding short listing, statusetc will be treated as disqualification. Following CA firms are not eligible for online registration.  Proprietorship CA firms. CA firm having less than 5 years existence. CA firms presently engaged by the Bank as concurrent auditor. CA firms not having CISA / DISA full time partners / employed CA. CA firms engaged by the Bank as Statutory Auditors CA firms debarred by ICAI / RBI or blacklisted by the Bank for refusal toconduct any assignment allotted by the Bank during last 3 (Three) years. Process for Selection After completion of online registration of CA firms, Bank will filter all the applications based on selection criteria fixed by the Bank & only shortlisted Audit Firms will be informed regarding their selection as Concurrent Auditor in Dena Bank. Short listed CA firms, refusing to accept Concurrent Audit assignment shall not be eligible for further assignment for next three years. For More Information Download following file Download...

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