Empanelment for Concurrent Audit in Central Bank of India

Empanelment for Concurrent Audit in Central Bank of India Posted: 07 Jun 2012 08:24 PM PDT Request for Assignment of Concurrent Audit- Central Bank has hosted online form for Assignment Of Concurrent Audit to CA Firms in India. Online Applications can be submitted upto 17/06/2012 only. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Stamp Duty on Power of Attorney given to unrelated person constitutionally valid – SC Posted: 07 Jun 2012 08:22 PM PDT Ordinarily, where executant himself is unable, for any reason, to execute the document, he would appoint his kith and kin as his power of attorney to complete the transaction on his behalf. If one does not have any kith or kin who he can appoint as power of attorney, he may execute the conveyance... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Common Errors in E filed rectification requests Posted: 07 Jun 2012 08:20 PM PDT COMMON ERRORS NOTICED WHILE FILING OR UPLOADING THE RECTIFICATION XML/FILE IN WEBSITE (Submit your rectification request screen) LEADING FAILURE TO UPLOAD OF RECTIFICATION REQUEST. • Assessees don't write the communication reference number of the CPC order which is sought to be rectified, in the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Income Tax – How to submit Online Rectification request Posted: 07 Jun 2012 08:19 PM PDT Step 1: Make sure you have received an intimation under section 143 (1) from CPC Bangalore for the E-returns filed by you for AY 2009-10 or later. Step 2: Carefully examine the intimation to see if the computation by CPC is correct even if different from what was expected by you. It may be that you... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Empanelment with Vijaya Bank for Concurrent Audit Posted: 07 Jun 2012 06:08 PM PDT • Applicant should be a Partnership Firm with minimum 2 partners. The allocation of branches to the auditors will be purely the prerogative of the Bank. The concurrent audit firm should furnish the name and qualification of the persons, who shall be conducting the audit before commencing audit... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Guidelines for Conversion Of CA Firms into LLPs Posted: 07 Jun 2012 05:49 PM PDT In terms of the Council decision dated 14 July, 2011, following guidelines for conversion of CA firms into LLPs and constitution of separate LLPs by the practicing Chartered Accountants have been finalized which are applicable for conversion of CA firms into LLPs or formation of new LLPs by the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Multi-Country Analysis Of Existing Transfer Pricing Simplification Measures -OECD Posted: 07 Jun 2012 05:35 PM PDT The OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations (TPG) provide internationally accepted guidance on the application of the arm‟s length principle set out in Article 9 of the OECD and UN Model Tax Conventions. While the OECD works on an ongoing basis to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Download OECD Discussion Paper on Transfer Pricing For Intangibles Posted: 07 Jun 2012 05:30 PM PDT This document is such an interim draft. It contains two principal elements: (i) a proposed revision of the provisions of Chapter VI of the Transfer Pricing Guidelines; and (ii) a proposed revision of the Annex to Chapter VI containing examples illustrating the application of the provisions of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] OECD Discussion Paper on Safe Harbour Guidelines In Transfer Pricing Posted: 07 Jun 2012 05:30 PM PDT Working Party No. 6 of the OECD Committee on Fiscal Affairs has released a discussion draft on safe harbours as part of its project to improve the administrative aspects of transfer pricing. This project started with a survey of the transfer pricing simplification measures in existence in OECD and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Extension of time in Filing of annual return by LLPs Posted: 07 Jun 2012 12:48 AM PDT Circular No. 13/2012 As per the provisions of section 35 of the LLP Act, LLPs which do not file Form 11 within a period of sixty days of the date of closure of their financial year are required to pay additional fees. In order to avoid payment of additional fees by such LLPs due to closure of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No penalty if assessee not concealed any material fact or any factual information given not been found to be incorrect Posted: 07 Jun 2012 12:03 AM PDT While scrutinizing the balance sheet of the assessee, during the course of assessment proceedings, it was noticed by the Assessing Officer that the assessee has taken loan of Rs. 3,57,428/- from M/s. Third Eye Qualitative Researchers Pvt. Ltd. of which she is a director having substantial interest.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Banks eligible to claim deduction for bad debts & also claim provision for bad and doubtful debts Posted: 06 Jun 2012 11:48 PM PDT Allahabad Bank Vs. DCIT Banks eligible to claim deduction for bad debts u/s 36(1)(vii) in respect of advances and also claim provision for bad and doubtful debts u/s 36(1)(viia). To conclude, we hold that the provisions of Sections 36(1) (vii) and 36(1) (viia) of the Act are distinct and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RBI Cancels Licence of The Madhavpura Mercantile Co-perative Bank Ltd., Ahmedabad (Gujarat) Posted: 06 Jun 2012 10:45 PM PDT In view of the fact that The Madhavpura Mercantile Co-operative Bank Ltd, Ahmedabad (Gujarat) [the co-operative bank] had ceased to be solvent, all efforts to revive it in close consultation with the Government of India had failed and the depositors were being inconvenienced by continued... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Amendment to S.40(a)(ia) by Finance Act, 2010 is applicable retrospectively from 1.4.2005 Posted: 06 Jun 2012 10:40 PM PDT , Hon'ble Calcutta High Court in their decision dated 23.11.2011 ITA no. 302 of 2011 GA 3200/2011 in CIT Vs. Virgin Creations, held that that amendment to the provisions of Sec.40(a)(ia) of the Act, by the Finance Act, 2010 as aforesaid was retrospective from 1.4.2005. The ld. AR pointed out that... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Transfer & Posting of CCITs – Order No. 113 of 2012 Posted: 06 Jun 2012 10:16 PM PDT ORDER. NO, 113 of 2012 - The following postings and transfers f officers in the grade of Chief Commissioners/Director Generals of Income Tax are hereby ordered with immediate effect and until further orders: [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Amendment in DIN 1 form – Inclusion of residential status Posted: 06 Jun 2012 09:58 PM PDT These rules may be called the Companies Director Identification Number (Second Amendment) Rules, 2012. (2) They shall come into force with effect from 11th June, 2012. 2. In the Companies (Director Identification Number) Rules, 2006, in form DIN-1, after serial number 4, the following serial... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Enhancing the Audit Quality Through Standards on Auditing Posted: 06 Jun 2012 09:41 PM PDT The role that the chartered accountants are expected to play by way of audit/ certification of financial/ non financial information under various laws and regulations is only an indicator of the trust that the Government and the society places in us to take our country forward on the road of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Transfers & Postings of Addl & Joint CITs in International Tax & Transfer Pricing Posted: 06 Jun 2012 09:05 PM PDT Vide Orders dated 107 and 108 dated 6.6.2012 the CBDT has transferred and posted officers in the grade of Additional & Joint Commissioners of Income-tax in the Directorate of International Taxation & Transfer Pricing. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Service tax on railway freight from July 1 2012 Posted: 06 Jun 2012 09:04 PM PDT Close on the heels of railways increasing parcel rates by 25 per cent, the freight charges will go up by about 3.6 per cent from July 1 with imposition of service tax. The government had given service tax exemption on goods carried by railways till June 30, 2012. From July 1 using railways to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Change in Tariff Value of Gold Notified – Notification No. 48/2012-CUSTOMS (N. T.) Posted: 06 Jun 2012 09:01 PM PDT The Central Board of Excise and Customs (CBEC), Department of Revenue, Ministry of Finance has issued a Notification No. 48/2012-CUSTOMS (N. T.) dated June 07, 2012 and thereby notifying change in tariff value of Gold as shown in the tables below: [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Tender Notice for appointment of Cost Auditor by Coal India Posted: 06 Jun 2012 08:58 PM PDT M/s. Coal India Limited invites expression of interest for appointment/empanelment of Cost Audit Firms for compliance of Companies (Cost Accounting Record) Rules 2011 for the year 2011-12 and cost audit for the year 2012-13 for its standalone segment. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Call for Research Proposal on Study of "Performance of State Government in Hospitality Sector" Posted: 06 Jun 2012 08:46 PM PDT The Committee on Public Finance & Government Accounting, a non-standing committee of Institute of Chartered Accountants of India, has been constituted in the year of 2008 with the objective to review, analyze, recommend and suggest measures to the Local, State & Central Government, PSUs... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Reporting of Offshore Derivative Instruments Participatory Notes activity Posted: 06 Jun 2012 08:32 PM PDT . On a review, it has been decided to revise the reporting timelines specified in para 3 of Circular dated January 17, 2011 which are as follows:- a. FIIs issuing ODIs/PNs shall submit details of ODI/PN transaction report (Annexure A, B and C) along with the monthly summary report by 10th of every... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Revision in framework for Qualified Foreign Investor (QFI) investment in Equity Shares and Mutual Fund schemes Posted: 06 Jun 2012 08:26 PM PDT Circular No. CIR/IMD/ FII&C/13/2012 On a review and in consultation with the Government of India (GoI) and RBI, it has been decided to revise the definition of QFI as under: QFI shall mean a person who fulfils the following criteria: (i) Resident in a country that is a member of Financial... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICSI – Conduct Of Rescheduled Examination In 'Elements Of Business Laws And Management' Paper On 16th June, 2012 Posted: 06 Jun 2012 08:13 PM PDT All concerned may please note that the CS Foundation Programme Examination in "Elements of Business Laws and Management" paper, which was originally scheduled on 5th June, 2012 and postponed for administrative reasons beyond our control, will now be held on Saturday, the 16th June, 2012 (repeat... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MCA – Disclosure Framework Committee Report Posted: 06 Jun 2012 07:52 PM PDT The National Voluntary Guidelines (NVG) on Social, Economic and Environmental Responsibilities of Business were released by the Ministry on 8th July, 2011. Subsequently, a Committee was constituted for formulating a reporting framework in an electronic format (on MCA-21 platform) for disclosure of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Capital Gain – Tips to save tax on Transfer of Assets Posted: 06 Jun 2012 03:35 PM PDT Where the landowner and builder execute joint development agreement, if the consideration is receivable in built-up area to be constructed and handed over by the builder to the landowner, it is advisable to avoid the applicability of section 53A of the Transfer of Property Act. This can be achieved... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]