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Jun 11, 2013

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%...

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